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

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, 2008

Date of reporting period: April 30, 2008

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.

April 30, 2008
RYDEX ETF TRUST
SEMI-ANNUAL REPORT

RYDEX S&P EQUAL WEIGHT ETF
RYDEX RUSSELL TOP 50 ETF

[GRAPHIC] [RYDEX INVESTMENTS LOGO]

SEMI-ANNUAL REPORT 1

TABLE OF CONTENTS

LETTER TO OUR SHAREHOLDERS............................................... 2

FEES & EXPENSES.......................................................... 4

PORTFOLIO SUMMARY........................................................ 5

SCHEDULE OF INVESTMENTS.................................................. 7

STATEMENTS OF ASSETS AND LIABILITIES..................................... 16

STATEMENTS OF OPERATIONS................................................. 17

STATEMENTS OF CHANGES IN NET ASSETS...................................... 18

FINANCIAL HIGHLIGHTS..................................................... 19

NOTES TO FINANCIAL STATEMENTS............................................ 21

SUPPLEMENTAL INFORMATION................................................. 25

SEMI-ANNUAL REPORT 2

DEAR SHAREHOLDER,

Rydex is a proud participant in the ETF space, having $6.1 million in ETF assets, 31 exchange traded products and plans to introduce many more in the future. In the last six months, we've launched six new exchange traded products and in the past year our assets have grown more than 27%.

Because of their cost-effectiveness, transparency, convenience and accessibility, ETFs can be a beneficial part of most investor portfolios. However, lack of education about the products can be a barrier for many investors. For example, a Rydex survey of individual mutual fund investors in 2007 found 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) Rydex believes that investors need to be knowledgeable about their investment selections -- whether they choose ETFs or any other investment option. That's why we created ETF Essentials(TM) -- a comprehensive guide to ETFs -- to help boost ETF knowledge for both advisors and their clients. ETF Essentials presents information in simple, understandable language and is available via podcast (audio downloads), print and online. It's free and can be requested on the Rydex web site (www.rydexinvestments.com).

MARKET RECAP

The six-month period ending April 30 was a momentous one in many respects. The U.S. financial system teetered on the brink of collapse as the ongoing crisis in the nation's credit markets seemed to threaten the solvency of many major Wall Street institutions. Indeed, financial market turmoil, the magnitude of which had not been seen in decades, led to the dramatic collapse of Bear Stearns, a powerhouse investment bank that traced its origins back to the 1920s and had successfully weathered the Great Depression.

References to the Great Depression are appropriate since many of the emergency actions taken by the Fed to keep the financial system afloat during this period had their origins in that earlier crisis. The acceptance of mortgage-backed debt as collateral, and lending to non-depository institutions in particular are policies taken straight from the 1930s.

Most financial crises lead to the demise of at least one major financial institution -- think of Penn Central, Continental Illinois and Long Term Capital Management -- and this one was no exception. If there is good news here, it is that collapses, such as Bear Stearns in March, usually signify the beginning of the end of a financial panic. True to form, once it was clear that other major financial institutions did not face solvency issues along the lines of Bear Stearns, stocks soared in a classic relief rally.

Although there was a perceptible shift in sentiment at the tail end of the period, it was not enough to reverse what was a difficult period for stocks. The bellwether S&P 500 fell nearly 10% as investors ran to the safety of U.S. Treasury securities, pulling long-term interest rates to five-year lows in the process. The Fed slashed interest rates at the fastest pace in history, dropping the widely watched Fed Funds target rate to 2.00% from 4.50% in five sweeping moves. In this crisis environment the Fed, in conjunction with other central banks, continuously pumped hundreds of billions of dollars of liquidity into the global financial system. In fact, government at all levels was in full crisis prevention mode. Congress and the Bush administration forged a $168 billion fiscal stimulus plan with lightning speed and the nation's home lending industry, in the form of Fannie Mae and Freddie Mac, was restructured to help relieve pressure on the beleaguered housing market.

Risk exposures of all types were sold indiscriminately, hitting financials, technology and consumer discretionary stocks particularly hard. Aggravated by a weakening job market, falling housing values and rising inflation, consumer sentiment levels hit multi-year lows. With all the ingredients for a recession firmly in place -- shrinking payrolls, declining retail sales, curtailed capital spending plans and falling wealth levels -- economic activity essentially crawled to a halt. The cheap U.S. dollar fueled a boom in exports, which kept economic growth just barely in the black.

One outgrowth of the dollar's descent in foreign exchange markets was a corresponding rise in commodity prices. The speculative boom in commodity prices reached a frenzy, putting commodity index levels at 10-year highs. Much of that was driven by oil, the price of which rose in excess of 20% and broke the $100/bbl. level in early March.

(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.

SEMI-ANNUAL REPORT 3

An implicit part of the sentiment shift observed at the end of the quarter was the notion that the Fed is no longer part of the problem but rather part of the solution. In retrospect it appears that the Fed's policy responses throughout the crisis have been effective and appropriate.

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 Reilly, CFA
Director of Portfolio Strategies

All sources: Bloomberg

SEMI-ANNUAL REPORT 4

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 November 1, 2007 and held for the six months ended April 30, 2008.

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
 ACCOUNT ACCOUNT EXPENSES PAID
 VALUE VALUE DURING PERIOD*
 11/1/2007 4/30/2008 11/1/07 TO 4/30/08
 --------- --------- ------------------
ACTUAL
 Rydex S&P Equal Weight ETF............................ $1,000.00 $ 901.40 $1.89
 Rydex Russell Top 50 ETF.............................. $1,000.00 $ 893.70 $0.94
HYPOTHETICAL (ASSUMING A 5% RETURN BEFORE EXPENSES)
 Rydex S&P Equal Weight ETF............................ $1,000.00 $1,022.87 $2.01
 Rydex Russell Top 50 ETF.............................. $1,000.00 $1,023.87 $1.01

* Expenses are equal to the Fund's annualized expense ratio of 0.40% and 0.20% respectively, multiplied by the average account value of the period, multiplied by days in the period, divided by 366.

SEMI-ANNUAL REPORT 5

RYDEX S&P EQUAL WEIGHT ETF
PORTFOLIO SUMMARY As of April 30, 2008

TOP 10 HOLDINGS*
------------------------------------------------------------------------------------
 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
BEAR STEARNS COS., INC. 0.35%
SAFECO CORP. 0.29%
BROADCOM CORP. -- CLASS A 0.29%
FORD MOTOR CO. 0.28%
SPRINT NEXTEL CORP. 0.26%
GOOGLE, INC. -- CLASS A 0.26%
SANDISK CORP. 0.25%
UNITED STATES STEEL CORP. 0.25%
APPLE, INC. 0.25%
NATIONAL-OILWELL VARCO, INC. 0.25%

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

SECTOR ALLOCATIONS*

(PIE CHART)

Financials 18.10
Consumer Discretionary 16.77
Information Technology 14.49
Industrials 11.48
Health Care 9.97
Energy 7.81
Consumer Staples 7.70
Utilities 6.19
Materials 5.65
Telecommunication Services 1.84

* The Fund's Top Ten 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.

SEMI-ANNUAL REPORT 6

RYDEX RUSSELL TOP 50 ETF
PORTFOLIO SUMMARY As of April 30, 2008

TOP 10 HOLDINGS*
------------------------------------------------------------------------------------
 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
EXXON MOBIL CORP. 8.86%
GENERAL ELECTRIC CO. 5.68%
AT&T, INC. 4.03%
MICROSOFT CORP. 3.96%
PROCTER & GAMBLE CO. 3.57%
CHEVRON CORP. 3.49%
JOHNSON & JOHNSON 3.28%
BANK OF AMERICA CORP. 2.81%
INTERNATIONAL BUSINESS MACHINES CORP. 2.78%
JPMORGAN CHASE & CO. 2.75%

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

SECTOR ALLOCATIONS*

(PIE CHART)

Information Technology 21.38
Energy 16.80
Financials 16.09
Health Care 12.73
Consumer Staples 12.68
Industrials 9.28
Telecommunication Services 6.32
Consumer Discretionary 4.72

SEMI-ANNUAL REPORT 7

RYDEX S&P EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------------------
COMMON STOCKS 99.8%
 AEROSPACE & DEFENSE 2.2%
 Boeing Co. ..................................... 34,598 $2,935,986
 General Dynamics Corp. ......................... 30,000 2,712,600
 Goodrich Corp. ................................. 43,274 2,949,123
 Honeywell International, Inc. .................. 47,279 2,808,373
 L-3 Communications Holdings, Inc. .............. 23,860 2,659,197
 Lockheed Martin Corp. .......................... 25,513 2,705,398
 Northrop Grumman Corp. ......................... 32,505 2,391,393
 Precision Castparts Corp. ...................... 26,714 3,140,498
 Raytheon Co. ................................... 40,528 2,592,576
 Rockwell Collins, Inc. ......................... 47,289 2,984,409
 United Technologies Corp. ...................... 36,982 2,680,086
 --------------
TOTAL AEROSPACE & DEFENSE 30,559,639
 --------------

 AIR FREIGHT & LOGISTICS 0.8%
 C.H. Robinson Worldwide, Inc. .................. 46,728 2,928,911
 Expeditors International of Washington, Inc. ... 59,998 2,795,307
 FedEx Corp. .................................... 29,570 2,834,876
 United Parcel Service, Inc. -- Class B.......... 35,540 2,573,451
 --------------
TOTAL AIR FREIGHT & LOGISTICS 11,132,545
 --------------

 AIRLINES 0.2%
 Southwest Airlines Co. ......................... 212,144 2,808,787
 --------------
TOTAL AIRLINES 2,808,787
 --------------

 AUTO COMPONENTS 0.4%
 Goodyear Tire & Rubber Co.*..................... 102,284 2,739,166
 Johnson Controls, Inc. ......................... 75,647 2,667,313
 --------------
TOTAL AUTO COMPONENTS 5,406,479
 --------------

 AUTOMOBILES 0.7%
 Ford Motor Co.*................................. 462,077 3,816,756
 General Motors Corp. ........................... 132,781 3,080,519
 Harley-Davidson, Inc. .......................... 68,583 2,623,300
 --------------
TOTAL AUTOMOBILES 9,520,575
 --------------

 BEVERAGES 1.5%
 Anheuser-Busch Cos., Inc. ...................... 55,424 2,726,861
 Brown-Forman Corp. -- Class B................... 38,374 2,610,199
 Coca-Cola Co. .................................. 42,011 2,473,188
 Coca-Cola Enterprises, Inc. .................... 104,435 2,349,787
 Constellation Brands, Inc. -- Class A*.......... 134,146 2,462,921
 Molson Coors Brewing Co. -- Class B............. 48,732 2,672,463
 Pepsi Bottling Group, Inc. ..................... 75,826 2,556,094
 PepsiCo, Inc. .................................. 36,051 2,470,575
 --------------
TOTAL BEVERAGES 20,322,088
 --------------

 BIOTECHNOLOGY 1.0%
 Amgen, Inc.*.................................... 64,627 2,705,932
 Biogen Idec, Inc.*.............................. 43,393 2,633,521
 Celgene Corp.*.................................. 44,554 2,768,586
 Genzyme Corp.*.................................. 36,630 2,576,920
 Gilead Sciences, Inc.*.......................... 53,289 2,758,239
 --------------
TOTAL BIOTECHNOLOGY 13,443,198
 --------------

 BUILDING PRODUCTS 0.4%
 Masco Corp. .................................... 131,831 2,400,643
 Trane, Inc. .................................... 56,195 2,613,629
 --------------
TOTAL BUILDING PRODUCTS 5,014,272
 --------------

 CAPITAL MARKETS 3.5%
 American Capital Strategies, Ltd. .............. 71,348 2,265,299
 Ameriprise Financial, Inc. ..................... 49,410 2,346,481
 Bank of New York Mellon Corp. .................. 57,673 2,510,506
 Bear Stearns Cos., Inc. ........................ 447,443 4,801,063
 Charles Schwab Corp. ........................... 135,921 2,935,894
 E*TRADE Financial Corp.*........................ 715,571 2,847,973
 Federated Investors, Inc. -- Class B............ 64,339 2,154,070
 Franklin Resources, Inc. ....................... 26,683 2,538,888
 Goldman Sachs Group, Inc. ...................... 14,884 2,848,351
 Janus Capital Group, Inc. ...................... 110,589 3,103,127
 Legg Mason, Inc. ............................... 46,937 2,829,362
 Lehman Brothers Holdings, Inc. ................. 58,759 2,599,498
 Merrill Lynch & Co., Inc. ...................... 58,422 2,911,168
 Morgan Stanley.................................. 56,397 2,740,894
 Northern Trust Corp. ........................... 37,872 2,806,694
 State Street Corp. ............................. 31,452 2,268,947
 T. Rowe Price Group, Inc. ...................... 52,455 3,071,765
 --------------
TOTAL CAPITAL MARKETS 47,579,980
 --------------

 CHEMICALS 2.6%
 Air Products & Chemicals, Inc. ................. 28,498 2,805,058
 Ashland, Inc. .................................. 54,682 2,899,240
 Dow Chemical Co. ............................... 69,208 2,778,701
 Du Pont (E.I.) de Nemours & Co. ................ 55,885 2,733,335
 Eastman Chemical Co. ........................... 41,150 3,024,525
 Ecolab, Inc. ................................... 58,680 2,696,933
 Hercules, Inc. ................................. 137,594 2,586,767
 International Flavors & Fragrances, Inc. ....... 60,112 2,741,708
 Monsanto Co. ................................... 26,144 2,980,939
 PPG Industries, Inc. ........................... 43,083 2,644,004
 Praxair, Inc. .................................. 31,193 2,848,233
 Rohm & Haas Co. ................................ 47,922 2,561,431
 Sigma-Aldrich Corp. ............................ 44,375 2,530,262
 --------------
TOTAL CHEMICALS 35,831,136
 --------------

 COMMERCIAL BANKS 2.8%
 BB&T Corp. ..................................... 74,663 2,560,194
 Comerica, Inc. ................................. 66,039 2,293,534
 Fifth Third Bancorp............................. 112,185 2,404,125
 First Horizon National Corp. ................... 153,791 1,660,943
 Huntington Bancshares, Inc. .................... 235,662 2,212,866
 KeyCorp......................................... 112,664 2,718,582
 M&T Bank Corp. ................................. 30,500 2,843,515
 Marshall & Ilsley Corp. ........................ 106,632 2,663,667
 National City Corp. ............................ 254,062 1,600,591
 PNC Financial Services Group, Inc. ............. 39,404 2,732,667
 Regions Financial Corp. ........................ 123,168 2,699,843
 SunTrust Banks, Inc. ........................... 42,699 2,380,469
 U.S. Bancorp.................................... 75,215 2,549,036
 Wachovia Corp. ................................. 86,980 2,535,467

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 8

RYDEX S&P EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Wells Fargo & Co. .............................. 79,722 $2,371,730
 Zions Bancorp................................... 52,605 2,438,242
 --------------
TOTAL COMMERCIAL BANKS 38,665,471
 --------------

 COMMERCIAL SERVICES & SUPPLIES 1.8%
 Allied Waste Industries, Inc.*.................. 252,130 3,116,327
 Avery Dennison Corp. ........................... 53,760 2,590,694
 Cintas Corp. ................................... 88,728 2,627,236
 Equifax, Inc. .................................. 74,854 2,864,663
 Monster Worldwide, Inc.*........................ 107,578 2,617,373
 Pitney Bowes, Inc. ............................. 72,122 2,604,326
 R.R. Donnelley & Sons Co. ...................... 88,299 2,705,481
 Robert Half International, Inc. ................ 101,259 2,399,838
 Waste Management, Inc. ......................... 77,169 2,785,801
 --------------
TOTAL COMMERCIAL SERVICES & SUPPLIES 24,311,739
 --------------

 COMMUNICATIONS EQUIPMENT 1.6%
 Ciena Corp.*.................................... 87,103 2,944,952
 Cisco Systems, Inc.*............................ 102,474 2,627,433
 Corning, Inc. .................................. 106,810 2,852,895
 JDS Uniphase Corp.*............................. 193,895 2,774,638
 Juniper Networks, Inc.*......................... 104,641 2,890,184
 Motorola, Inc. ................................. 277,506 2,763,960
 QUALCOMM, Inc. ................................. 67,213 2,902,930
 Tellabs, Inc.*.................................. 452,146 2,333,073
 --------------
TOTAL COMMUNICATIONS EQUIPMENT 22,090,065
 --------------

 COMPUTERS & PERIPHERALS 2.2%
 Apple, Inc.*.................................... 19,492 3,390,633
 Dell, Inc.*..................................... 128,435 2,392,744
 EMC Corp.*...................................... 178,325 2,746,205
 Hewlett-Packard Co. ............................ 54,353 2,519,262
 International Business Machines Corp. .......... 21,766 2,627,156
 Lexmark International, Inc. -- Class A*......... 82,667 2,594,917
 NetApp, Inc.*................................... 130,338 3,154,180
 QLogic Corp.*................................... 168,365 2,687,105
 SanDisk Corp.*.................................. 126,799 3,434,985
 Sun Microsystems, Inc.*......................... 161,069 2,522,341
 Teradata Corp.*................................. 109,894 2,339,643
 --------------
TOTAL COMPUTERS & PERIPHERALS 30,409,171
 --------------

 CONSTRUCTION & ENGINEERING 0.5%
 Fluor Corp. .................................... 19,783 3,024,227
 Jacobs Engineering Group, Inc.*................. 36,960 3,190,757
 --------------
TOTAL CONSTRUCTION & ENGINEERING 6,214,984
 --------------

 CONSTRUCTION MATERIALS 0.2%
 Vulcan Materials Co. ........................... 39,745 2,735,251
 --------------
TOTAL CONSTRUCTION MATERIALS 2,735,251
 --------------

 CONSUMER FINANCE 0.8%
 American Express Co. ........................... 58,004 2,785,352
 Capital One Financial Corp. .................... 49,691 2,633,623
 Discover Financial Services..................... 158,867 2,892,968
 SLM Corp.*...................................... 160,023 2,965,226
 --------------
TOTAL CONSUMER FINANCE 11,277,169
 --------------

 CONTAINERS & PACKAGING 0.8%
 Ball Corp. ..................................... 58,338 3,137,418
 Bemis Co., Inc. ................................ 104,476 2,747,719
 Pactiv Corp.*................................... 97,614 2,322,237
 Sealed Air Corp. ............................... 105,387 2,665,237
 --------------
TOTAL CONTAINERS & PACKAGING 10,872,611
 --------------

 DISTRIBUTORS 0.2%
 Genuine Parts Co. .............................. 63,406 2,692,219
 --------------
TOTAL DISTRIBUTORS 2,692,219
 --------------

 DIVERSIFIED CONSUMER SERVICES 0.4%
 Apollo Group, Inc. -- Class A*.................. 46,253 2,354,278
 H&R Block, Inc. ................................ 122,544 2,680,037
 --------------
TOTAL DIVERSIFIED CONSUMER SERVICES 5,034,315
 --------------

 DIVERSIFIED FINANCIAL SERVICES 1.9%
 Bank of America Corp. .......................... 63,833 2,396,291
 CIT Group, Inc. ................................ 290,400 3,162,456
 Citigroup, Inc. ................................ 118,642 2,998,083
 CME Group, Inc. ................................ 5,509 2,520,092
 IntercontinentalExchange, Inc.*................. 20,785 3,224,793
 JPMorgan Chase & Co. ........................... 58,234 2,774,850
 Leucadia National Corp. ........................ 58,005 2,971,016
 Moody's Corp. .................................. 73,051 2,699,965
 NYSE Euronext................................... 41,898 2,769,458
 --------------
TOTAL DIVERSIFIED FINANCIAL SERVICES 25,517,004
 --------------

 DIVERSIFIED TELECOMMUNICATION SERVICES 1.4%
 AT&T, Inc. ..................................... 70,257 2,719,649
 CenturyTel, Inc. ............................... 76,418 2,479,764
 Citizens Communications Co. .................... 241,758 2,591,646
 Embarq Corp. ................................... 65,469 2,721,546
 Qwest Communications International, Inc. ....... 555,784 2,867,846
 Verizon Communications, Inc. ................... 72,178 2,777,409
 Windstream Corp. ............................... 211,984 2,488,692
 --------------
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES 18,646,552
 --------------

 ELECTRIC UTILITIES 2.6%
 Allegheny Energy, Inc. ......................... 52,579 2,828,750
 American Electric Power Co., Inc. .............. 62,726 2,799,461
 Duke Energy Corp. .............................. 142,056 2,601,045
 Edison International............................ 52,751 2,752,020
 Entergy Corp. .................................. 24,311 2,792,361
 Exelon Corp. ................................... 31,864 2,723,735
 FirstEnergy Corp. .............................. 37,012 2,799,588
 FPL Group, Inc. ................................ 42,171 2,795,516
 Pepco Holdings, Inc. ........................... 103,505 2,578,310
 Pinnacle West Capital Corp. .................... 71,240 2,417,886
 PPL Corp. ...................................... 55,354 2,658,099

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 9

RYDEX S&P EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Progress Energy, Inc. .......................... 61,353 $2,576,212
 Southern Co. ................................... 71,609 2,666,003
 --------------
TOTAL ELECTRIC UTILITIES 34,988,986
 --------------

 ELECTRICAL EQUIPMENT 0.6%
 Cooper Industries, Ltd. -- Class A.............. 68,115 2,887,395
 Emerson Electric Co. ........................... 51,898 2,712,189
 Rockwell Automation, Inc. ...................... 47,229 2,561,229
 --------------
TOTAL ELECTRICAL EQUIPMENT 8,160,813
 --------------

 ELECTRONIC EQUIPMENT & INSTRUMENTS 0.8%
 Agilent Technologies, Inc.*..................... 87,355 2,638,995
 Jabil Circuit, Inc. ............................ 216,612 2,356,739
 Molex, Inc. .................................... 112,106 3,181,568
 Tyco Electronics, Ltd. ......................... 79,001 2,955,427
 --------------
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS 11,132,729
 --------------

 ENERGY EQUIPMENT & SERVICES 2.9%
 Baker Hughes, Inc. ............................. 38,216 3,090,910
 BJ Services Co. ................................ 104,548 2,955,572
 Cameron International Corp.*.................... 65,342 3,216,787
 ENSCO International, Inc. ...................... 41,992 2,676,150
 Halliburton Co. ................................ 70,329 3,228,804
 Nabors Industries, Ltd.*........................ 83,282 3,126,406
 National-Oilwell Varco, Inc.*................... 49,274 3,372,805
 Noble Corp. .................................... 54,803 3,084,313
 Rowan Cos., Inc. ............................... 69,718 2,718,305
 Schlumberger, Ltd. ............................. 31,283 3,145,506
 Smith International, Inc. ...................... 42,012 3,214,338
 Transocean, Inc.*............................... 19,463 2,870,014
 Weatherford International, Ltd.*................ 40,028 3,229,059
 --------------
TOTAL ENERGY EQUIPMENT & SERVICES 39,928,969
 --------------

 FOOD & STAPLES RETAILING 1.8%
 Costco Wholesale Corp. ......................... 40,908 2,914,695
 CVS Caremark Corp. ............................. 64,438 2,601,362
 Kroger Co. ..................................... 100,610 2,741,623
 Safeway, Inc. .................................. 87,699 2,771,288
 SUPERVALU, Inc. ................................ 90,111 2,982,674
 Sysco Corp. .................................... 87,297 2,668,669
 Wal-Mart Stores, Inc. .......................... 48,581 2,816,726
 Walgreen Co. ................................... 70,037 2,440,790
 Whole Foods Market, Inc. ....................... 79,242 2,586,459
 --------------
TOTAL FOOD & STAPLES RETAILING 24,524,286
 --------------

 FOOD PRODUCTS 2.6%
 Archer-Daniels-Midland Co. ..................... 62,817 2,767,717
 Campbell Soup Co. .............................. 77,069 2,682,001
 ConAgra Foods, Inc. ............................ 115,184 2,713,735
 Dean Foods Co.*................................. 127,593 2,965,261
 General Mills, Inc. ............................ 42,492 2,566,517
 H.J. Heinz Co. ................................. 56,685 2,665,895
 Hershey Co. .................................... 67,865 2,536,794
 Kellogg Co. .................................... 49,652 2,540,693
 Kraft Foods, Inc. -- Class A.................... 82,978 2,624,594
 McCormick & Co., Inc. .......................... 70,159 2,651,309
 Sara Lee Corp. ................................. 195,494 2,836,618
 Tyson Foods, Inc. -- Class A.................... 150,785 2,683,973
 Wm. Wrigley Jr. Co. ............................ 41,239 3,140,762
 --------------
TOTAL FOOD PRODUCTS 35,375,869
 --------------

 GAS UTILITIES 0.4%
 Nicor, Inc. .................................... 76,569 2,689,103
 Questar Corp. .................................. 47,340 2,936,500
 --------------
TOTAL GAS UTILITIES 5,625,603
 --------------

 HEALTH CARE EQUIPMENT & SUPPLIES 2.1%
 Baxter International, Inc. ..................... 43,874 2,734,228
 Becton, Dickinson & Co. ........................ 29,009 2,593,405
 Boston Scientific Corp.*........................ 203,887 2,717,814
 C.R. Bard, Inc. ................................ 25,843 2,433,635
 Covidien, Ltd. ................................. 59,321 2,769,697
 Hospira, Inc.*.................................. 59,130 2,433,199
 Medtronic, Inc. ................................ 52,959 2,578,044
 St Jude Medical, Inc.*.......................... 60,621 2,653,987
 Stryker Corp. .................................. 40,577 2,630,607
 Varian Medical Systems, Inc.*................... 54,892 2,573,337
 Zimmer Holdings, Inc.*.......................... 32,455 2,406,863
 --------------
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES 28,524,816
 --------------

 HEALTH CARE PROVIDERS & SERVICES 3.0%
 Aetna, Inc. .................................... 60,220 2,625,592
 AmerisourceBergen Corp. ........................ 62,074 2,517,101
 Cardinal Health, Inc. .......................... 49,502 2,577,569
 CIGNA Corp. .................................... 64,098 2,737,626
 Coventry Health Care, Inc.*..................... 60,883 2,723,297
 Express Scripts, Inc.*.......................... 42,170 2,952,743
 Humana, Inc.*................................... 56,664 2,707,972
 Laboratory Corp. of America Holdings*........... 34,198 2,586,053
 McKesson Corp. ................................. 46,918 2,445,366
 Medco Health Solutions, Inc.*................... 57,396 2,843,398
 Patterson Cos., Inc.*........................... 71,240 2,436,408
 Quest Diagnostics, Inc. ........................ 56,866 2,853,536
 Tenet Healthcare Corp.*......................... 502,145 3,213,728
 UnitedHealth Group, Inc. ....................... 72,582 2,368,351
 WellPoint, Inc.*................................ 55,634 2,767,791
 --------------
TOTAL HEALTH CARE PROVIDERS & SERVICES 40,356,531
 --------------

 HEALTH CARE TECHNOLOGY 0.2%
 IMS Health, Inc. ............................... 120,423 2,980,469
 --------------
TOTAL HEALTH CARE TECHNOLOGY 2,980,469
 --------------

 HOTELS, RESTAURANTS & LEISURE 1.9%
 Carnival Corp. ................................. 65,375 2,626,114
 Darden Restaurants, Inc. ....................... 75,657 2,691,876
 International Game Technology................... 58,085 2,017,873
 Marriott International, Inc. -- Class A......... 75,946 2,604,948
 McDonald's Corp. ............................... 46,889 2,793,646
 Starbucks Corp.*................................ 143,826 2,334,296
 Starwood Hotels & Resorts Worldwide, Inc. ...... 50,823 2,653,469
 Wendy's International, Inc. .................... 108,290 3,140,410

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 10

RYDEX S&P EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Wyndham Worldwide Corp. ........................ 128,879 $2,768,321
 Yum! Brands, Inc. .............................. 69,005 2,807,123
 --------------
TOTAL HOTELS, RESTAURANTS & LEISURE 26,438,076
 --------------

 HOUSEHOLD DURABLES 2.4%
 Black & Decker Corp. ........................... 38,804 2,546,706
 Centex Corp. ................................... 108,735 2,263,863
 D.R. Horton, Inc. .............................. 164,295 2,544,930
 Fortune Brands, Inc. ........................... 39,165 2,648,337
 Harman International Industries, Inc. .......... 58,417 2,387,503
 KB HOME......................................... 105,881 2,382,322
 Leggett & Platt, Inc. .......................... 166,856 2,769,810
 Lennar Corp. -- Class A......................... 152,433 2,807,816
 Newell Rubbermaid, Inc. ........................ 112,456 2,308,722
 Pulte Homes, Inc. .............................. 184,034 2,399,803
 Snap-on, Inc. .................................. 52,277 3,100,549
 Stanley Works................................... 53,289 2,570,661
 Whirlpool Corp. ................................ 29,669 2,159,310
 --------------
TOTAL HOUSEHOLD DURABLES 32,890,332
 --------------

 HOUSEHOLD PRODUCTS 0.7%
 Clorox Co. ..................................... 45,106 2,390,618
 Colgate-Palmolive Co. .......................... 33,036 2,335,645
 Kimberly-Clark Corp. ........................... 39,396 2,520,950
 Procter & Gamble Co. ........................... 37,272 2,499,088
 --------------
TOTAL HOUSEHOLD PRODUCTS 9,746,301
 --------------

 INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 0.6%
 AES Corp.*...................................... 159,368 2,766,628
 Constellation Energy Group, Inc. ............... 30,311 2,565,826
 Dynegy, Inc. -- Class A*........................ 333,988 2,878,977
 --------------
TOTAL INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 8,211,431
 --------------

 INDUSTRIAL CONGLOMERATES 0.8%
 3M Co. ......................................... 32,705 2,515,014
 General Electric Co. ........................... 69,045 2,257,772
 Textron, Inc. .................................. 47,510 2,898,585
 Tyco International, Ltd. ....................... 59,109 2,765,710
 --------------
TOTAL INDUSTRIAL CONGLOMERATES 10,437,081
 --------------

 INSURANCE 4.8%
 ACE, Ltd. ...................................... 45,324 2,732,584
 AFLAC, Inc. .................................... 39,967 2,664,600
 Allstate Corp. ................................. 53,939 2,716,368
 Ambac Financial Group, Inc. .................... 445,553 2,062,910
 American International Group, Inc. ............. 58,526 2,703,901
 Aon Corp. ...................................... 62,665 2,844,364
 Assurant, Inc. ................................. 41,889 2,722,785
 Chubb Corp. .................................... 51,746 2,740,986
 Cincinnati Financial Corp. ..................... 65,979 2,368,646
 Genworth Financial, Inc. -- Class A............. 112,335 2,590,445
 Hartford Financial Services Group, Inc. ........ 35,368 2,520,677
 Lincoln National Corp. ......................... 49,941 2,684,828
 Loews Corp. .................................... 64,047 2,697,019
 Marsh & McLennan Cos., Inc. .................... 101,790 2,808,386
 MBIA, Inc. ..................................... 204,290 2,124,616
 MetLife, Inc. .................................. 43,442 2,643,446
 Principal Financial Group, Inc. ................ 47,378 2,542,304
 Progressive Corp. .............................. 160,325 2,916,312
 Prudential Financial, Inc. ..................... 34,757 2,631,452
 SAFECO Corp. ................................... 59,438 3,966,892
 Torchmark Corp. ................................ 42,531 2,753,457
 Travelers Cos., Inc. ........................... 53,860 2,714,544
 Unum Group...................................... 118,218 2,743,840
 XL Capital, Ltd. -- Class A..................... 80,365 2,803,935
 --------------
TOTAL INSURANCE 64,699,297
 --------------

 INTERNET & CATALOG RETAIL 0.6%
 Amazon.com, Inc.*............................... 35,929 2,825,097
 Expedia, Inc.*.................................. 120,840 3,052,419
 IAC/InterActiveCorp*............................ 124,195 2,584,498
 --------------
TOTAL INTERNET & CATALOG RETAIL 8,462,014
 --------------

 INTERNET SOFTWARE & SERVICES 1.1%
 Akamai Technologies, Inc.*...................... 86,531 3,095,214
 eBay, Inc.*..................................... 91,341 2,858,060
 Google, Inc. -- Class A*........................ 6,040 3,468,711
 VeriSign, Inc.*................................. 74,603 2,689,438
 Yahoo!, Inc.*................................... 94,085 2,578,870
 --------------
TOTAL INTERNET SOFTWARE & SERVICES 14,690,293
 --------------

 IT SERVICES 2.4%
 Affiliated Computer Services, Inc. -- Class A*.. 53,638 2,841,205
 Automatic Data Processing, Inc. ................ 62,965 2,783,053
 Cognizant Technology Solutions Corp. -- Class
 A*........................................... 91,838 2,961,776
 Computer Sciences Corp.*........................ 63,616 2,773,021
 Convergys Corp.*................................ 169,520 2,664,854
 Electronic Data Systems Corp. .................. 156,737 2,909,039
 Fidelity National Information Services, Inc. ... 66,861 2,411,008
 Fiserv, Inc.*................................... 52,761 2,667,069
 Paychex, Inc. .................................. 78,951 2,871,448
 Total System Services, Inc. .................... 113,919 2,711,272
 Unisys Corp.*................................... 608,034 2,529,421
 Western Union Co. .............................. 116,236 2,673,428
 --------------
TOTAL IT SERVICES 32,796,594
 --------------

 LEISURE EQUIPMENT & PRODUCTS 0.8%
 Brunswick Corp. ................................ 153,298 2,557,011
 Eastman Kodak Co. .............................. 154,148 2,757,708
 Hasbro, Inc. ................................... 93,374 3,320,379
 Mattel, Inc. ................................... 121,882 2,285,287
 --------------
TOTAL LEISURE EQUIPMENT & PRODUCTS 10,920,385
 --------------

 LIFE SCIENCES TOOLS & SERVICES 1.0%
 Applera Corp. -- Applied Biosystems Group....... 81,375 2,596,676
 Millipore Corp.*................................ 38,354 2,688,615
 PerkinElmer, Inc. .............................. 110,555 2,936,341
 Thermo Electron Corp.*.......................... 47,299 2,737,193
 Waters Corp.*................................... 47,732 2,933,609
 --------------
TOTAL LIFE SCIENCES TOOLS & SERVICES 13,892,434
 --------------

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 11

RYDEX S&P EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)


 MACHINERY 2.9%
 Caterpillar, Inc. .............................. 34,498 $2,824,696
 Cummins, Inc. .................................. 52,588 3,294,638
 Danaher Corp. .................................. 33,646 2,625,061
 Deere & Co. .................................... 32,434 2,726,726
 Dover Corp. .................................... 62,515 3,092,617
 Eaton Corp. .................................... 32,134 2,822,651
 Illinois Tool Works, Inc. ...................... 53,049 2,773,932
 Ingersoll-Rand Co., Ltd. -- Class A............. 59,790 2,653,480
 ITT Corp. ...................................... 48,452 3,100,928
 Manitowoc Co., Inc. ............................ 67,412 2,549,522
 PACCAR, Inc. ................................... 55,192 2,611,686
 Pall Corp. ..................................... 69,126 2,403,511
 Parker-Hannifin Corp. .......................... 39,576 3,160,144
 Terex Corp.*.................................... 43,693 3,044,528
 --------------
TOTAL MACHINERY 39,684,120
 --------------

 MEDIA 3.0%
 CBS Corp. -- Class B............................ 112,396 2,592,976
 Clear Channel Communications, Inc. ............. 76,814 2,315,942
 Comcast Corp. -- Class A........................ 131,593 2,704,236
 DIRECTV Group, Inc.*............................ 104,016 2,562,954
 E.W. Scripps Co. -- Class A..................... 60,612 2,722,085
 Gannett Co., Inc. .............................. 84,391 2,415,270
 Interpublic Group of Cos., Inc.*................ 298,702 2,703,253
 McGraw-Hill Cos., Inc. ......................... 69,455 2,846,961
 Meredith Corp. ................................. 64,798 2,100,103
 New York Times Co. -- Class A................... 132,581 2,585,330
 News Corp. -- Class A........................... 137,873 2,467,927
 Omnicom Group, Inc. ............................ 59,520 2,841,485
 Time Warner, Inc. .............................. 179,054 2,658,952
 Viacom, Inc. -- Class B*........................ 65,901 2,533,234
 Walt Disney Co. ................................ 80,615 2,614,344
 Washington Post Co. -- Class B.................. 3,816 2,501,770
 --------------
TOTAL MEDIA 41,166,822
 --------------

 METALS & MINING 1.4%
 Alcoa, Inc. .................................... 72,774 2,531,080
 Allegheny Technologies, Inc. ................... 35,389 2,435,825
 Freeport-McMoRan Copper & Gold, Inc. ........... 28,868 3,283,735
 Newmont Mining Corp. ........................... 54,054 2,389,727
 Nucor Corp. .................................... 36,995 2,793,122
 Titanium Metals Corp. .......................... 186,579 2,843,464
 United States Steel Corp. ...................... 22,098 3,401,987
 --------------
TOTAL METALS & MINING 19,678,940
 --------------

 MULTI-UTILITIES 2.6%
 Ameren Corp. ................................... 59,059 2,678,916
 CenterPoint Energy, Inc. ....................... 180,674 2,749,858
 CMS Energy Corp. ............................... 185,152 2,699,516
 Consolidated Edison, Inc. ...................... 62,726 2,609,402
 Dominion Resources, Inc. ....................... 63,046 2,735,566
 DTE Energy Co. ................................. 65,210 2,628,615
 Integrys Energy Group, Inc. .................... 56,245 2,693,573
 NiSource, Inc. ................................. 145,606 2,606,347
 PG&E Corp. ..................................... 69,205 2,768,200
 Public Service Enterprise Group, Inc. .......... 61,405 2,696,294
 Sempra Energy................................... 51,407 2,913,235
 TECO Energy, Inc. .............................. 169,882 2,719,811
 Xcel Energy, Inc. .............................. 127,164 2,645,011
 --------------
TOTAL MULTI-UTILITIES 35,144,344
 --------------

 MULTILINE RETAIL 1.8%
 Big Lots, Inc.*................................. 119,638 3,233,815
 Dillard's, Inc. -- Class A...................... 143,865 2,934,846
 Family Dollar Stores, Inc. ..................... 129,740 2,776,436
 J.C. Penney Co., Inc. .......................... 62,682 2,663,985
 Kohl's Corp.*................................... 58,045 2,835,498
 Macy's, Inc. ................................... 105,293 2,662,860
 Nordstrom, Inc. ................................ 73,342 2,586,039
 Sears Holdings Corp.*........................... 25,160 2,481,028
 Target Corp. ................................... 49,392 2,624,197
 --------------
TOTAL MULTILINE RETAIL 24,798,704
 --------------

 OFFICE ELECTRONICS 0.2%
 Xerox Corp. .................................... 169,324 2,365,456
 --------------
TOTAL OFFICE ELECTRONICS 2,365,456
 --------------

 OIL, GAS & CONSUMABLE FUELS 4.9%
 Anadarko Petroleum Corp. ....................... 42,751 2,845,507
 Apache Corp. ................................... 23,570 3,174,408
 Chesapeake Energy Corp. ........................ 58,107 3,004,132
 Chevron Corp. .................................. 30,482 2,930,844
 ConocoPhillips.................................. 34,658 2,985,787
 CONSOL Energy, Inc. ............................ 40,467 3,276,208
 Devon Energy Corp. ............................. 26,695 3,027,213
 El Paso Corp. .................................. 167,782 2,875,784
 EOG Resources, Inc. ............................ 22,898 2,987,731
 Exxon Mobil Corp. .............................. 29,901 2,782,886
 Hess Corp. ..................................... 28,537 3,030,629
 Marathon Oil Corp. ............................. 55,503 2,529,272
 Murphy Oil Corp. ............................... 34,057 3,076,709
 Noble Energy, Inc. ............................. 36,261 3,154,707
 Occidental Petroleum Corp. ..................... 37,092 3,086,425
 Peabody Energy Corp. ........................... 53,101 3,246,064
 Range Resources Corp. .......................... 44,263 2,938,178
 Spectra Energy Corp. ........................... 111,028 2,742,392
 Sunoco, Inc. ................................... 45,767 2,124,046
 Tesoro Corp. ................................... 84,203 2,116,863
 Valero Energy Corp. ............................ 50,827 2,482,899
 Williams Cos., Inc. ............................ 81,646 2,898,433
 XTO Energy, Inc. ............................... 44,695 2,764,833
 --------------
TOTAL OIL, GAS & CONSUMABLE FUELS 66,081,950
 --------------

 PAPER & FOREST PRODUCTS 0.6%
 International Paper Co. ........................ 94,182 2,464,743
 MeadWestvaco Corp. ............................. 96,303 2,532,769
 Weyerhaeuser Co. ............................... 40,668 2,597,872
 --------------
TOTAL PAPER & FOREST PRODUCTS 7,595,384
 --------------

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 12

RYDEX S&P EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)


 PERSONAL PRODUCTS 0.4%
 Avon Products, Inc. ............................ 64,209 $2,505,435
 Estee Lauder Cos., Inc -- Class A............... 57,335 2,615,050
 --------------
TOTAL PERSONAL PRODUCTS 5,120,485
 --------------

 PHARMACEUTICALS 2.7%
 Abbott Laboratories............................. 46,377 2,446,387
 Allergan, Inc. ................................. 45,547 2,567,484
 Barr Pharmaceuticals, Inc.*..................... 54,842 2,754,714
 Bristol-Myers Squibb Co. ....................... 119,291 2,620,823
 Eli Lilly & Co. ................................ 51,316 2,470,352
 Forest Laboratories, Inc.*...................... 65,229 2,264,099
 Johnson & Johnson............................... 39,046 2,619,596
 King Pharmaceuticals, Inc.*..................... 292,820 2,749,580
 Merck & Co., Inc. .............................. 59,339 2,257,255
 Mylan Laboratories, Inc. ....................... 228,428 3,008,397
 Pfizer, Inc. ................................... 123,709 2,487,788
 Schering-Plough Corp. .......................... 128,332 2,362,592
 Watson Pharmaceuticals, Inc.*................... 89,440 2,776,218
 Wyeth........................................... 61,925 2,753,805
 --------------
TOTAL PHARMACEUTICALS 36,139,090
 --------------

 REAL ESTATE INVESTMENT TRUSTS (REITS) 2.8%
 Apartment Investment & Management Co. -- Class
 A............................................ 66,903 2,474,073
 AvalonBay Communities, Inc. .................... 25,081 2,501,830
 Boston Properties, Inc. ........................ 27,976 2,811,308
 Developers Diversified Realty Corp. ............ 62,921 2,702,457
 Equity Residential Properties Trust............. 62,272 2,585,534
 General Growth Properties, Inc. ................ 72,744 2,979,594
 HCP, Inc. ...................................... 76,204 2,720,483
 Host Hotels & Resorts, Inc. .................... 161,436 2,776,699
 Kimco Realty Corp. ............................. 69,473 2,772,667
 Plum Creek Timber Co., Inc. .................... 62,735 2,562,097
 ProLogis........................................ 43,280 2,709,761
 Public Storage, Inc. ........................... 28,077 2,546,584
 Simon Property Group, Inc. ..................... 27,465 2,742,655
 Vornado Realty Trust............................ 30,710 2,858,794
 --------------
TOTAL REAL ESTATE INVESTMENT TRUSTS (REITS) 37,744,536
 --------------

 REAL ESTATE MANAGEMENT & DEVELOPMENT 0.2%
 CB Richard Ellis Group, Inc. -- Class A*........ 135,572 3,134,425
 --------------
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT 3,134,425
 --------------

 ROAD & RAIL 1.1%
 Burlington Northern Santa Fe Corp. ............. 28,147 2,886,475
 CSX Corp. ...................................... 47,159 2,968,659
 Norfolk Southern Corp. ......................... 48,511 2,890,286
 Ryder System, Inc. ............................. 41,739 2,857,869
 Union Pacific Corp. ............................ 20,865 3,029,389
 --------------
TOTAL ROAD & RAIL 14,632,678
 --------------

 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 3.8%
 Advanced Micro Devices, Inc.*................... 414,754 2,471,934
 Altera Corp. ................................... 141,356 3,008,056
 Analog Devices, Inc. ........................... 91,742 2,955,010
 Applied Materials, Inc. ........................ 121,685 2,270,642
 Broadcom Corp. -- Class A*...................... 151,665 3,937,223
 Intel Corp. .................................... 117,958 2,625,745
 KLA-Tencor Corp. ............................... 71,900 3,140,592
 Linear Technology Corp. ........................ 82,719 2,891,856
 LSI Logic Corp.*................................ 507,240 3,144,888
 MEMC Electronic Materials, Inc.*................ 31,283 1,969,890
 Microchip Technology, Inc. ..................... 76,929 2,827,141
 Micron Technology, Inc.*........................ 435,161 3,359,443
 National Semiconductor Corp. ................... 142,366 2,902,843
 Novellus Systems, Inc.*......................... 119,901 2,621,036
 NVIDIA Corp.*................................... 142,092 2,919,990
 Teradyne, Inc.*................................. 212,980 2,830,504
 Texas Instruments, Inc. ........................ 90,492 2,638,747
 Xilinx, Inc. ................................... 106,370 2,634,785
 --------------
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 51,150,325
 --------------

 SOFTWARE 2.3%
 Adobe Systems, Inc.*............................ 73,945 2,757,409
 Autodesk, Inc.*................................. 80,135 3,045,130
 BMC Software, Inc.*............................. 78,219 2,718,893
 CA, Inc. ....................................... 115,123 2,548,823
 Citrix Systems, Inc.*........................... 80,135 2,624,421
 Compuware Corp.*................................ 336,235 2,535,212
 Electronic Arts, Inc.*.......................... 53,249 2,740,726
 Intuit, Inc.*................................... 95,281 2,569,729
 Microsoft Corp. ................................ 88,150 2,514,038
 Novell, Inc.*................................... 424,221 2,664,108
 Oracle Corp.*................................... 128,625 2,681,831
 Symantec Corp.*................................. 152,442 2,625,051
 --------------
TOTAL SOFTWARE 32,025,371
 --------------

 SPECIALTY RETAIL 3.3%
 Abercrombie & Fitch Co. -- Class A.............. 33,746 2,507,665
 AutoNation, Inc.*............................... 167,924 2,688,463
 AutoZone, Inc.*................................. 22,097 2,668,213
 Bed Bath & Beyond, Inc.*........................ 82,318 2,675,335
 Best Buy Co., Inc. ............................. 61,252 2,635,061
 GameStop Corp. -- Class A*...................... 51,976 2,860,759
 Gap, Inc. ...................................... 120,182 2,237,789
 Home Depot, Inc. ............................... 92,484 2,663,539
 Limited Brands, Inc. ........................... 151,803 2,811,392
 Lowe's Cos., Inc. .............................. 111,996 2,821,179
 Office Depot, Inc.*............................. 218,344 2,768,602
 OfficeMax, Inc. ................................ 128,251 2,343,146
 RadioShack Corp. ............................... 157,060 2,183,134
 Sherwin-Williams Co. ........................... 47,060 2,603,359
 Staples, Inc. .................................. 112,908 2,450,104
 Tiffany & Co. .................................. 68,032 2,962,113
 TJX Cos., Inc. ................................. 76,867 2,476,655
 --------------
TOTAL SPECIALTY RETAIL 44,356,508
 --------------

 TEXTILES, APPAREL & LUXURY GOODS 1.2%
 Coach, Inc.*.................................... 87,154 3,100,068
 Jones Apparel Group, Inc. ...................... 182,465 2,888,421

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 13

RYDEX S&P EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Liz Claiborne, Inc. ............................ 136,501 $2,414,702
 NIKE, Inc. -- Class B........................... 38,624 2,580,083
 Polo Ralph Lauren Corp. ........................ 42,853 2,661,600
 V.F. Corp. ..................................... 32,705 2,432,598
 --------------
TOTAL TEXTILES, APPAREL & LUXURY GOODS 16,077,472
 --------------

 THRIFTS & MORTGAGE FINANCE 1.2%
 Countrywide Financial Corp. .................... 465,156 2,688,602
 Federal Home Loan Mortgage Corp. ............... 77,882 1,940,041
 Federal National Mortgage Association........... 74,986 2,122,104
 Hudson City Bancorp, Inc. ...................... 140,296 2,683,862
 MGIC Investment Corp. .......................... 196,740 2,563,522
 Sovereign Bancorp, Inc. ........................ 259,254 1,936,627
 Washington Mutual, Inc. ........................ 250,828 3,082,676
 --------------
TOTAL THRIFTS & MORTGAGE FINANCE 17,017,434
 --------------

 TOBACCO 0.7%
 Altria Group, Inc. ............................. 119,361 2,387,220
 Philip Morris International, Inc.*.............. 47,815 2,440,000
 Reynolds American, Inc. ........................ 42,001 2,261,754
 UST, Inc. ...................................... 45,618 2,375,329
 --------------
TOTAL TOBACCO 9,464,303
 --------------

 TRADING COMPANIES & DISTRIBUTORS 0.2%
 W.W. Grainger, Inc. ............................ 32,745 2,839,319
 --------------
TOTAL TRADING COMPANIES & DISTRIBUTORS 2,839,319
 --------------

 WIRELESS TELECOMMUNICATION SERVICES 0.5%
 American Tower Corp. -- Class A*................ 65,080 2,825,774
 Sprint Nextel Corp. ............................ 441,357 3,526,442
 --------------
TOTAL WIRELESS TELECOMMUNICATION SERVICES 6,352,216
 --------------
TOTAL COMMON STOCKS
 (Cost $1,541,411,051) 1,357,438,441
 --------------

SHORT TERM INVESTMENTS 0.2%
 SSgA Prime Money Market Fund.................... 2,989,177 2,989,177
 --------------
TOTAL SHORT TERM INVESTMENTS
 (Cost $2,989,177) 2,989,177
 --------------
TOTAL INVESTMENTS 100.0%
 (Cost $1,544,400,228) 1,360,427,618
 --------------
OTHER ASSETS IN EXCESS OF LIABILITIES--0.0%(A) 502,452
 --------------
NET ASSETS--100.0% $1,360,930,070
------------------------------------------------------------------------------

* Non-Income Producing Security.
(a) Amount represents less than 0.05% of net assets.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 14

RYDEX RUSSELL TOP 50 ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 MARKET
 SHARES VALUE
---------------------------------------------------------------------------
COMMON STOCKS 99.6%
 AEROSPACE & DEFENSE 2.3%
 Boeing Co. ..................................... 78,720 $6,680,179
 United Technologies Corp. ...................... 99,419 7,204,895
 ------------
TOTAL AEROSPACE & DEFENSE 13,885,074
 ------------
 AIR FREIGHT & LOGISTICS 0.8%
 United Parcel Service, Inc. -- Class B.......... 67,120 4,860,159
 ------------
TOTAL AIR FREIGHT & LOGISTICS 4,860,159
 ------------
 BEVERAGES 4.2%
 Coca-Cola Co. .................................. 230,935 13,595,144
 PepsiCo, Inc. .................................. 162,848 11,159,973
 ------------
TOTAL BEVERAGES 24,755,117
 ------------
 BIOTECHNOLOGY 1.3%
 Amgen, Inc.*.................................... 108,465 4,541,429
 Genentech, Inc.*................................ 46,535 3,173,687
 ------------
TOTAL BIOTECHNOLOGY 7,715,116
 ------------
 CAPITAL MARKETS 3.0%
 Goldman Sachs Group, Inc. ...................... 42,477 8,128,824
 Merrill Lynch & Co., Inc. ...................... 87,963 4,383,196
 Morgan Stanley.................................. 107,058 5,203,019
 ------------
TOTAL CAPITAL MARKETS 17,715,039
 ------------
 COMMERCIAL BANKS 2.6%
 Wachovia Corp. ................................. 191,166 5,572,489
 Wells Fargo & Co. .............................. 335,584 9,983,624
 ------------
TOTAL COMMERCIAL BANKS 15,556,113
 ------------
 COMMUNICATIONS EQUIPMENT 3.8%
 Cisco Systems, Inc.*............................ 606,284 15,545,122
 QUALCOMM, Inc. ................................. 166,630 7,196,749
 ------------
TOTAL COMMUNICATIONS EQUIPMENT 22,741,871
 ------------
 COMPUTERS & PERIPHERALS 7.4%
 Apple, Inc.*.................................... 86,471 15,041,631
 Hewlett-Packard Co. ............................ 267,774 12,411,325
 International Business Machines Corp. .......... 136,352 16,457,686
 ------------
TOTAL COMPUTERS & PERIPHERALS 43,910,642
 ------------
 CONSUMER FINANCE 1.0%
 American Express Co. ........................... 103,536 4,971,799
 Discover Financial Services..................... 47,633 867,397
 ------------
TOTAL CONSUMER FINANCE 5,839,196
 ------------
 DIVERSIFIED FINANCIAL SERVICES 7.7%
 Bank of America Corp. .......................... 443,670 16,655,372
 Citigroup, Inc. ................................ 492,937 12,456,518
 JPMorgan Chase & Co. ........................... 341,531 16,273,952
 ------------
TOTAL DIVERSIFIED FINANCIAL SERVICES 45,385,842
 ------------
 DIVERSIFIED TELECOMMUNICATION SERVICES 5.9%
 AT&T, Inc. ..................................... 616,399 23,860,805
 Verizon Communications, Inc. ................... 290,268 11,169,513
 ------------
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES 35,030,318
 ------------
 ELECTRONIC EQUIPMENT & INSTRUMENTS 0.3%
 Tyco Electronics, Ltd. ......................... 49,552 1,853,740
 ------------
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS 1,853,740
 ------------
 ENERGY EQUIPMENT & SERVICES 2.0%
 Schlumberger, Ltd. ............................. 117,829 $11,847,706
 ------------
TOTAL ENERGY EQUIPMENT & SERVICES 11,847,706
 ------------
 FOOD & STAPLES RETAILING 2.4%
 Wal-Mart Stores, Inc. .......................... 241,053 13,976,253
 ------------
TOTAL FOOD & STAPLES RETAILING 13,976,253
 ------------
 HEALTH CARE EQUIPMENT & SUPPLIES 0.4%
 Covidien, Ltd. ................................. 49,552 2,313,583
 ------------
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES 2,313,583
 ------------
 HEALTH CARE PROVIDERS & SERVICES 0.7%
 UnitedHealth Group, Inc. ....................... 134,512 4,389,127
 ------------
TOTAL HEALTH CARE PROVIDERS & SERVICES 4,389,127
 ------------
 HOUSEHOLD PRODUCTS 3.6%
 Procter & Gamble Co. ........................... 314,813 21,108,212
 ------------
TOTAL HOUSEHOLD PRODUCTS 21,108,212
 ------------
 INDUSTRIAL CONGLOMERATES 6.1%
 General Electric Co. ........................... 1,028,559 33,633,879
 Tyco International, Ltd. ....................... 49,552 2,318,538
 ------------
TOTAL INDUSTRIAL CONGLOMERATES 35,952,417
 ------------
 INSURANCE 1.8%
 American International Group, Inc. ............. 224,091 10,353,004
 ------------
TOTAL INSURANCE 10,353,004
 ------------
 INTERNET SOFTWARE & SERVICES 2.2%
 Google, Inc. -- Class A*........................ 22,932 13,169,618
 ------------
TOTAL INTERNET SOFTWARE & SERVICES 13,169,618
 ------------
 MEDIA 3.7%
 Comcast Corp. -- Class A........................ 295,260 6,067,593
 News Corp. -- Class A........................... 227,830 4,078,157
 Time Warner, Inc. .............................. 376,746 5,594,678
 Walt Disney Co. ................................ 198,113 6,424,805
 ------------
TOTAL MEDIA 22,165,233
 ------------
 OIL, GAS & CONSUMABLE FUELS 14.7%
 Chevron Corp. .................................. 214,861 20,658,885
 ConocoPhillips.................................. 163,400 14,076,910
 Exxon Mobil Corp. .............................. 563,441 52,439,454
 ------------
TOTAL OIL, GAS & CONSUMABLE FUELS 87,175,249
 ------------
 PHARMACEUTICALS 10.3%
 Abbott Laboratories............................. 153,993 8,123,131
 Eli Lilly & Co. ................................ 99,308 4,780,687
 Johnson & Johnson............................... 289,580 19,427,922
 Merck & Co., Inc. .............................. 216,671 8,242,165
 Pfizer, Inc. ................................... 701,648 14,110,141
 Wyeth........................................... 134,479 5,980,281
 ------------
TOTAL PHARMACEUTICALS 60,664,327
 ------------
 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 2.2%
 Intel Corp. .................................... 580,951 12,931,969
 ------------
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 12,931,969
 ------------
 SOFTWARE 5.3%
 Microsoft Corp. ................................ 820,635 23,404,510
 Oracle Corp.*................................... 385,474 8,037,133
 ------------
TOTAL SOFTWARE 31,441,643
 ------------

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 15

RYDEX RUSSELL TOP 50 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
---------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 SPECIALTY RETAIL 1.0%
 Home Depot, Inc. ............................... 197,397 $5,685,034
 ------------
TOTAL SPECIALTY RETAIL 5,685,034
 ------------
 TOBACCO 2.5%
 Altria Group, Inc. ............................. 210,266 4,205,320
 Philip Morris International, Inc.*.............. 210,266 10,729,874
 ------------
TOTAL TOBACCO 14,935,194
 ------------
 WIRELESS TELECOMMUNICATION SERVICES 0.4%
 Sprint Nextel Corp. ............................ 281,189 2,246,700
 ------------
TOTAL WIRELESS TELECOMMUNICATION SERVICES 2,246,700
 ------------
TOTAL COMMON STOCKS
 (Cost $625,442,886) 589,603,496
 ------------
SHORT TERM INVESTMENTS 0.3%
 SSgA Prime Money Market Fund.................... 1,808,576 1,808,576
 ------------
TOTAL SHORT TERM INVESTMENTS
 (Cost $1,808,576) 1,808,576
 ------------
TOTAL INVESTMENTS 99.9%
 (Cost $627,251,462) 591,412,072
 ------------
OTHER ASSETS IN EXCESS OF LIABILITIES--0.1% 520,191
 ------------
NET ASSETS--100.0% $591,932,263
---------------------------------------------------------------------------

* Non-Income Producing Security.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 16

STATEMENTS OF ASSETS AND LIABILITIES April 30, 2008 (Unaudited)

 RYDEX S&P RYDEX RUSSELL
 EQUAL TOP 50
 WEIGHT ETF ETF
 -------------- -------------
ASSETS
Investments at Market Value*............................. $1,360,427,618 $591,412,072
Cash..................................................... 10 --
Receivables:
 Dividends.............................................. 940,732 616,292
 -------------- ------------
 TOTAL ASSETS........................................ 1,361,368,360 592,028,364
 -------------- ------------
LIABILITIES
Payables:
 Accrued Management Fees................................ 438,290 96,101
 -------------- ------------
 TOTAL LIABILITIES................................... 438,290 96,101
 -------------- ------------
NET ASSETS............................................... $1,360,930,070 $591,932,263
 ============== ============
NET ASSETS CONSIST OF:
Paid-in Capital.......................................... $1,563,937,709 $628,647,119
Undistributed Net Investment Income...................... 1,111,744 671,729
Accumulated Net Realized Loss on Investments............. (20,146,773) (1,547,195)
Net Unrealized Depreciation on Investments............... (183,972,610) (35,839,390)
 -------------- ------------
NET ASSETS............................................... $1,360,930,070 $591,932,263
 ============== ============
Shares Outstanding (Unlimited Shares Authorized), No Par
 Value.................................................. 30,057,482 5,750,122
 ============== ============
Net Asset Value, Offering Price and Repurchase Price Per
 Share.................................................. $ 45.28 $ 102.94
 ============== ============
*Total Cost of Investments............................... $1,544,400,228 $627,251,462
 ============== ============

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 17

STATEMENTS OF OPERATIONS For the Six Months Ended April 30, 2008 (Unaudited)

 RYDEX S&P RYDEX RUSSELL
 EQUAL TOP 50
 WEIGHT ETF ETF
 ------------- -------------
INVESTMENT INCOME
 Dividends............................................... $ 15,676,565 $ 7,343,214
 ------------- ------------
 Total Income......................................... 15,676,565 7,343,214
 ------------- ------------
EXPENSES
 Management Fee.......................................... 3,077,845 608,904
 ------------- ------------
Net Investment Income..................................... 12,598,720 6,734,310
 ------------- ------------
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Net Realized Gain/(Loss) From:
 Investments............................................. (16,747,338) (8,895)
 In-kind Redemptions..................................... 56,554,889 8,750,090
 ------------- ------------
 Net Realized Gain.................................... 39,807,551 8,741,195
Net Change in Unrealized Depreciation on Investments...... (256,979,913) (90,015,293)
 ------------- ------------
Net Realized and Unrealized Loss on Investments........... (217,172,362) (81,274,098)
 ------------- ------------
 NET DECREASE IN NET ASSETS RESULTING FROM
 OPERATIONS......................................... $(204,573,642) $(74,539,788)
 ============= ============

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 18

STATEMENTS OF CHANGES IN NET ASSETS

 RYDEX S&P EQUAL WEIGHT ETF RYDEX RUSSELL TOP 50 ETF
 ----------------------------------- -----------------------------------
 SIX MONTHS ENDED SIX MONTHS ENDED
 APRIL 30, 2008 YEAR ENDED APRIL 30, 2008 YEAR ENDED
 (UNAUDITED) OCTOBER 31, 2007 (UNAUDITED) OCTOBER 31, 2007
 ---------------- ---------------- ---------------- ----------------
OPERATIONS
 Net Investment Income.......... $ 12,598,720 $ 25,817,694 $ 6,734,310 $ 10,928,752
 Net Realized Gain.............. 39,807,551 236,861,135 8,741,195 27,813,824
 Net Change in Unrealized
 Appreciation/(Depreciation)
 on Investments.............. (256,979,913) (60,770,241) (90,015,293) 33,495,340
 -------------- --------------- ------------- -------------
 Net Increase/(Decrease) in Net
 Assets Resulting From
 Operations.................. (204,573,642) 201,908,588 (74,539,788) 72,237,916
 -------------- --------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS
 FROM
 Net Investment Income.......... (12,089,503) (25,503,538) (6,752,842) (10,668,692)
 -------------- --------------- ------------- -------------
SHAREHOLDER TRANSACTIONS
 Proceeds From Shares Sold...... 138,987,881 1,286,385,367 108,495,560 451,183,675
 Value of Shares Reinvested..... 24,450 214,399 8,775 3,303
 Value of Shares Repurchased.... (739,111,684) (1,045,109,356) (116,634,221) (195,942,838)
 -------------- --------------- ------------- -------------
 Net Increase/(Decrease) in Net
 Assets Resulting From Share
 Transactions................ (600,099,353) 241,490,410 (8,129,886) 255,244,140
 -------------- --------------- ------------- -------------
 Increase/(Decrease) in Net
 Assets.................... (816,762,498) 417,895,460 (89,422,516) 316,813,364
NET ASSETS--BEGINNING OF PERIOD.. 2,177,692,568 1,759,797,108 681,354,779 364,541,415
 -------------- --------------- ------------- -------------
NET ASSETS--END OF PERIOD(1)..... $1,360,930,070 $ 2,177,692,568 $ 591,932,263 $ 681,354,779
 ============== =============== ============= =============
(1) Including Undistributed Net
 Investment Income.............. $ 1,111,744 $ 602,527 $ 671,729 $ 690,261
 ============== =============== ============= =============
CHANGES IN SHARES OUTSTANDING:
 Shares Sold.................... 3,150,000 25,750,000 1,050,000 4,150,000
 Shares Reinvested.............. 536 4,357 87 30
 Shares Repurchased............. (16,104,000) (20,950,000) (1,150,000) (1,800,000)
 Shares Outstanding, Beginning
 of Period................... 43,010,946 38,206,589 5,850,035 3,500,005
 -------------- --------------- ------------- -------------
 Shares Outstanding, End of
 Year........................ 30,057,482 43,010,946 5,750,122 5,850,035
 ============== =============== ============= =============

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 19

FINANCIAL HIGHLIGHTS

 RYDEX S&P EQUAL WEIGHT ETF
 ----------------------------------------------------------------------------------------------------
 FOR THE PERIOD
 SIX MONTHS APRIL 24, 2003*
 ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED THROUGH
 APRIL 30, 2008 OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
 (UNAUDITED) 2007 2006(1)(2) 2005(1) 2004(1) 2003(1)
 --------------- --------------- --------------- --------------- --------------- ---------------
PER SHARE OPERATING
 PERFORMANCE:
NET ASSET VALUE AT
 BEGINNING OF
 PERIOD.............. $50.63 $46.06 $39.68 $35.70 $31.61 $25.26
 ---------- ---------- ---------- ---------- -------- --------
Net Investment
 Income**............ 0.37 0.59 0.52 0.43 0.37 0.18
Net Realized and
 Unrealized
 Gain/(Loss) on
 Investments......... (5.36) 4.56 6.36 3.95 4.08 6.33
 ---------- ---------- ---------- ---------- -------- --------
TOTAL FROM INVESTMENT
 OPERATIONS.......... (4.99) 5.15 6.88 4.38 4.45 6.51
 ---------- ---------- ---------- ---------- -------- --------
DISTRIBUTIONS TO
 SHAREHOLDERS FROM:
Net Investment
 Income.............. (0.36) (0.58) (0.50) (0.40) (0.36) (0.16)
 ---------- ---------- ---------- ---------- -------- --------
NET ASSET VALUE AT END
 OF PERIOD........... $45.28 $50.63 $46.06 $39.68 $35.70 $31.61
 ========== ========== ========== ========== ======== ========
TOTAL RETURN***....... (9.86)% 11.23% 17.42% 12.29% 14.11% 25.77%
RATIOS/SUPPLEMENTAL
 DATA:
Net Assets at End of
 Period (000's
 Omitted)............ $1,360,930 $2,177,693 $1,759,797 $1,071,410 $485,636 $177,135
RATIO TO AVERAGE NET
 ASSETS OF:
Expenses.............. 0.40%**** 0.40% 0.40% 0.40% 0.40% 0.40%****
Net Investment
 Income.............. 1.64%**** 1.22% 1.21% 1.11% 1.09% 1.13%****
Portfolio Turnover
 Rate+............... 14% 25% 16% 22% 55% 42%

* The Fund commenced operations on April 24, 2003. ** Based on average shares outstanding. *** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. **** Annualized.
(1) All per share information representing data prior to April 26, 2006 has been adjusted for the effect of a 4 for 1 stock split which occurred on April 26, 2006.
(2) Beginning with the year ended October 31, 2006, the Fund was audited by Ernst & Young LLP. The previous periods were audited by another independent registered public accounting firm.
+ Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 20

FINANCIAL HIGHLIGHTS

 RYDEX RUSSELL TOP 50 ETF
 --------------------------------------------------------------------------
 SIX MONTHS FOR THE PERIOD
 ENDED MAY 4, 2005*
 APRIL 30, 2008 YEAR ENDED YEAR ENDED THROUGH
 (UNAUDITED) OCTOBER 31, 2007 OCTOBER 31, 2006(1) OCTOBER 31, 2005
 -------------- ---------------- ------------------- ----------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE AT BEGINNING OF
 PERIOD.............................. $116.47 $104.15 $91.39 $91.51
 -------- -------- -------- --------
Net Investment Income**............... 1.15 2.15 1.92 0.79
Net Realized and Unrealized
 Gain/(Loss) on Investments.......... (13.52) 12.25 12.71 (0.46)
 -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS...... (12.37) 14.40 14.63 0.33
 -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income................. (1.16) (2.08) (1.87) (0.45)
 -------- -------- -------- --------
NET ASSET VALUE AT END OF PERIOD...... $102.94 $116.47 $104.15 $91.39
 ======== ======== ======== ========
TOTAL RETURN***....................... (10.63)% 13.96% 16.18% 0.36%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at End of Period (000's
 Omitted)............................ $591,932 $681,355 $364,541 $137,085
RATIO TO AVERAGE NET ASSETS OF:
Expenses.............................. 0.20%**** 0.20% 0.20% 0.20%****
Net Investment Income................. 2.21%**** 1.96% 1.98% 1.74%****
Portfolio Turnover Rate+.............. 0% 8% 7% 1%

* The Fund commenced operations on May 4, 2005. ** Based on average shares outstanding. *** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. **** Annualized.
(1) Beginning with the year ended October 31, 2006, the Fund was audited by Ernst & Young LLP. The previous periods were audited by another independent registered public accounting firm.
+ Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 21

NOTES TO FINANCIAL STATEMENTS (Unaudited) April 30, 2008

1. ORGANIZATION

The Funds operate as index funds and are not actively managed. Adverse performance of a security in the Funds' portfolio will ordinarily not result in the elimination of the security from the Funds' portfolio.

The Funds issue and redeem shares on a continuous basis, at net asset value, only in aggregations of 50,000 shares called a "Creation Unit". Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index.

2. SIGNIFICANT ACCOUNTING POLICIES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures at the date of the financial statements and accompanying notes and the reported amounts of increases and decreases in net assets from operations during the reporting period. Management believes that the estimates utilized in preparing the Funds' financial statements are reasonable and prudent; however, actual results could differ from these estimates.

A. SECURITY VALUATION

Securities listed on a domestic securities exchange are valued based on the last sale price as of the close of regular trading hours on the New York Stock Exchange or, in the absence of recorded sales, are valued at the most recent bid price. Securities for which the primary market is the National Association of Securities Dealers Automated Quotations National Market System ("NASDAQ") are valued at the NASDAQ Official Closing Price. The Funds invest in money market mutual funds, which are valued at their NAV.

Securities, for which market quotations are not readily available, including investments that are subject to limitations as to their sale, are valued at fair value as determined in good faith by the Advisor in accordance with procedures adopted by the Board of Trustees. In determining fair value, consideration is given to market conditions, relative benchmarks and other financial data.

B. SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are recorded on the trade date. Realized gains and losses from portfolio fund transactions are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date, net of foreign tax withholdings. Interest income is recorded on the accrual basis.

C. REPURCHASE AGREEMENTS

SEMI-ANNUAL REPORT 22

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Funds will seek to liquidate such collateral. However, the exercising of the Funds right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Funds could suffer a loss. It is the current policy of the Funds not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Funds, amounts to more than 15% of the Funds net assets. The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of the Advisor, liquidity or other considerations so warrant. For the six months ended April 30, 2008, the Funds had not engaged in repurchase transactions.

D. FEDERAL INCOME TAXES

The Funds policy is to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of the taxable income and capital gains, if any, to the shareholders within the allowable time limits. Therefore, no provision for Federal income taxes is required.

Income and capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for in-kind redemptions, income reclassifications from real estate investment trusts ("REITs") and losses deferred due to wash sales.

For the six months ended April 30, 2008, the Funds realized net capital gains resulting from in-kind redemptions and other transactions. Because gains from in-kind redemptions are not taxable to the Funds, and are not distributed to existing Fund shareholders, the gains are reclassified from accumulated net realized gains to paid-in-capital at the end of the Funds tax year. These reclassifications have no effect on net assets or net asset value per share. The in-kind net capital gains for the six months ended April 30, 2008 are disclosed in the Fund's Statement of Operations.

At April 30, 2008, the Funds had capital loss carryforwards which may be utilized to offset any net realized capital gains expiring October 31:

 2013 2014 2015
 ------- -------- -------
Rydex S&P Equal Weight ETF.................................. $ -- $ -- --
Rydex Russell Top 50 ETF.................................... 88,468 675,404 618,363

E. DIVIDENDS AND DISTRIBUTIONS

The Funds declare and pay dividends from net investment income and distribute from net realized capital gains at least annually.

F. RISK AND UNCERTAINTIES

The Trust invests in various investments which are exposed to risk, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect amounts reported in the financial statements. The Rydex Russell Top 50 ETF is a non-diversified fund, subjecting it to a greater risk than a fund that is diversified.

G. NEW ACCOUNTING PRONOUNCEMENTS

On July 13, 2006, the Financial Accounting Standards Board ("FASB") released FASB Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" ("FIN 48"). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date.

Management evaluated the implications of FIN 48 and determined that all tax positions meet the "more-likely than not" threshold. As a result, the financial statements have not been impacted by the adoption of FIN 48. However, management's conclusions regarding FIN 48 are subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from FASB, and on-going analysis of tax laws, regulation, and interpretations thereof.

SEMI-ANNUAL REPORT 23

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

In September, 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact, if any, the adoption of SFAS 157 will have on the Funds' financial statements. Management does not anticipate SFAS 157 will have a material impact on the Funds' financial statements.

In March, 2008, Statement of Financial Accounting Standards No. 161, "Disclosures about Derivative Instruments and Hedging Activities" ("SFAS 161") was issued and is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about Funds' derivative and hedging activities. Management is currently evaluating the impact, if any, the adoption of SFAS 161 will have on the Funds' financial statement disclosures.

3. ADVISORY, ADMINISTRATION AND OTHER TRANSACTIONS WITH AFFILIATES

The Advisor determines the composition of the portfolio of securities that must be delivered in exchange for the issuance of Creation Units and periodically adjusts the composition of the portfolio of the Funds to conform to changes in the composition of the relevant index. For these services, the Advisor receives an advisory fee at the annual rate shown below of the average daily net assets of the Funds.

 ADVISORY FEE
 ------------
Rydex S&P Equal Weight ETF........................................... 0.40%
Rydex Russell Top 50 ETF............................................. 0.20%

The Advisor pays all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except:
interest, taxes, distribution fees or expenses and extraordinary expenses.

Under an Administration Agreement, State Street Bank and Trust Company (the "Administrator") provides various administrative and accounting services for the maintenance and operations of the Funds. Under a Custodian Agreement with the Trust, the Administrator maintains cash, securities and other assets of the Trust and the Funds in separate accounts for each fund, keeps all necessary accounts and records, and provides other services. The Administrator is required, upon the order of the Trust, to deliver securities held by the Custodian and to make payments for securities purchased by the Trust for the Funds. Pursuant to a Transfer Agency and Service Agreement with the Trust, the Administrator acts as a transfer agent for the Trust's authorized and issued shares of beneficial interest, and as dividend disbursing agent of the Trust. The Advisor compensates the Administrator directly for the foregoing services.

The Funds have adopted a Distribution Plan (the "Plan") that allows the Funds to pay distribution fees to Rydex Distributors, Inc. (the "Distributor") and other firms that provide distribution services ("Service Providers"). If a Service Provider provides distribution services, the Funds will pay distribution fees to the Distributor at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. The Distributor will, in turn, pay the Service Provider out of its fees. No such fee is currently charged to the Funds.

4. CAPITAL

At April 30, 2008, there were an unlimited number of no par value shares of beneficial interest authorized. There is a minimum transaction fee per transaction to those persons purchasing or redeeming Creation Units. An additional charge of up to three times the standard transaction fee may be imposed for purchases and redemptions effected outside the National Securities Clearing Corporation usual clearing process or for cash. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the net asset value per unit of the Fund on the transaction date. The minimum transaction fees are:

 MINIMUM
 TRANSACTION FEE
 ---------------
Rydex S&P Equal Weight ETF......................................... $2,000
Rydex Russell Top 50 ETF........................................... 500

5. INVESTMENT TRANSACTIONS

For the six months ended April 30, 2008 the Funds had in-kind contributions and in-kind redemptions as follows:

 SUBSCRIPTIONS REDEMPTIONS
 --------------- ---------------
Rydex S&P Equal Weight ETF.................................. $120,874,461 $718,860,828
Rydex Russell Top 50 ETF.................................... 103,195,484 111,274,280

SEMI-ANNUAL REPORT 24

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Purchases and sales of investment securities (excluding short-term investments, U.S. government and government agency obligations) for the Funds were as follows:

 PURCHASES SALES
 --------------- ---------------
Rydex S&P Equal Weight ETF.................................. $217,595,229 $215,697,573
Rydex Russell Top 50 ETF.................................... -- 41,259

There were no purchases or sales of U.S. government or government agency obligations for the six months ended April 30, 2008.

The identified cost of investments in securities owned by each Fund for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and depreciation at April 30, 2008 were as follows:

 GROSS GROSS NET UNREALIZED
 IDENTIFIED UNREALIZED UNREALIZED APPRECIATION
 COST APPRECIATION DEPRECIATION (DEPRECIATION)
 --------------- --------------- --------------- ---------------
Rydex S&P Equal Weight ETF.................. $1,544,400,228 $90,008,322 $273,980,932 $(183,972,610)
Rydex Russell Top 50 ETF.................... 627,251,462 33,916,697 69,756,087 (35,839,390)

6. ACQUISITION OF RYDEX INVESTMENTS AND THE DISTRIBUTOR

At the close of business on January 17, 2008, Rydex NV, Inc., comprised of Rydex Investments, together with several other Rydex entities, was acquired by Security Benefit Corporation ("Security Benefit"), a financial services firm that provides a broad variety of financial programs to investors in the advisor, banking, education, government, institutional, and qualified plan markets (the "Transaction"). As a result of the Transaction's completion, Rydex Investments and the Distributor are wholly-owned subsidiaries of Security Benefit. While the Transaction has no material impact on the Funds or their shareholders, it resulted in a change of control of Rydex Investments, which in turn caused the termination of the investment advisory agreement between Rydex Investments and the Funds.

A new investment advisory agreement between Rydex Investments and the Funds was approved under substantially the same terms as the previous investment advisory agreement (the "New Agreement"). This New Agreement was approved by shareholders, via proxy, and took effect upon the closing of the Transaction.

The Transaction had no impact on the day-to-day operations of Rydex Investments, the fees payable to Rydex Investments under the New Agreement, or the persons responsible for the management of the Funds.

SEMI-ANNUAL REPORT 25

SUPPLEMENTAL INFORMATION

PROXY VOTING INFORMATION

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds' portfolios is available, without charge and upon request, by calling 1-800-820-0888. This information is also available from the EDGAR database on the SEC's website at http://www.sec.gov.

Information regarding how the Funds voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request, by (i) calling 1-800-820-0888; or accessing the Trust's Form N-PX on the SEC's website at, http://www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULES INFORMATION

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q; which are available on the SEC's website at http://www.sec.gov. The Trust's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 1-800-820-0888.

SEMI-ANNUAL REPORT 26

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS

A Board of Trustees oversees all Rydex Investments, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by calling 1-800-820- 0888.

All Trustees and Officers may be reached c/o Rydex Investments, 9601 Blackwell Rd., Suite 500, Rockville, MD 20850.

TRUSTEES AND OFFICERS

 NAME, POSITION LENGTH OF SERVICE
 AND AS TRUSTEE NUMBER OF FUNDS
 YEAR OF BIRTH (YEAR BEGAN) OVERSEEN
---------------- ----------------------------------------- ----------------
CARL G. Rydex Series Funds - 2004 149
VERBONCOEUR* Rydex Variable Trust - 2004
Trustee, Rydex Dynamic Funds - 2004
President (1952) Rydex ETF Trust - 2004

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: Chief Executive Officer and Treasurer of Rydex Specialized Products, LLC (2005 to present); Chief Executive Officer of Rydex Fund Services, Inc., PADCO Advisors, Inc., PADCO Advisors II, Inc., and Rydex Distributors, Inc. (2003 to present); Executive Vice President of Rydex Fund Services, Inc. (2000 to 2003); Vice President of Rydex Fund Services, Inc. and Rydex Distributors, Inc. (1997 to 2000)

 ---------------------
MICHAEL P. Rydex Series Funds - 2005 149
BYRUM* Rydex Variable Trust - 2005
Trustee, Vice Rydex Dynamic Funds - 2005
President and Rydex ETF Trust - 2005
Secretary (1970)

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: Chief Investment Officer of Rydex Investments (2003 to present); Secretary of Rydex Specialized Products, LLC (2005 to present); Secretary of Rydex Series Funds, Rydex Variable Trust, and Rydex Dynamic Funds (2004 to present); Vice President of Rydex Series Funds (1997 to present); Vice President of Rydex Variable Trust (1998 to present); Vice President of Rydex Dynamic Funds (1999 to present); Vice President of Rydex ETF Trust (2002 to present); President and Trustee of Rydex Capital Partners SPhinX Fund (2003 to 2006); President of Rydex Global Advisors (2004 to present); Chief Operating Officer of Rydex Global Advisors and Rydex Distributors, Inc. (2003 to 2004)

INDEPENDENT TRUSTEES

 NAME, POSITION LENGTH OF SERVICE
 AND AS TRUSTEE NUMBER OF FUNDS
 YEAR OF BIRTH (YEAR BEGAN) OVERSEEN
---------------- ----------------------------------------- ----------------
JOHN O. DEMARET Rydex Series Funds - 1997 141
Trustee, Rydex Variable Trust - 1998
Chairman of the Rydex Dynamic Funds - 1999
Board (1940) Rydex ETF Trust - 2003

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: Retired

 ---------------------
COREY A. Rydex Series Funds - 1993 141
COLEHOUR Rydex Variable Trust - 1998
Trustee (1945) Rydex Dynamic Funds - 1999
 Rydex ETF Trust - 2003

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: Senior Vice President of
Marketing/Co-Owner, Schield Management Company

 ---------------------
J. KENNETH Rydex Series Funds - 1995 141
DALTON Rydex Variable Trust - 1998
Trustee (1941) Rydex Dynamic Funds - 1999
 Rydex ETF Trust - 2003

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: Mortgage Banking Consultant and Investor, The Dalton Group

 ---------------------
WERNER E. KELLER Rydex Series Funds - 2005 141
Trustee (1940) Rydex Variable Trust - 2005
 Rydex Dynamic Funds - 2005
 Rydex ETF Trust - 2005

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: Retired (2001 to present);
Chairman, Centurion Capital Management (1991 to 2001)

 ---------------------
THOMAS F. LYDON, Rydex Series Funds - 2005 141
JR. Rydex Variable Trust - 2005
Trustee (1960) Rydex Dynamic Funds - 2005
 Rydex ETF Trust - 2005

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: President, Global Trends
Investments

 ---------------------
PATRICK T. Rydex Series Funds - 1997 141
MCCARVILLE Rydex Variable Trust - 1998
Trustee (1942) Rydex Dynamic Funds - 1999
 Rydex ETF Trust - 2003

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: Founder and Chief Executive Officer, Par Industries, Inc.

 ---------------------
ROGER SOMERS Rydex Series Funds - 1993 141
Trustee (1944) Rydex Variable Trust - 1998
 Rydex Dynamic Funds - 1999
 Rydex ETF Trust - 2003

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: Owner, Arrow Limousine

SEMI-ANNUAL REPORT 27

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS

INDEPENDENT TRUSTEES (CONT.)

EXECUTIVE OFFICERS

 NAME, POSITION AND PRINCIPAL OCCUPATIONS DURING PAST FIVE
 YEAR OF BIRTH YEARS
----------------------------------------- -----------------------------------------
NICK BONOS* Chief Financial Officer of Rydex
Vice President and Treasurer (1963) Specialized Products, LLC (2005 to
 present); Vice President and Treasurer of
 Rydex Series Funds, Rydex Variable Trust,
 Rydex Dynamic Funds, and Rydex ETF Trust
 (2003 to present); Senior Vice President
 of Rydex Fund Services, Inc. (2003 to
 present); Vice President and Treasurer of
 Rydex Capital Partners SPhinX Fund (2003
 to 2006); Vice President of Accounting of
 Rydex Fund Services, Inc. (2000 to 2003)
JOANNA M. HAIGNEY* Chief Compliance Officer Rydex Series
Chief Compliance Officer and Secretary Funds, Rydex Assistant Variable Trust,
(1966) and Rydex Dynamic Funds (2004 to
 present); Assistant Secretary of Rydex
 Series Funds, Rydex Variable Trust, and
 Rydex Dynamic Funds (2000 to present);
 Assistant Secretary of Rydex ETF Trust
 (2002 to present); Vice President of
 Compliance of Rydex Fund Services, Inc.
 (2000 to present); Secretary of Rydex
 Capital Partners SphinX Fund (2003 to
 2006)
JOSEPH ARRUDA* Assistant Treasurer of Rydex Series
Assistant Treasurer (1966) Funds, Rydex Variable Trust, Rydex
 Dynamic Funds, Rydex ETF Trust (2006);
 Vice President of Rydex Fund Services,
 Inc. (2004 to present); Director of
 Accounting of Rydex Fund Services, Inc.
 (2003 to 2004); Vice President of Mutual
 Funds, State Street Bank & Trust (2000 to
 2003)
PAULA BILLOS* Controller of Rydex Series Funds, Rydex
Controller (1974) Variable Trust, Rydex Dynamic Funds,
 Rydex ETF Trust (2006); Director of Fund
 Administration of Rydex Fund Services,
 Inc. (2001 to present)

* Trustees and Officers of the Funds are deemed to be "interested persons" of the Trust, within the meaning of Section 2(a)(19) of the 1940 Act, inasmuch as this person is affiliated with the Advisor.

[RYDEX INVESTMENTS LOGO] [GRAPHIC]

 9601 Blackwell Road o Suite 500 o Rockville, MD 20850
 www.rydexinvestments.com o 800.820.0888

 ETF-SEMI-ANN-0408X1008

 April 30, 2008
 RYDEX ETF TRUST
 SEMI-ANNUAL REPORT

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

[GRAPHIC] [RYDEX INVESTMENTS LOGO]

SEMI-ANNUAL REPORT 1

TABLE OF CONTENTS

LETTER TO OUR SHAREHOLDERS............................................... 2

FEES & EXPENSES.......................................................... 4

PORTFOLIO SUMMARY........................................................ 5

SCHEDULE OF INVESTMENTS.................................................. 20

STATEMENTS OF ASSETS AND LIABILITIES..................................... 48

STATEMENTS OF OPERATIONS................................................. 51

STATEMENTS OF CHANGES IN NET ASSETS...................................... 54

FINANCIAL HIGHLIGHTS..................................................... 62

NOTES TO FINANCIAL STATEMENTS............................................ 70

SUPPLEMENTAL INFORMATION................................................. 75

SEMI-ANNUAL REPORT 2

DEAR SHAREHOLDER,

MARKET RECAP

SEMI-ANNUAL REPORT 3

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

SEMI-ANNUAL REPORT 4

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 November 1, 2007 and held for the six months ended April 30, 2008.

ACTUAL EXPENSES

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.

 BEGINNING ENDING EXPENSES PAID
 ACCOUNT ACCOUNT DURING
 VALUE VALUE SIX-MONTH PERIOD *
 11/1/2007 4/30/2008 11/1/07 TO 4/30/08
 --------- --------- ------------------
ACTUAL
 Rydex S&P 500 Pure Value ETF.......................... $1,000.00 $ 846.40 $1.61
 Rydex S&P 500 Pure Growth ETF......................... $1,000.00 $ 926.70 $1.68
 Rydex S&P MidCap 400 Pure Value ETF................... $1,000.00 $ 906.20 $1.66
 Rydex S&P MidCap 400 Pure Growth ETF.................. $1,000.00 $ 923.10 $1.67
 Rydex S&P SmallCap 600 Pure Value ETF................. $1,000.00 $ 852.40 $1.61
 Rydex S&P SmallCap 600 Pure Growth ETF................ $1,000.00 $ 859.30 $1.62
 Rydex S&P Equal Weight Consumer Discretionary ETF..... $1,000.00 $ 868.20 $2.32
 Rydex S&P Equal Weight Consumer Staples ETF........... $1,000.00 $ 961.10 $2.44
 Rydex S&P Equal Weight Energy ETF..................... $1,000.00 $1,091.10 $2.60
 Rydex S&P Equal Weight Financials ETF................. $1,000.00 $ 805.20 $2.24
 Rydex S&P Equal Weight Health Care ETF................ $1,000.00 $ 915.50 $2.38
 Rydex S&P Equal Weight Industrials ETF................ $1,000.00 $ 973.90 $2.45
 Rydex S&P Equal Weight Materials ETF.................. $1,000.00 $ 941.00 $2.41
 Rydex S&P Equal Weight Technology ETF................. $1,000.00 $ 854.70 $2.31
 Rydex S&P Equal Weight Utilities ETF.................. $1,000.00 $ 907.00 $2.37
HYPOTHETICAL (ASSUMING A 5% RETURN BEFORE EXPENSES)
 Rydex S&P 500 Pure Value ETF.......................... $1,000.00 $1,023.12 $1.76
 Rydex S&P 500 Pure Growth ETF......................... $1,000.00 $1,023.12 $1.76
 Rydex S&P MidCap 400 Pure Value ETF................... $1,000.00 $1,023.12 $1.76
 Rydex S&P MidCap 400 Pure Growth ETF.................. $1,000.00 $1,023.12 $1.76
 Rydex S&P SmallCap 600 Pure Value ETF................. $1,000.00 $1,023.12 $1.76
 Rydex S&P SmallCap 600 Pure Growth ETF................ $1,000.00 $1,023.12 $1.76
 Rydex S&P Equal Weight Consumer Discretionary ETF..... $1,000.00 $1,022.38 $2.51
 Rydex S&P Equal Weight Consumer Staples ETF........... $1,000.00 $1,022.38 $2.51
 Rydex S&P Equal Weight Energy ETF..................... $1,000.00 $1,022.38 $2.51
 Rydex S&P Equal Weight Financials ETF................. $1,000.00 $1,022.38 $2.51
 Rydex S&P Equal Weight Health Care ETF................ $1,000.00 $1,022.38 $2.51
 Rydex S&P Equal Weight Industrials ETF................ $1,000.00 $1,022.38 $2.51
 Rydex S&P Equal Weight Materials ETF.................. $1,000.00 $1,022.38 $2.51
 Rydex S&P Equal Weight Technology ETF................. $1,000.00 $1,022.38 $2.51
 Rydex S&P Equal Weight Utilities ETF.................. $1,000.00 $1,022.38 $2.51

* Expenses are equal to the Fund's annualized expense ratio of 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 366.

SEMI-ANNUAL REPORT 5

Rydex S&P 500 Pure Value ETF
PORTFOLIO SUMMARY As of April 30, 2008

TOP 10 HOLDINGS*
------------------------------------------------------------------------------------
 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
D.R. HORTON, INC. 2.66%
KB HOME 2.49%
LENNAR CORP. -- CLASS A 2.37%
DILLARD'S, INC. -- CLASS A 2.28%
SPECTRA ENERGY CORP. 1.92%
OFFICEMAX, INC. 1.82%
TYSON FOODS, INC. -- CLASS A 1.71%
WASHINGTON MUTUAL, INC. 1.71%
RYDER SYSTEM, INC. 1.61%
JONES APPAREL GROUP, INC. 1.59%

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

SECTOR ALLOCATIONS*

(PIE CHART)

Financials 33.35
Consumer Discretionary 27.60
Utilities 14.17
Industrials 4.71
Consumer Staples 4.57
Materials 4.48
Health Care 3.75
Telecommunication Services 3.09
Information Technology 2.35
Energy 1.93

* 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.

SEMI-ANNUAL REPORT 6

Rydex S&P 500 Pure Growth ETF
PORTFOLIO SUMMARY As of April 30, 2008

TOP 10 HOLDINGS*
------------------------------------------------------------------------------------
 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
UNITED STATES STEEL CORP. 1.55%
COACH, INC. 1.40%
XTO ENERGY, INC. 1.31%
CB RICHARD ELLIS GROUP, INC. -- CLASS A 1.31%
SEARS HOLDINGS CORP. 1.31%
NUCOR CORP. 1.29%
EOG RESOURCES, INC. 1.21%
YAHOO!, INC. 1.20%
GOOGLE, INC. -- CLASS A 1.17%
ZIMMER HOLDINGS, INC. 1.15%

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

SECTOR ALLOCATIONS*

(PIE CHART)

Consumer Discretionary 19.20
Information Technology 17.67
Health Care 15.97
Energy 13.67
Financials 9.19
Industrials 8.89
Consumer Staples 7.04
Materials 6.80
Utilities 1.57

SEMI-ANNUAL REPORT 7

Rydex S&P Midcap 400 Pure Value ETF
PORTFOLIO SUMMARY As of April 30, 2008

TOP 10 HOLDINGS*
------------------------------------------------------------------------------------
 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
ARVINMERITOR, INC. 3.26%
FURNITURE BRANDS INTERNATIONAL, INC. 3.03%
KELLY SERVICES, INC. 2.24%
FIDELITY NATIONAL FINANCIAL, INC. -- CLASS A 2.17%
RYLAND GROUP, INC. 2.10%
YRC WORLDWIDE, INC. 2.00%
CHARMING SHOPPES, INC. 1.74%
AVIS BUDGET GROUP, INC. 1.72%
IMATION CORP. 1.71%
HEALTH MANAGEMENT ASSOCIATES, INC. -- CLASS A 1.62%

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

SECTOR ALLOCATIONS*

(PIE CHART)

Financials 29.83
Consumer Discretionary 24.56
Industrials 12.98
Utilities 12.75
Information Technology 6.94
Materials 6.90
Health Care 3.39
Consumer Staples 2.65

SEMI-ANNUAL REPORT 8

RYDEX S&P MIDCAP 400 PURE GROWTH ETF
PORTFOLIO SUMMARY As of April 30, 2008

TOP 10 HOLDINGS*
------------------------------------------------------------------------------------
 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
ENCORE ACQUISITION CO. 2.51%
CLEVELAND-CLIFFS, INC. 2.42%
AEROPOSTALE, INC. 1.89%
PSYCHIATRIC SOLUTIONS, INC. 1.87%
NVR, INC. 1.86%
DIGITAL RIVER, INC. 1.76%
STEEL DYNAMICS, INC. 1.76%
URBAN OUTFITTERS, INC. 1.67%
JOY GLOBAL, INC. 1.65%
CIMAREX ENERGY CO. 1.63%

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

SECTOR ALLOCATIONS*

(PIE CHART)

Consumer Discretionary 26.51
Health Care 19.65
Information Technology 16.00
Industrials 11.07
Energy 10.20
Materials 7.59
Financials 5.20
Consumer Staples 3.78

SEMI-ANNUAL REPORT 9

RYDEX S&P SMALLCAP 600 PURE VALUE ETF
PORTFOLIO SUMMARY As of April 30, 2008

TOP 10 HOLDINGS*
------------------------------------------------------------------------------------
 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
FINISH LINE, INC. -- CLASS A 2.91%
STEIN MART, INC. 1.71%
BASSETT FURNITURE INDUSTRIES, INC. 1.70%
ARKANSAS BEST CORP. 1.66%
WABASH NATIONAL CORP. 1.52%
M/I HOMES, INC. 1.42%
FIRST BANCORP 1.42%
LANDAMERICA FINANCIAL GROUP, INC. 1.36%
STEWART INFORMATION SERVICES CORP. 1.34%
GEVITY HR, INC. 1.30%

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

SECTOR ALLOCATIONS*

(PIE CHART)

Consumer Discretionary 30.28
Financials 29.06
Industrials 13.51
Materials 7.50
Utilities 6.92
Information Technology 6.17
Consumer Staples 5.01
Health Care 1.55

SEMI-ANNUAL REPORT 10

RYDEX S&P SMALLCAP 600 PURE GROWTH ETF
PORTFOLIO SUMMARY As of April 30, 2008

TOP 10 HOLDINGS*
------------------------------------------------------------------------------------
 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
LIFECELL CORP. 1.50%
BANKRATE, INC. 1.45%
HEALTHEXTRAS, INC. 1.42%
MARTEK BIOSCIENCES CORP. 1.40%
BASIC ENERGY SERVICES, INC. 1.36%
MANNATECH, INC. 1.32%
J2 GLOBAL COMMUNICATIONS, INC. 1.30%
PANERA BREAD CO. -- CLASS A 1.27%
UNIT CORP. 1.27%
WRIGHT EXPRESS CORP. 1.27%

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

SECTOR ALLOCATIONS*

(PIE CHART)

Consumer Discretionary 25.55
Information Technology 23.77
Health Care 18.69
Energy 10.22
Financials 8.42
Industrials 7.31
Consumer Staples 3.12
Materials 2.92

SEMI-ANNUAL REPORT 11

Rydex S&P Equal Weight Consumer Discretionary ETF
PORTFOLIO SUMMARY As of April 30, 2008

TOP 10 HOLDINGS*
------------------------------------------------------------------------------------
 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
FORD MOTOR CO. 1.67%
HASBRO, INC. 1.44%
BIG LOTS, INC. 1.42%
WENDY'S INTERNATIONAL, INC. 1.36%
COACH, INC. 1.36%
SNAP-ON, INC. 1.35%
GENERAL MOTORS CORP. 1.34%
EXPEDIA, INC. 1.34%
TIFFANY & CO. 1.30%
DILLARD'S, INC. -- CLASS A 1.30%

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

INDUSTRY ALLOCATIONS*

(PIE CHART)

Specialty Retail 19.38
Media 17.87
Household Durables 14.56
Hotels, Restaurants & Leisure 11.61
Multiline Retail 10.98
Textiles, Apparel & Luxury Goods 7.05
Leisure Equipment & Products 4.81
Automobiles 4.18
Internet & Catalog Retail 3.74
Auto Components 2.40
Diversified Consumer Services 2.25
Distributors 1.17

* 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.

SEMI-ANNUAL REPORT 12

Rydex S&P Equal Weight Consumer Staples ETF
PORTFOLIO SUMMARY As of April 30, 2008

TOP 10 HOLDINGS*
------------------------------------------------------------------------------------
 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
WM. WRIGLEY JR. CO. 2.99%
SUPERVALU, INC. 2.84%
DEAN FOODS CO. 2.83%
COSTCO WHOLESALE CORP. 2.78%
SARA LEE CORP. 2.70%
WAL-MART STORES, INC. 2.69%
SAFEWAY, INC. 2.64%
ARCHER-DANIELS-MIDLAND CO. 2.64%
KROGER CO. 2.61%
ANHEUSER-BUSCH COS., INC. 2.60%

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

INDUSTRY ALLOCATIONS*

(PIE CHART)

Food Products 33.85
Food & Staples Retailing 23.46
Beverages 19.45
Household Products 9.32
Tobacco 9.02
Personal Products 4.90

SEMI-ANNUAL REPORT 13

Rydex S&P Equal Weight Energy ETF
PORTFOLIO SUMMARY As of April 30, 2008

TOP 10 HOLDINGS*
------------------------------------------------------------------------------------
 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
NATIONAL-OILWELL VARCO, INC. 3.16%
CONSOL ENERGY, INC. 3.09%
PEABODY ENERGY CORP. 3.04%
WEATHERFORD INTERNATIONAL, LTD. 3.03%
HALLIBURTON CO. 3.03%
CAMERON INTERNATIONAL CORP. 3.01%
SMITH INTERNATIONAL, INC. 3.01%
APACHE CORP. 2.98%
NOBLE ENERGY, INC. 2.97%
SCHLUMBERGER, LTD. 2.94%

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

INDUSTRY ALLOCATIONS*

(PIE CHART)

Oil, Gas & Consumable Fuels 62.42
Energy Equipment & Services 37.58

SEMI-ANNUAL REPORT 14

Rydex S&P Equal Weight Financials ETF
PORTFOLIO SUMMARY As of April 30, 2008

TOP 10 HOLDINGS*
------------------------------------------------------------------------------------
 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
BEAR STEARNS COS., INC. 1.95%
SAFECO CORP. 1.61%
INTERCONTINENTALEXCHANGE, INC. 1.31%
CIT GROUP, INC. 1.29%
CB RICHARD ELLIS GROUP, INC. -- CLASS A 1.28%
JANUS CAPITAL GROUP, INC. 1.26%
WASHINGTON MUTUAL, INC. 1.26%
T. ROWE PRICE GROUP, INC. 1.25%
CITIGROUP, INC. 1.22%
GENERAL GROWTH PROPERTIES, INC. 1.21%

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

INDUSTRY ALLOCATIONS*

(PIE CHART)

Insurance 26.33
Capital Markets 19.39
Commercial Banks 15.74
Real Estate Investment Trusts (REITs) 15.38
Diversified Financial Services 10.36
Thrifts & Mortgage Finance 6.93
Consumer Finance 4.59
Real Estate Management & Development 1.28

SEMI-ANNUAL REPORT 15

Rydex S&P Equal Weight Health Care ETF
PORTFOLIO SUMMARY As of April 30, 2008

TOP 10 HOLDINGS*
------------------------------------------------------------------------------------
 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
TENET HEALTHCARE CORP. 2.34%
MYLAN LABORATORIES, INC. 2.24%
IMS HEALTH, INC. 2.21%
WATERS CORP. 2.20%
EXPRESS SCRIPTS, INC. 2.17%
PERKINELMER, INC. 2.17%
QUEST DIAGNOSTICS, INC. 2.11%
MEDCO HEALTH SOLUTIONS, INC. 2.10%
COVIDIEN, LTD. 2.06%
WELLPOINT, INC. 2.06%

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

INDUSTRY ALLOCATIONS*

(PIE CHART)

Health Care Providers & Services 29.78
Pharmaceuticals 26.71
Health Care Equipment & Supplies 21.12
Life Sciences Tools & Services 10.29
Biotechnology 9.89
Health Care Technology 2.21

SEMI-ANNUAL REPORT 16

Rydex S&P Equal Weight Industrials ETF
PORTFOLIO SUMMARY As of April 30, 2008

TOP 10 HOLDINGS*
------------------------------------------------------------------------------------
 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
CUMMINS, INC. 2.11%
JACOBS ENGINEERING GROUP, INC. 2.04%
PARKER-HANNIFIN CORP. 2.02%
PRECISION CASTPARTS CORP. 2.01%
ALLIED WASTE INDUSTRIES, INC. 1.99%
ITT CORP. 1.98%
DOVER CORP. 1.98%
TEREX CORP. 1.94%
UNION PACIFIC CORP. 1.94%
FLUOR CORP. 1.93%

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

INDUSTRY ALLOCATIONS*

(PIE CHART)

Machinery 25.47
Aerospace & Defense 19.61
Commercial Services & Supplies 15.61
Road & Rail 9.39
Air Freight & Logistics 7.16
Industrial Conglomerates 6.69
Electrical Equipment 5.24
Construction & Engineering 3.99
Building Products 3.22
Trading Companies & Distributors 1.82
Airlines 1.80

SEMI-ANNUAL REPORT 17

Rydex S&P Equal Weight Materials ETF
PORTFOLIO SUMMARY As of April 30, 2008

TOP 10 HOLDINGS*
------------------------------------------------------------------------------------
 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
UNITED STATES STEEL CORP. 4.38%
BALL CORP. 4.15%
FREEPORT-MCMORAN COPPER & GOLD, INC. 4.13%
EASTMAN CHEMICAL CO. 3.88%
TITANIUM METALS CORP. 3.84%
MONSANTO CO. 3.84%
ASHLAND, INC. 3.80%
VULCAN MATERIALS CO. 3.75%
AIR PRODUCTS & CHEMICALS, INC. 3.72%
PRAXAIR, INC. 3.72%

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

INDUSTRY ALLOCATIONS*

(PIE CHART)

Chemicals 46.51
Metals & Mining 25.47
Containers & Packaging 14.36
Paper & Forest Products 9.90
Construction Materials 3.76

* The Fund's Top Ten 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.

SEMI-ANNUAL REPORT 18

Rydex S&P Equal Weight Technology ETF
PORTFOLIO SUMMARY As of April 30, 2008

TOP 10 HOLDINGS*
------------------------------------------------------------------------------------
 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
BROADCOM CORP. -- CLASS A 2.00%
GOOGLE, INC. -- CLASS A 1.76%
SANDISK CORP. 1.75%
APPLE, INC. 1.72%
MICRON TECHNOLOGY, INC. 1.71%
MOLEX, INC. 1.62%
NETAPP, INC. 1.60%
LSI LOGIC CORP. 1.60%
KLA-TENCOR CORP. 1.60%
AKAMAI TECHNOLOGIES, INC. 1.58%

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

INDUSTRY ALLOCATIONS*

(PIE CHART)

Semiconductors & Semiconductor Equipment 26.00
IT Services 16.69
Software 16.28
Computers & Peripherals 15.46
Communications Equipment 11.23
Internet Software & Services 7.48
Electronic Equipment & Instruments 5.66
Office Electronics 1.20

SEMI-ANNUAL REPORT 19

Rydex S&P Equal Weight Utilities ETF
PORTFOLIO SUMMARY As of April 30, 2008

TOP 10 HOLDINGS*
------------------------------------------------------------------------------------
 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
SPRINT NEXTEL CORP. 3.23%
QUESTAR CORP. 2.69%
SEMPRA ENERGY 2.67%
DYNEGY, INC. -- CLASS A 2.63%
QWEST COMMUNICATIONS INTERNATIONAL, INC. 2.63%
ALLEGHENY ENERGY, INC. 2.59%
AMERICAN TOWER CORP. -- CLASS A 2.59%
FIRSTENERGY CORP. 2.57%
AMERICAN ELECTRIC POWER CO., INC. 2.57%
FPL GROUP, INC. 2.56%

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

INDUSTRY ALLOCATIONS*

(PIE CHART)

Electric Utilities 34.59
Multi-Utilities 29.78
Diversified Telecommunication Services 17.11
Independent Power Producers & Energy
 Traders 7.53
Wireless Telecommunication Services 5.83
Gas Utilities 5.16

SEMI-ANNUAL REPORT 20

RYDEX S&P 500 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------------
COMMON STOCKS 99.8%
 AEROSPACE & DEFENSE 0.3%
 Northrop Grumman Corp. ......................... 1,110 $81,663
 -----------
TOTAL AEROSPACE & DEFENSE 81,663
 -----------

 AUTOMOBILES 1.1%
 Ford Motor Co.*................................. 35,188 290,653
 -----------
TOTAL AUTOMOBILES 290,653
 -----------

 BUILDING PRODUCTS 0.7%
 Masco Corp. .................................... 10,846 197,506
 -----------
TOTAL BUILDING PRODUCTS 197,506
 -----------

 CAPITAL MARKETS 3.8%
 American Capital Strategies, Ltd. .............. 6,758 214,567
 Bear Stearns Cos., Inc. ........................ 2,399 25,741
 E*TRADE Financial Corp.*........................ 99,853 397,415
 Lehman Brothers Holdings, Inc. ................. 1,490 65,918
 Merrill Lynch & Co., Inc. ...................... 2,659 132,498
 Morgan Stanley.................................. 3,859 187,547
 -----------
TOTAL CAPITAL MARKETS 1,023,686
 -----------

 CHEMICALS 1.9%
 Ashland, Inc. .................................. 6,318 334,980
 Dow Chemical Co. ............................... 4,638 186,216
 -----------
TOTAL CHEMICALS 521,196
 -----------

 COMMERCIAL BANKS 10.9%
 BB&T Corp. ..................................... 6,678 228,989
 Comerica, Inc. ................................. 6,068 210,742
 Fifth Third Bancorp............................. 7,507 160,875
 First Horizon National Corp. ................... 18,933 204,476
 Huntington Bancshares, Inc. .................... 19,840 186,298
 KeyCorp......................................... 12,477 301,070
 M&T Bank Corp. ................................. 1,330 123,996
 Marshall & Ilsley Corp. ........................ 8,067 201,514
 National City Corp. ............................ 24,055 151,546
 PNC Financial Services Group, Inc. ............. 1,379 95,634
 Regions Financial Corp. ........................ 12,796 280,488
 SunTrust Banks, Inc. ........................... 2,909 162,177
 U.S. Bancorp.................................... 4,078 138,203
 Wachovia Corp. ................................. 7,628 222,356
 Wells Fargo & Co. .............................. 3,828 113,883
 Zions Bancorp................................... 3,709 171,912
 -----------
TOTAL COMMERCIAL BANKS 2,954,159
 -----------

 COMMERCIAL SERVICES & SUPPLIES 1.3%
 Allied Waste Industries, Inc.*.................. 12,825 158,517
 Avery Dennison Corp. ........................... 1,759 84,766
 R.R. Donnelley & Sons Co. ...................... 3,589 109,967
 -----------
TOTAL COMMERCIAL SERVICES & SUPPLIES 353,250
 -----------

 CONSUMER FINANCE 0.5%
 Capital One Financial Corp. .................... 2,729 144,637
 -----------
TOTAL CONSUMER FINANCE 144,637
 -----------

 CONTAINERS & PACKAGING 0.6%
 Bemis Co., Inc. ................................ 6,148 161,692
 -----------
TOTAL CONTAINERS & PACKAGING 161,692
 -----------

 DIVERSIFIED FINANCIAL SERVICES 3.2%
 Bank of America Corp. .......................... 5,838 219,159
 CIT Group, Inc. ................................ 19,943 217,179
 Citigroup, Inc. ................................ 9,337 235,946
 JPMorgan Chase & Co. ........................... 4,118 196,223
 -----------
TOTAL DIVERSIFIED FINANCIAL SERVICES 868,507
 -----------

 DIVERSIFIED TELECOMMUNICATION SERVICES 2.6%
 AT&T, Inc. ..................................... 2,789 107,962
 Citizens Communications Co. .................... 14,235 152,599
 Embarq Corp. ................................... 3,819 158,756
 Verizon Communications, Inc. ................... 4,058 156,152
 Windstream Corp. ............................... 10,526 123,575
 -----------
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES 699,044
 -----------

 ELECTRIC UTILITIES 4.5%
 American Electric Power Co., Inc. .............. 2,949 131,614
 Duke Energy Corp. .............................. 14,435 264,305
 Pepco Holdings, Inc. ........................... 8,767 218,386
 Pinnacle West Capital Corp. .................... 7,077 240,193
 Progress Energy, Inc. .......................... 5,778 242,618
 Southern Co. ................................... 3,629 135,108
 -----------
TOTAL ELECTRIC UTILITIES 1,232,224
 -----------

 ELECTRONIC EQUIPMENT & INSTRUMENTS 0.8%
 Jabil Circuit, Inc. ............................ 20,072 218,383
 -----------
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS 218,383
 -----------

 FOOD & STAPLES RETAILING 2.0%
 Kroger Co. ..................................... 5,178 141,101
 Safeway, Inc. .................................. 3,009 95,084
 SUPERVALU, Inc. ................................ 9,117 301,773
 -----------
TOTAL FOOD & STAPLES RETAILING 537,958
 -----------

 FOOD PRODUCTS 2.2%
 Dean Foods Co. ................................. 6,038 140,323
 Tyson Foods, Inc. -- Class A.................... 26,141 465,310
 -----------
TOTAL FOOD PRODUCTS 605,633
 -----------

 GAS UTILITIES 0.7%
 Nicor, Inc. .................................... 5,798 203,626
 -----------
TOTAL GAS UTILITIES 203,626
 -----------

 HEALTH CARE EQUIPMENT & SUPPLIES 0.5%
 Covidien, Ltd. ................................. 2,719 126,950
 -----------
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES 126,950
 -----------

 HEALTH CARE PROVIDERS & SERVICES 2.8%
 AmerisourceBergen Corp. ........................ 8,077 327,522
 Cardinal Health, Inc. .......................... 2,509 130,644

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 21

RYDEX S&P 500 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 McKesson Corp. ................................. 2,709 $141,193
 Tenet Healthcare Corp.*......................... 27,090 173,376
 -----------
TOTAL HEALTH CARE PROVIDERS & SERVICES 772,735
 -----------

 HOTELS, RESTAURANTS & LEISURE 0.3%
 Carnival Corp. ................................. 2,109 84,719
 -----------
TOTAL HOTELS, RESTAURANTS & LEISURE 84,719
 -----------

 HOUSEHOLD DURABLES 10.3%
 Centex Corp. ................................... 14,695 305,950
 D.R. Horton, Inc. .............................. 46,684 723,135
 KB HOME......................................... 30,110 677,475
 Leggett & Platt, Inc. .......................... 12,985 215,551
 Lennar Corp. -- Class A......................... 34,998 644,663
 Whirlpool Corp. ................................ 3,109 226,273
 -----------
TOTAL HOUSEHOLD DURABLES 2,793,047
 -----------

 INDUSTRIAL CONGLOMERATES 0.8%
 Tyco International, Ltd. ....................... 4,448 208,122
 -----------
TOTAL INDUSTRIAL CONGLOMERATES 208,122
 -----------

 INSURANCE 6.6%
 ACE, Ltd. ...................................... 1,940 116,963
 Allstate Corp. ................................. 4,888 246,160
 Ambac Financial Group, Inc. .................... 11,196 51,838
 Chubb Corp. .................................... 1,719 91,055
 Cincinnati Financial Corp. ..................... 4,818 172,966
 Genworth Financial, Inc. -- Class A............. 7,037 162,273
 Hartford Financial Services Group, Inc. ........ 1,549 110,397
 Lincoln National Corp. ......................... 2,419 130,045
 Marsh & McLennan Cos., Inc. .................... 6,488 179,004
 MBIA, Inc. ..................................... 16,734 174,034
 Travelers Cos., Inc. ........................... 3,808 191,923
 XL Capital, Ltd. -- Class A..................... 5,188 181,009
 -----------
TOTAL INSURANCE 1,807,667
 -----------

 IT SERVICES 0.8%
 Electronic Data Systems Corp. .................. 11,616 215,593
 -----------
TOTAL IT SERVICES 215,593
 -----------

 LEISURE EQUIPMENT & PRODUCTS 2.0%
 Brunswick Corp. ................................ 20,103 335,318
 Eastman Kodak Co. .............................. 7,317 130,901
 Mattel, Inc. ................................... 4,788 89,775
 -----------
TOTAL LEISURE EQUIPMENT & PRODUCTS 555,994
 -----------

 MEDIA 3.3%
 CBS Corp. -- Class B............................ 9,287 214,251
 Gannett Co., Inc. .............................. 8,657 247,763
 New York Times Co. -- Class A................... 16,324 318,318
 Time Warner, Inc. .............................. 7,597 112,816
 -----------
TOTAL MEDIA 893,148
 -----------

 MULTI-UTILITIES 8.9%
 Ameren Corp. ................................... 3,869 175,498
 CenterPoint Energy, Inc. ....................... 9,766 148,638
 CMS Energy Corp. ............................... 8,017 116,888
 Consolidated Edison, Inc. ...................... 5,518 229,549
 Dominion Resources, Inc. ....................... 2,259 98,018
 DTE Energy Co. ................................. 7,487 301,801
 Integrys Energy Group, Inc. .................... 8,367 400,696
 NiSource, Inc. ................................. 21,982 393,478
 PG&E Corp. ..................................... 3,019 120,760
 TECO Energy, Inc. .............................. 14,474 231,729
 Xcel Energy, Inc. .............................. 9,367 194,833
 -----------
TOTAL MULTI-UTILITIES 2,411,888
 -----------

 MULTILINE RETAIL 4.1%
 Big Lots, Inc.*................................. 5,718 154,557
 Dillard's, Inc. -- Class A...................... 30,349 619,120
 J.C. Penney Co., Inc. .......................... 2,939 124,907
 Macy's Inc. .................................... 8,627 218,177
 -----------
TOTAL MULTILINE RETAIL 1,116,761
 -----------

 OIL, GAS & CONSUMABLE FUELS 1.9%
 Spectra Energy Corp. ........................... 21,163 522,726
 -----------
TOTAL OIL, GAS & CONSUMABLE FUELS 522,726
 -----------

 PAPER & FOREST PRODUCTS 2.0%
 International Paper Co. ........................ 7,867 205,879
 MeadWestvaco Corp. ............................. 3,809 100,177
 Weyerhaeuser Co. ............................... 3,579 228,627
 -----------
TOTAL PAPER & FOREST PRODUCTS 534,683
 -----------

 PHARMACEUTICALS 0.4%
 Pfizer, Inc. ................................... 5,838 117,402
 -----------
TOTAL PHARMACEUTICALS 117,402
 -----------

 REAL ESTATE INVESTMENT TRUSTS (REITS) 3.6%
 Apartment Investment & Management Co. -- Class
 A............................................ 6,250 231,125
 Developers Diversified Realty Corp. ............ 3,659 157,154
 Equity Residential Properties Trust............. 4,818 200,043
 General Growth Properties, Inc. ................ 2,559 104,817
 HCP, Inc. ...................................... 4,541 162,114
 Host Hotels & Resorts, Inc. .................... 7,787 133,936
 -----------
TOTAL REAL ESTATE INVESTMENT TRUSTS (REITS) 989,189
 -----------

 ROAD & RAIL 1.6%
 Ryder System, Inc. ............................. 6,388 437,386
 -----------
TOTAL ROAD & RAIL 437,386
 -----------

 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 0.8%
 Micron Technology, Inc.*........................ 26,600 205,352
 -----------
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 205,352
 -----------

 SPECIALTY RETAIL 4.5%
 AutoNation, Inc.*............................... 25,991 416,116
 Limited Brands, Inc. ........................... 7,607 140,881

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 22

RYDEX S&P 500 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Office Depot, Inc.*............................. 12,985 $164,650
 OfficeMax, Inc. ................................ 27,040 494,021
 -----------
TOTAL SPECIALTY RETAIL 1,215,668
 -----------

 TEXTILES, APPAREL & LUXURY GOODS 2.0%
 Jones Apparel Group, Inc. ...................... 27,370 433,267
 Liz Claiborne, Inc. ............................ 6,228 110,173
 -----------
TOTAL TEXTILES, APPAREL & LUXURY GOODS 543,440
 -----------

 THRIFTS & MORTGAGE FINANCE 4.6%
 Countrywide Financial Corp. .................... 46,794 270,469
 Federal Home Loan Mortgage Corp. ............... 14,335 357,085
 Sovereign Bancorp, Inc. ........................ 23,132 172,796
 Washington Mutual, Inc. ........................ 37,837 465,017
 -----------
TOTAL THRIFTS & MORTGAGE FINANCE 1,265,367
 -----------

 TOBACCO 0.4%
 Reynolds American, Inc. ........................ 1,820 98,007
 -----------
TOTAL TOBACCO 98,007
 -----------

 WIRELESS TELECOMMUNICATION SERVICES 0.5%
 Sprint Nextel Corp. ............................ 17,364 138,738
 -----------
TOTAL WIRELESS TELECOMMUNICATION SERVICES 138,738
 -----------
TOTAL COMMON STOCKS
 (Cost $32,933,545) 27,148,399
 -----------

SHORT TERM INVESTMENTS 0.1%
 SSgA Prime Money Market Fund.................... 19,708 19,708
 -----------
TOTAL SHORT TERM INVESTMENTS
 (Cost $19,708) 19,708
 -----------
TOTAL INVESTMENTS 99.9%
 (Cost $32,953,253) 27,168,107
 -----------
OTHER ASSETS IN EXCESS OF LIABILITIES--0.1% 24,946
 -----------
NET ASSETS--100.0% $27,193,053
------------------------------------------------------------------------

* Non-Income Producing Security.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 23

RYDEX S&P 500 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------------
COMMON STOCKS 99.3%
 AEROSPACE & DEFENSE 2.2%
 General Dynamics Corp. ......................... 2,670 $241,421
 L-3 Communications Holdings, Inc. .............. 2,690 299,801
 Lockheed Martin Corp. .......................... 2,690 285,248
 Rockwell Collins, Inc. ......................... 4,421 279,009
 -----------
TOTAL AEROSPACE & DEFENSE 1,105,479
 -----------

 AIR FREIGHT & LOGISTICS 1.3%
 C.H. Robinson Worldwide, Inc. .................. 4,780 299,611
 Expeditors International of Washington, Inc. ... 7,631 355,528
 -----------
TOTAL AIR FREIGHT & LOGISTICS 655,139
 -----------

 AUTO COMPONENTS 0.9%
 Goodyear Tire & Rubber Co.*..................... 16,221 434,398
 -----------
TOTAL AUTO COMPONENTS 434,398
 -----------

 AUTOMOBILES 0.7%
 Harley-Davidson, Inc. .......................... 8,691 332,431
 -----------
TOTAL AUTOMOBILES 332,431
 -----------

 BEVERAGES 1.6%
 Anheuser-Busch Cos., Inc. ...................... 6,270 308,484
 Pepsi Bottling Group, Inc. ..................... 8,021 270,388
 PepsiCo, Inc. .................................. 3,100 212,443
 -----------
TOTAL BEVERAGES 791,315
 -----------

 BIOTECHNOLOGY 3.2%
 Amgen, Inc.*.................................... 7,421 310,717
 Biogen Idec, Inc.*.............................. 5,440 330,154
 Celgene Corp.*.................................. 5,300 329,342
 Genzyme Corp.*.................................. 2,630 185,020
 Gilead Sciences, Inc.*.......................... 8,071 417,755
 -----------
TOTAL BIOTECHNOLOGY 1,572,988
 -----------

 BUILDING PRODUCTS 0.7%
 Trane, Inc. .................................... 7,310 339,988
 -----------
TOTAL BUILDING PRODUCTS 339,988
 -----------

 CAPITAL MARKETS 0.9%
 Federated Investors, Inc. -- Class B............ 8,121 271,891
 Franklin Resources, Inc. ....................... 1,870 177,931
 -----------
TOTAL CAPITAL MARKETS 449,822
 -----------

 CHEMICALS 0.9%
 Ecolab, Inc. ................................... 4,701 216,058
 Sigma-Aldrich Corp. ............................ 4,200 239,484
 -----------
TOTAL CHEMICALS 455,542
 -----------

 COMMERCIAL SERVICES & SUPPLIES 1.0%
 Equifax, Inc. .................................. 5,820 222,731
 Pitney Bowes, Inc. ............................. 7,080 255,659
 -----------
TOTAL COMMERCIAL SERVICES & SUPPLIES 478,390
 -----------

 COMMUNICATIONS EQUIPMENT 1.8%
 Cisco Systems, Inc.*............................ 12,181 312,321
 Motorola, Inc. ................................. 22,132 220,434
 QUALCOMM, Inc. ................................. 8,431 364,135
 -----------
TOTAL COMMUNICATIONS EQUIPMENT 896,890
 -----------

 COMPUTERS & PERIPHERALS 3.8%
 Apple, Inc.*.................................... 2,380 414,001
 Dell, Inc.*..................................... 17,921 333,868
 Lexmark International, Inc. -- Class A*......... 10,231 321,151
 NetApp, Inc.*................................... 10,851 262,594
 QLogic Corp.*................................... 14,591 232,873
 SanDisk Corp.*.................................. 11,391 308,582
 -----------
TOTAL COMPUTERS & PERIPHERALS 1,873,069
 -----------

 CONSTRUCTION & ENGINEERING 0.3%
 Jacobs Engineering Group, Inc.*................. 1,630 140,718
 -----------
TOTAL CONSTRUCTION & ENGINEERING 140,718
 -----------

 CONSUMER FINANCE 1.2%
 American Express Co. ........................... 4,000 192,080
 SLM Corp.*...................................... 21,482 398,061
 -----------
TOTAL CONSUMER FINANCE 590,141
 -----------

 CONTAINERS & PACKAGING 1.4%
 Ball Corp. ..................................... 9,371 503,973
 Pactiv Corp.*................................... 7,080 168,433
 -----------
TOTAL CONTAINERS & PACKAGING 672,406
 -----------

 DIVERSIFIED CONSUMER SERVICES 1.6%
 Apollo Group, Inc. -- Class A*.................. 7,631 388,418
 H&R Block, Inc. ................................ 17,591 384,715
 -----------
TOTAL DIVERSIFIED CONSUMER SERVICES 773,133
 -----------

 DIVERSIFIED FINANCIAL SERVICES 3.7%
 CME Group, Inc. ................................ 630 288,194
 IntercontinentalExchange, Inc.*................. 3,210 498,031
 Leucadia National Corp. ........................ 7,670 392,857
 Moody's Corp. .................................. 14,511 536,327
 NYSE Euronext................................... 2,010 132,861
 -----------
TOTAL DIVERSIFIED FINANCIAL SERVICES 1,848,270
 -----------

 ELECTRICAL EQUIPMENT 0.3%
 Rockwell Automation, Inc. ...................... 2,920 158,352
 -----------
TOTAL ELECTRICAL EQUIPMENT 158,352
 -----------

 ENERGY EQUIPMENT & SERVICES 4.1%
 Baker Hughes, Inc. ............................. 2,150 173,892
 BJ Services Co. ................................ 11,921 337,007
 Cameron International Corp.*.................... 3,260 160,490
 Halliburton Co. ................................ 8,051 369,621
 Schlumberger, Ltd. ............................. 4,000 402,200
 Smith International, Inc. ...................... 3,300 252,483
 Transocean, Inc.*............................... 2,320 342,107
 -----------
TOTAL ENERGY EQUIPMENT & SERVICES 2,037,800
 -----------

 FOOD PRODUCTS 2.3%
 Campbell Soup Co. .............................. 7,901 274,955
 Hershey Co. .................................... 8,001 299,077
 Kellogg Co. .................................... 5,880 300,880
 Wm. Wrigley Jr. Co. ............................ 3,550 270,368
 -----------
TOTAL FOOD PRODUCTS 1,145,280
 -----------

 GAS UTILITIES 0.5%
 Questar Corp. .................................. 4,200 260,526
 -----------
TOTAL GAS UTILITIES 260,526
 -----------

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 24

RYDEX S&P 500 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)


 HEALTH CARE EQUIPMENT & SUPPLIES 5.4%
 Becton, Dickinson & Co. ........................ 2,400 $214,560
 C.R. Bard, Inc. ................................ 2,310 217,533
 Hospira, Inc.*.................................. 6,651 273,689
 Medtronic, Inc. ................................ 6,390 311,065
 St Jude Medical, Inc.*.......................... 8,371 366,482
 Stryker Corp. .................................. 4,330 280,714
 Varian Medical Systems, Inc.*................... 8,721 408,840
 Zimmer Holdings, Inc.*.......................... 7,691 570,365
 -----------
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES 2,643,248
 -----------

 HEALTH CARE PROVIDERS & SERVICES 3.9%
 Coventry Health Care, Inc.*..................... 7,490 335,028
 Express Scripts, Inc.*.......................... 7,071 495,111
 Laboratory Corp. of America Holdings*........... 3,960 299,455
 Patterson Cos., Inc.*........................... 9,561 326,986
 Quest Diagnostics, Inc. ........................ 4,910 246,384
 UnitedHealth Group, Inc. ....................... 7,441 242,800
 -----------
TOTAL HEALTH CARE PROVIDERS & SERVICES 1,945,764
 -----------

 HEALTH CARE TECHNOLOGY 0.9%
 IMS Health, Inc. ............................... 17,231 426,467
 -----------
TOTAL HEALTH CARE TECHNOLOGY 426,467
 -----------

 HOTELS, RESTAURANTS & LEISURE 2.6%
 Darden Restaurants, Inc. ....................... 11,301 402,090
 International Game Technology................... 6,171 214,380
 Starbucks Corp.*................................ 20,172 327,392
 Yum! Brands, Inc. .............................. 8,871 360,872
 -----------
TOTAL HOTELS, RESTAURANTS & LEISURE 1,304,734
 -----------

 HOUSEHOLD DURABLES 1.1%
 Black & Decker Corp. ........................... 5,210 341,932
 Harman International Industries, Inc. .......... 4,640 189,637
 -----------
TOTAL HOUSEHOLD DURABLES 531,569
 -----------

 HOUSEHOLD PRODUCTS 1.3%
 Clorox Co. ..................................... 6,400 339,200
 Colgate-Palmolive Co. .......................... 4,010 283,507
 -----------
TOTAL HOUSEHOLD PRODUCTS 622,707
 -----------

 INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 1.0%
 AES Corp.*...................................... 13,821 239,933
 Constellation Energy Group, Inc. ............... 3,150 266,647
 -----------
TOTAL INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 506,580
 -----------

 INSURANCE 2.0%
 Progressive Corp. .............................. 25,562 464,973
 SAFECO Corp. ................................... 7,630 509,226
 -----------
TOTAL INSURANCE 974,199
 -----------

 INTERNET & CATALOG RETAIL 1.9%
 Amazon.com, Inc.*............................... 6,400 503,232
 Expedia, Inc.*.................................. 17,031 430,203
 -----------
TOTAL INTERNET & CATALOG RETAIL 933,435
 -----------

 INTERNET SOFTWARE & SERVICES 3.7%
 Akamai Technologies, Inc.*...................... 8,651 309,446
 eBay, Inc.*..................................... 11,631 363,934
 Google, Inc. -- Class A*........................ 1,010 580,033
 Yahoo!, Inc.*................................... 21,562 591,015
 -----------
TOTAL INTERNET SOFTWARE & SERVICES 1,844,428
 -----------

 IT SERVICES 2.6%
 Cognizant Technology Solutions Corp. -- Class
 A*........................................... 15,741 507,647
 Fiserv, Inc.*................................... 6,530 330,091
 Total System Services, Inc. .................... 11,566 275,271
 Western Union Co. .............................. 8,300 190,900
 -----------
TOTAL IT SERVICES 1,303,909
 -----------

 LIFE SCIENCES TOOLS & SERVICES 0.6%
 Waters Corp.*................................... 5,160 317,134
 -----------
TOTAL LIFE SCIENCES TOOLS & SERVICES 317,134
 -----------

 MACHINERY 3.0%
 Caterpillar, Inc. .............................. 4,790 392,205
 Cummins, Inc. .................................. 5,540 347,081
 Danaher Corp. .................................. 3,350 261,367
 ITT Corp. ...................................... 3,330 213,120
 Terex Corp.*.................................... 3,880 270,359
 -----------
TOTAL MACHINERY 1,484,132
 -----------

 MEDIA 0.9%
 McGraw-Hill Cos., Inc. ......................... 5,180 212,328
 Omnicom Group, Inc. ............................ 4,950 236,313
 -----------
TOTAL MEDIA 448,641
 -----------

 METALS & MINING 4.5%
 Freeport-McMoRan Copper & Gold, Inc. ........... 4,680 532,350
 Nucor Corp. .................................... 8,431 636,541
 Titanium Metals Corp. .......................... 17,882 272,522
 United States Steel Corp. ...................... 4,971 765,285
 -----------
TOTAL METALS & MINING 2,206,698
 -----------

 MULTILINE RETAIL 1.9%
 Kohl's Corp.*................................... 5,981 292,172
 Sears Holdings Corp.*........................... 6,540 644,909
 -----------
TOTAL MULTILINE RETAIL 937,081
 -----------

 OIL, GAS & CONSUMABLE FUELS 9.4%
 Apache Corp. ................................... 3,970 534,680
 Chesapeake Energy Corp. ........................ 9,111 471,039
 ConocoPhillips.................................. 4,721 406,714
 CONSOL Energy, Inc. ............................ 2,870 232,355
 Devon Energy Corp. ............................. 3,230 366,282
 EOG Resources, Inc. ............................ 4,600 600,208
 Exxon Mobil Corp. .............................. 3,510 326,676
 Murphy Oil Corp. ............................... 4,350 392,979
 Sunoco, Inc. ................................... 8,341 387,106
 Valero Energy Corp. ............................ 6,120 298,962
 XTO Energy, Inc. ............................... 10,461 647,117
 -----------
TOTAL OIL, GAS & CONSUMABLE FUELS 4,664,118
 -----------

 PERSONAL PRODUCTS 1.2%
 Avon Products, Inc. ............................ 8,811 343,805
 Estee Lauder Cos., Inc -- Class A............... 5,920 270,011
 -----------
TOTAL PERSONAL PRODUCTS 613,816
 -----------

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 25

RYDEX S&P 500 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)


 PHARMACEUTICALS 1.9%
 Barr Pharmaceuticals, Inc.*..................... 5,190 $260,694
 Forest Laboratories, Inc.*...................... 12,381 429,745
 Johnson & Johnson............................... 3,550 238,169
 -----------
TOTAL PHARMACEUTICALS 928,608
 -----------

 REAL ESTATE MANAGEMENT & DEVELOPMENT 1.3%
 CB Richard Ellis Group, Inc. -- Class A*........ 27,942 646,019
 -----------
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT 646,019
 -----------

 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 0.9%
 MEMC Electronic Materials, Inc.*................ 2,420 152,387
 National Semiconductor Corp. ................... 7,981 162,733
 NVIDIA Corp.*................................... 6,631 136,267
 -----------
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 451,387
 -----------

 SOFTWARE 4.7%
 Adobe Systems, Inc.*............................ 8,321 310,290
 Autodesk, Inc.*................................. 7,230 274,740
 BMC Software, Inc.*............................. 3,790 131,740
 Citrix Systems, Inc.*........................... 6,520 213,530
 Electronic Arts, Inc.*.......................... 3,820 196,615
 Intuit, Inc.*................................... 13,081 352,795
 Microsoft Corp. ................................ 8,161 232,752
 Oracle Corp.*................................... 15,171 316,315
 Symantec Corp.*................................. 15,521 267,272
 -----------
TOTAL SOFTWARE 2,296,049
 -----------

 SPECIALTY RETAIL 5.3%
 Abercrombie & Fitch Co. -- Class A.............. 5,870 436,200
 AutoZone, Inc.*................................. 3,360 405,720
 Bed Bath & Beyond, Inc.*........................ 14,701 477,782
 Best Buy Co., Inc. ............................. 5,901 253,861
 GameStop Corp. -- Class A*...................... 3,820 210,253
 Lowe's Cos., Inc. .............................. 14,481 364,776
 TJX Cos., Inc. ................................. 14,371 463,034
 -----------
TOTAL SPECIALTY RETAIL 2,611,626
 -----------

 TEXTILES, APPAREL & LUXURY GOODS 2.3%
 Coach, Inc.*.................................... 19,411 690,449
 NIKE, Inc. -- Class B........................... 3,590 239,812
 Polo Ralph Lauren Corp. ........................ 2,920 181,361
 -----------
TOTAL TEXTILES, APPAREL & LUXURY GOODS 1,111,622
 -----------

 TOBACCO 0.6%
 UST, Inc. ...................................... 5,402 281,282
 -----------
TOTAL TOBACCO 281,282
 -----------
TOTAL COMMON STOCKS
 (Cost $51,032,017) 49,047,330
 -----------

SHORT TERM INVESTMENTS 0.7%
 SSgA Prime Money Market Fund.................... 332,817 332,817
 -----------
TOTAL SHORT TERM INVESTMENTS
 (Cost $332,817) 332,817
 -----------
TOTAL INVESTMENTS 100.0%
 (Cost $51,364,834) 49,380,147
 -----------
OTHER ASSETS IN EXCESS OF LIABILITIES--0.0%(A) 8,823
 -----------
NET ASSETS--100.0% $49,388,970
------------------------------------------------------------------------

* Non-Income Producing Security.
(a) Amount represents less than 0.05% of net assets.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 26

RYDEX S&P MIDCAP 400 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 MARKET
 SHARES VALUE
-----------------------------------------------------------------------
COMMON STOCKS 99.6%

 AIRLINES 1.3%
 Alaska Air Group, Inc.*......................... 6,040 $129,739
 JetBlue Airways Corp.*.......................... 10,951 55,193
 -----------
TOTAL AIRLINES 184,932
 -----------

 AUTO COMPONENTS 5.7%
 ArvinMeritor, Inc. ............................. 31,442 469,744
 Lear Corp.*..................................... 5,260 150,278
 Modine Manufacturing Co. ....................... 11,081 194,693
 -----------
TOTAL AUTO COMPONENTS 814,715
 -----------

 CAPITAL MARKETS 0.3%
 Apollo Investment Corp. ........................ 2,662 43,071
 -----------
TOTAL CAPITAL MARKETS 43,071
 -----------

 CHEMICALS 4.9%
 Cabot Corp. .................................... 1,510 44,032
 Chemtura Corp. ................................. 20,781 143,804
 Ferro Corp. .................................... 5,170 90,889
 Lubrizol Corp. ................................. 830 48,406
 Olin Corp. ..................................... 6,160 124,247
 RPM International, Inc. ........................ 5,730 127,779
 Sensient Technologies Corp. .................... 1,720 51,204
 Valspar Corp. .................................. 3,540 77,809
 -----------
TOTAL CHEMICALS 708,170
 -----------

 COMMERCIAL BANKS 3.9%
 Associated Banc-Corp. .......................... 3,660 103,468
 Colonial BancGroup, Inc. ....................... 10,151 82,629
 First Community Bancorp......................... 1,640 35,244
 FirstMerit Corp. ............................... 4,590 94,187
 TCF Financial Corp. ............................ 5,840 101,616
 Webster Financial Corp. ........................ 3,680 95,864
 Wilmington Trust Corp. ......................... 1,470 48,333
 -----------
TOTAL COMMERCIAL BANKS 561,341
 -----------

 COMMERCIAL SERVICES & SUPPLIES 3.0%
 Kelly Services, Inc. ........................... 14,511 322,870
 Manpower, Inc. ................................. 1,590 106,737
 -----------
TOTAL COMMERCIAL SERVICES & SUPPLIES 429,607
 -----------

 COMPUTERS & PERIPHERALS 3.1%
 Diebold, Inc. .................................. 1,830 71,736
 Imation Corp. .................................. 10,511 246,378
 Palm, Inc. ..................................... 22,191 127,820
 -----------
TOTAL COMPUTERS & PERIPHERALS 445,934
 -----------

 CONSUMER FINANCE 1.3%
 AmeriCredit Corp.*.............................. 13,641 190,428
 -----------
TOTAL CONSUMER FINANCE 190,428
 -----------

 CONTAINERS & PACKAGING 0.5%
 Sonoco Products Co. ............................ 2,240 73,808
 -----------
TOTAL CONTAINERS & PACKAGING 73,808
 -----------

 DIVERSIFIED CONSUMER SERVICES 0.5%
 Regis Corp. .................................... 2,670 77,964
 -----------
TOTAL DIVERSIFIED CONSUMER SERVICES 77,964
 -----------

 ELECTRIC UTILITIES 3.8%
 Aquila, Inc.*................................... 12,761 45,940
 Great Plains Energy, Inc. ...................... 5,220 133,841
 Hawaiian Electric Industries, Inc. ............. 5,970 147,161
 IDACORP, Inc. .................................. 2,460 79,802
 Sierra Pacific Resources........................ 3,040 41,435
 Westar Energy, Inc. ............................ 4,460 103,427
 -----------
TOTAL ELECTRIC UTILITIES 551,606
 -----------

 ELECTRONIC EQUIPMENT & INSTRUMENTS 3.0%
 Arrow Electronics, Inc.*........................ 1,740 47,345
 Ingram Micro, Inc. -- Class A*.................. 8,551 145,453
 KEMET Corp.*.................................... 14,131 57,513
 Tech Data Corp.*................................ 3,120 104,863
 Vishay Intertechnology, Inc.*................... 8,391 79,295
 -----------
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS 434,469
 -----------

 FOOD & STAPLES RETAILING 0.3%
 Ruddick Corp. .................................. 1,320 51,084
 -----------
TOTAL FOOD & STAPLES RETAILING 51,084
 -----------

 FOOD PRODUCTS 1.0%
 J.M. Smucker Co. ............................... 1,080 53,870
 Smithfield Foods, Inc.*......................... 3,120 89,482
 -----------
TOTAL FOOD PRODUCTS 143,352
 -----------

 GAS UTILITIES 2.6%
 AGL Resources, Inc. ............................ 3,260 110,840
 Oneok, Inc. .................................... 2,800 134,736
 WGL Holdings, Inc. ............................. 4,100 134,480
 -----------
TOTAL GAS UTILITIES 380,056
 -----------

 HEALTH CARE PROVIDERS & SERVICES 3.4%
 Health Management Associates, Inc. -- Class A*.. 32,692 233,094
 Kindred Healthcare, Inc.*....................... 6,560 155,669
 Omnicare, Inc. ................................. 4,760 96,866
 -----------
TOTAL HEALTH CARE PROVIDERS & SERVICES 485,629
 -----------

 HOTELS, RESTAURANTS & LEISURE 1.8%
 Bob Evans Farms, Inc. .......................... 2,900 81,403
 Boyd Gaming Corp. .............................. 1,380 25,875
 Ruby Tuesday, Inc. ............................. 17,671 150,380
 -----------
TOTAL HOTELS, RESTAURANTS & LEISURE 257,658
 -----------

 HOUSEHOLD DURABLES 5.1%
 Furniture Brands International, Inc. ........... 32,232 436,744
 Ryland Group, Inc. ............................. 9,471 302,882
 -----------
TOTAL HOUSEHOLD DURABLES 739,626
 -----------

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 27

RYDEX S&P MIDCAP 400 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
-----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)


 INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 0.5%
 Black Hills Corp. .............................. 1,960 $76,460
 -----------
TOTAL INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 76,460
 -----------

 INDUSTRIAL CONGLOMERATES 0.3%
 Teleflex, Inc. ................................. 819 45,119
 -----------
TOTAL INDUSTRIAL CONGLOMERATES 45,119
 -----------

 INSURANCE 10.2%
 American Financial Group, Inc. ................. 3,580 98,164
 Arthur J. Gallagher & Co. ...................... 2,710 66,585
 Commerce Group, Inc. ........................... 2,220 80,897
 Everest Re Group, Ltd. ......................... 649 58,637
 Fidelity National Financial, Inc. -- Class A.... 19,521 312,141
 First American Corp. ........................... 6,310 206,968
 Hanover Insurance Group, Inc. .................. 1,580 70,910
 Horace Mann Educators Corp. .................... 3,600 60,912
 Mercury General Corp. .......................... 2,160 107,762
 Old Republic International Corp. ............... 12,221 175,371
 Protective Life Corp. .......................... 3,090 131,696
 Unitrin, Inc. .................................. 2,480 94,091
 -----------
TOTAL INSURANCE 1,464,134
 -----------

 IT SERVICES 0.8%
 Acxiom Corp. ................................... 9,661 114,290
 -----------
TOTAL IT SERVICES 114,290
 -----------

 MACHINERY 2.7%
 Federal Signal Corp. ........................... 14,081 195,444
 Timken Co. ..................................... 2,400 86,760
 Trinity Industries, Inc. ....................... 3,310 100,624
 -----------
TOTAL MACHINERY 382,828
 -----------

 MEDIA 4.4%
 Belo Corp. -- Class A........................... 9,021 91,112
 Entercom Communications Corp. -- Class A........ 13,011 137,917
 Lee Enterprises, Inc. .......................... 21,591 166,898
 Media General, Inc. -- Class A.................. 11,971 175,734
 Scholastic Corp.*............................... 2,090 58,834
 -----------
TOTAL MEDIA 630,495
 -----------

 METALS & MINING 0.7%
 Worthington Industries, Inc. ................... 5,270 94,913
 -----------
TOTAL METALS & MINING 94,913
 -----------

 MULTI-UTILITIES 5.7%
 Alliant Energy Corp. ........................... 2,170 81,744
 Energy East Corp. .............................. 6,120 139,536
 NSTAR........................................... 2,320 74,727
 OGE Energy Corp. ............................... 2,560 83,686
 PNM Resources, Inc. ............................ 8,350 120,992
 Puget Energy, Inc. ............................. 3,150 85,712
 SCANA Corp. .................................... 2,570 101,335
 Vectren Corp. .................................. 4,680 132,350
 -----------
TOTAL MULTI-UTILITIES 820,082
 -----------

 MULTILINE RETAIL 0.4%
 99 Cents Only Stores*........................... 6,300 59,913
 -----------
TOTAL MULTILINE RETAIL 59,913
 -----------

 PAPER & FOREST PRODUCTS 0.8%
 Louisiana-Pacific Corp. ........................ 9,761 112,349
 -----------
TOTAL PAPER & FOREST PRODUCTS 112,349
 -----------

 REAL ESTATE INVESTMENT TRUSTS (REITS) 9.6%
 BRE Properties, Inc. ........................... 1,190 57,061
 Camden Property Trust........................... 1,820 96,296
 Cousins Properties, Inc. ....................... 3,120 79,279
 Duke Realty Corp. .............................. 3,700 90,354
 Equity One, Inc. ............................... 2,950 72,865
 Health Care REIT, Inc. ......................... 1,880 91,086
 Highwoods Properties, Inc. ..................... 4,390 153,826
 Hospitality Properties Trust.................... 4,280 137,517
 Liberty Property Trust.......................... 3,840 134,515
 Mack-Cali Realty Corp. ......................... 3,770 147,106
 Nationwide Health Properties, Inc. ............. 2,570 92,571
 Realty Income Corp. ............................ 2,240 58,934
 UDR, Inc. ...................................... 3,390 85,699
 Weingarten Realty Investors..................... 2,160 79,682
 -----------
TOTAL REAL ESTATE INVESTMENT TRUSTS (REITS) 1,376,791
 -----------

 ROAD & RAIL 4.3%
 Avis Budget Group, Inc.*........................ 18,621 247,287
 Werner Enterprises, Inc. ....................... 4,160 80,912
 YRC Worldwide, Inc.*............................ 17,671 287,154
 -----------
TOTAL ROAD & RAIL 615,353
 -----------

 SPECIALTY RETAIL 6.5%
 Barnes & Noble, Inc. ........................... 1,930 62,300
 Borders Group, Inc. ............................ 19,311 121,659
 Charming Shoppes, Inc.*......................... 48,533 250,430
 Collective Brands, Inc.*........................ 6,330 78,302
 Foot Locker, Inc. .............................. 17,901 226,448
 Rent-A-Center, Inc.*............................ 9,371 201,758
 -----------
TOTAL SPECIALTY RETAIL 940,897
 -----------

 THRIFTS & MORTGAGE FINANCE 4.5%
 Astoria Financial Corp. ........................ 2,890 68,493
 First Niagara Financial Group, Inc. ............ 10,931 157,734
 IndyMac Bancorp, Inc. .......................... 56,224 182,728
 New York Community Bancorp, Inc. ............... 5,730 106,979
 PMI Group, Inc. ................................ 11,081 62,386
 Washington Federal, Inc. ....................... 2,670 63,573
 -----------
TOTAL THRIFTS & MORTGAGE FINANCE 641,893
 -----------

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 28

RYDEX S&P MIDCAP 400 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
-----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)


 TOBACCO 1.3%
 Universal Corp. ................................ 2,900 $186,151
 -----------
TOTAL TOBACCO 186,151
 -----------

 TRADING COMPANIES & DISTRIBUTORS 1.4%
 GATX Corp. ..................................... 2,730 120,120
 United Rentals, Inc.*........................... 4,390 82,708
 -----------
TOTAL TRADING COMPANIES & DISTRIBUTORS 202,828
 -----------
TOTAL COMMON STOCKS
 (Cost $16,820,652) 14,337,946
 -----------

SHORT TERM INVESTMENTS 0.3%
 SSgA Prime Money Market Fund.................... 44,216 44,216
 -----------
TOTAL SHORT TERM INVESTMENTS
 (Cost $44,216) 44,216
 -----------
TOTAL INVESTMENTS 99.9%
 (Cost $16,864,868) 14,382,162
 -----------
OTHER ASSETS IN EXCESS OF LIABILITIES--0.1% 16,761
 -----------
NET ASSETS-- 100.0% $14,398,923
-----------------------------------------------------------------------

* Non-Income Producing Security.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 29

RYDEX S&P MIDCAP 400 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------------
COMMON STOCKS 99.6%
 AEROSPACE & DEFENSE 1.1%
 Alliant Techsystems, Inc.*...................... 1,730 $190,265
 -----------
TOTAL AEROSPACE & DEFENSE 190,265
 -----------

 BEVERAGES 1.4%
 Hansen Natural Corp.*........................... 6,369 225,399
 -----------
TOTAL BEVERAGES 225,399
 -----------

 CAPITAL MARKETS 2.0%
 Affiliated Managers Group, Inc.*................ 1,120 111,261
 Eaton Vance Corp. .............................. 3,279 120,011
 SEI Investments Co. ............................ 4,429 103,063
 -----------
TOTAL CAPITAL MARKETS 334,335
 -----------

 CHEMICALS 1.9%
 CF Industries Holdings, Inc. ................... 1,349 180,361
 Terra Industries, Inc.*......................... 3,669 138,909
 -----------
TOTAL CHEMICALS 319,270
 -----------

 COMMERCIAL SERVICES & SUPPLIES 5.8%
 Copart, Inc.*................................... 2,380 97,271
 Corporate Executive Board Co. .................. 2,599 113,238
 Dun & Bradstreet Corp. ......................... 1,569 132,267
 Korn/Ferry International*....................... 7,708 143,831
 Mine Safety Appliances Co. ..................... 1,900 70,623
 Navigant Consulting, Inc.*...................... 11,837 238,160
 Rollins, Inc. .................................. 5,729 91,263
 Stericycle, Inc.*............................... 1,250 66,725
 -----------
TOTAL COMMERCIAL SERVICES & SUPPLIES 953,378
 -----------

 COMMUNICATIONS EQUIPMENT 2.6%
 F5 Networks, Inc.*.............................. 8,848 200,230
 Harris Corp. ................................... 1,610 86,988
 Plantronics, Inc. .............................. 5,649 140,717
 -----------
TOTAL COMMUNICATIONS EQUIPMENT 427,935
 -----------

 COMPUTERS & PERIPHERALS 1.3%
 Western Digital Corp.*.......................... 7,368 213,598
 -----------
TOTAL COMPUTERS & PERIPHERALS 213,598
 -----------

 DIVERSIFIED CONSUMER SERVICES 5.4%
 Career Education Corp.*......................... 8,118 163,578
 Corinthian Colleges, Inc.*...................... 11,077 125,724
 ITT Educational Services, Inc.*................. 2,150 164,819
 Matthews International Corp. -- Class A......... 2,789 137,888
 Sotheby's....................................... 3,529 97,753
 Strayer Education, Inc. ........................ 1,060 196,831
 -----------
TOTAL DIVERSIFIED CONSUMER SERVICES 886,593
 -----------

 ELECTRONIC EQUIPMENT & INSTRUMENTS 0.9%
 Amphenol Corp. ................................. 3,149 145,421
 -----------
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS 145,421
 -----------

 ENERGY EQUIPMENT & SERVICES 0.9%
 FMC Technologies, Inc.*......................... 2,250 151,200
 -----------
TOTAL ENERGY EQUIPMENT & SERVICES 151,200
 -----------

 HEALTH CARE EQUIPMENT & SUPPLIES 5.0%
 Gen-Probe, Inc.*................................ 2,250 126,810
 Hologic, Inc.*.................................. 6,039 176,278
 Intuitive Surgical, Inc.*....................... 780 225,623
 Kinetic Concepts, Inc.*......................... 4,489 178,034
 ResMed, Inc.*................................... 2,980 128,498
 -----------
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES 835,243
 -----------

 HEALTH CARE PROVIDERS & SERVICES 5.7%
 Apria Healthcare Group, Inc.*................... 7,298 128,591
 Community Health Systems, Inc.*................. 3,689 138,448
 Henry Schein, Inc.*............................. 1,600 88,592
 Lincare Holdings, Inc.*......................... 4,339 105,611
 Psychiatric Solutions, Inc.*.................... 8,928 309,891
 VCA Antech, Inc.*............................... 5,118 165,670
 -----------
TOTAL HEALTH CARE PROVIDERS & SERVICES 936,803
 -----------

 HEALTH CARE TECHNOLOGY 0.5%
 Cerner Corp.*................................... 1,770 81,898
 -----------
TOTAL HEALTH CARE TECHNOLOGY 81,898
 -----------

 HOTELS, RESTAURANTS & LEISURE 2.1%
 Cheesecake Factory, Inc.*....................... 5,039 114,033
 Chipotle Mexican Grill, Inc. -- Class A*........ 1,330 130,513
 Scientific Games Corp. -- Class A*.............. 3,609 101,629
 -----------
TOTAL HOTELS, RESTAURANTS & LEISURE 346,175
 -----------

 HOUSEHOLD DURABLES 3.2%
 NVR, Inc.*...................................... 500 306,750
 Toll Brothers, Inc.*............................ 10,187 230,634
 -----------
TOTAL HOUSEHOLD DURABLES 537,384
 -----------

 HOUSEHOLD PRODUCTS 1.6%
 Church & Dwight Co., Inc. ...................... 1,860 105,685
 Energizer Holdings, Inc.*....................... 2,019 159,622
 -----------
TOTAL HOUSEHOLD PRODUCTS 265,307
 -----------

 INSURANCE 1.7%
 Brown & Brown, Inc. ............................ 6,638 127,450
 W.R. Berkley Corp. ............................. 5,928 152,290
 -----------
TOTAL INSURANCE 279,740
 -----------

 INTERNET SOFTWARE & SERVICES 2.6%
 Digital River, Inc.*............................ 8,868 291,314
 ValueClick, Inc.*............................... 6,638 132,428
 -----------
TOTAL INTERNET SOFTWARE & SERVICES 423,742
 -----------

 IT SERVICES 3.5%
 Alliance Data Systems Corp.*.................... 1,819 104,429
 DST Systems, Inc.*.............................. 2,859 171,083
 Gartner, Inc.*.................................. 3,409 78,134
 Global Payments, Inc. .......................... 2,859 126,539
 SRA International, Inc. -- Class A*............. 3,769 99,012
 -----------
TOTAL IT SERVICES 579,197
 -----------

 LIFE SCIENCES TOOLS & SERVICES 4.7%
 Affymetrix, Inc.*............................... 8,958 97,732
 Charles River Laboratories International,
 Inc.*........................................ 1,060 61,533
 Covance, Inc.*.................................. 909 76,165
 Invitrogen Corp.*............................... 2,699 252,546
 Pharmaceutical Product Development, Inc. ....... 3,339 138,301
 Techne Corp.*................................... 2,069 150,044
 -----------
TOTAL LIFE SCIENCES TOOLS & SERVICES 776,321
 -----------

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 30

RYDEX S&P MIDCAP 400 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)


 MACHINERY 3.3%
 Donaldson Co., Inc. ............................ 2,449 $106,629
 Graco, Inc. .................................... 4,109 170,154
 Joy Global, Inc. ............................... 3,679 273,166
 -----------
TOTAL MACHINERY 549,949
 -----------

 MEDIA 3.0%
 Getty Images, Inc.*............................. 6,168 201,385
 John Wiley & Sons, Inc.- Class A................ 2,719 125,210
 Valassis Communications, Inc.*.................. 11,637 165,246
 -----------
TOTAL MEDIA 491,841
 -----------

 METALS & MINING 5.6%
 Cleveland-Cliffs, Inc. ......................... 2,489 399,236
 Commercial Metals Co. .......................... 7,708 240,027
 Steel Dynamics, Inc. ........................... 8,338 290,579
 -----------
TOTAL METALS & MINING 929,842
 -----------

 MULTILINE RETAIL 0.9%
 Dollar Tree Stores, Inc.*....................... 4,609 145,644
 -----------
TOTAL MULTILINE RETAIL 145,644
 -----------

 OIL, GAS & CONSUMABLE FUELS 9.2%
 Cimarex Energy Co. ............................. 4,329 269,697
 Denbury Resources, Inc.*........................ 4,579 139,934
 Encore Acquisition Co.*......................... 9,108 415,598
 Frontier Oil Corp. ............................. 5,159 128,201
 Newfield Exploration Co.*....................... 2,299 139,687
 Pioneer Natural Resources Co. .................. 2,369 136,762
 Quicksilver Resources, Inc.*.................... 3,689 153,057
 Southwestern Energy Co.*........................ 3,429 145,081
 -----------
TOTAL OIL, GAS & CONSUMABLE FUELS 1,528,017
 -----------

 PERSONAL PRODUCTS 0.8%
 NBTY, Inc.*..................................... 4,699 132,277
 -----------
TOTAL PERSONAL PRODUCTS 132,277
 -----------

 PHARMACEUTICALS 3.7%
 Endo Pharmaceuticals Holdings, Inc.*............ 7,848 194,866
 Medicis Pharmaceutical Corp. -- Class A......... 3,110 64,066
 Par Pharmaceutical Cos., Inc.*.................. 6,129 104,500
 Sepracor, Inc.*................................. 11,217 241,726
 -----------
TOTAL PHARMACEUTICALS 605,158
 -----------

 REAL ESTATE MANAGEMENT & DEVELOPMENT 1.5%
 Jones Lang LaSalle, Inc. ....................... 3,119 242,066
 -----------
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT 242,066
 -----------

 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 2.2%
 Cree, Inc.*..................................... 7,008 182,208
 Silicon Laboratories, Inc.*..................... 5,399 182,324
 -----------
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 364,532
 -----------

 SOFTWARE 2.9%
 ACI Worldwide, Inc.*............................ 8,858 195,762
 Fair Isaac Corp. ............................... 3,269 80,973
 Macrovision Corp.*.............................. 4,599 72,572
 McAfee, Inc.*................................... 3,929 130,639
 -----------
TOTAL SOFTWARE 479,946
 -----------

 SPECIALTY RETAIL 10.1%
 Advance Auto Parts, Inc. ....................... 3,739 129,669
 Aeropostale, Inc.*.............................. 9,808 311,796
 American Eagle Outfitters, Inc. ................ 6,208 114,041
 Chico's FAS, Inc.*.............................. 26,553 187,730
 Guess?, Inc. ................................... 1,869 71,545
 O'Reilly Automotive, Inc.*...................... 3,290 94,982
 Pacific Sunwear of California, Inc.*............ 10,538 141,315
 Ross Stores, Inc. .............................. 6,248 209,245
 Urban Outfitters, Inc.*......................... 8,078 276,671
 Williams-Sonoma, Inc. .......................... 5,019 132,502
 -----------
TOTAL SPECIALTY RETAIL 1,669,496
 -----------

 TEXTILES, APPAREL & LUXURY GOODS 1.7%
 Timberland Co. -- Class A*...................... 8,718 127,283
 Warnaco Group, Inc.*............................ 3,479 160,521
 -----------
TOTAL TEXTILES, APPAREL & LUXURY GOODS 287,804
 -----------

 TRADING COMPANIES & DISTRIBUTORS 0.8%
 Fastenal Co. ................................... 2,659 129,785
 -----------
TOTAL TRADING COMPANIES & DISTRIBUTORS 129,785
 -----------
TOTAL COMMON STOCKS
 (Cost $17,662,527) 16,465,561
 -----------

SHORT TERM INVESTMENTS 0.4%
 SSgA Prime Money Market Fund.................... 73,509 73,509
 -----------
TOTAL SHORT TERM INVESTMENTS
 (Cost $73,509) 73,509
 -----------
TOTAL INVESTMENTS 100.0%
 (Cost $17,736,036) 16,539,070
 -----------
LIABILITIES IN EXCESS OF OTHER ASSETS--0.0%(A) (2,570)
 -----------
NET ASSETS--100.0% $16,536,500
------------------------------------------------------------------------

* Non-Income Producing Security.

(a) Amount represents less than 0.05% of net assets.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 31

RYDEX S&P SMALLCAP 600 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 MARKET
 SHARES VALUE
-------------------------------------------------------------------------
COMMON STOCKS 99.6%
 AEROSPACE & DEFENSE 0.4%
 Applied Signal Technology, Inc. ................ 9,150 $104,676
 -----------
TOTAL AEROSPACE & DEFENSE 104,676
 -----------

 AUTO COMPONENTS 1.8%
 Standard Motor Products, Inc. .................. 46,248 281,188
 Superior Industries International, Inc. ........ 10,359 210,391
 -----------
TOTAL AUTO COMPONENTS 491,579
 -----------

 AUTOMOBILES 0.7%
 Monaco Coach Corp. ............................. 29,198 184,823
 -----------
TOTAL AUTOMOBILES 184,823
 -----------

 BUILDING PRODUCTS 2.1%
 Gibraltar Industries, Inc. ..................... 13,419 140,229
 Griffon Corp.*.................................. 13,999 130,891
 NCI Building Systems, Inc.*..................... 2,509 60,567
 Universal Forest Products, Inc. ................ 6,720 233,251
 -----------
TOTAL BUILDING PRODUCTS 564,938
 -----------

 CAPITAL MARKETS 0.7%
 SWS Group, Inc. ................................ 14,349 188,259
 -----------
TOTAL CAPITAL MARKETS 188,259
 -----------

 CHEMICALS 4.5%
 A. Schulman, Inc. .............................. 7,590 160,908
 Georgia Gulf Corp. ............................. 54,667 328,549
 Material Sciences Corp.*........................ 10,270 81,544
 Omnova Solutions, Inc.*......................... 14,709 50,158
 PolyOne Corp.*.................................. 34,569 255,119
 Quaker Chemical Corp. .......................... 7,020 217,620
 Tronox, Inc. ................................... 39,659 118,580
 -----------
TOTAL CHEMICALS 1,212,478
 -----------

 COMMERCIAL BANKS 9.4%
 Central Pacific Financial Corp. ................ 10,909 200,289
 Community Bank System, Inc. .................... 5,309 135,326
 First Bancorp................................... 36,928 379,989
 First Commonwealth Financial Corp. ............. 10,920 135,954
 First Financial Bancorp......................... 10,560 138,547
 First Midwest Bancorp, Inc. .................... 1,630 41,614
 Hanmi Financial Corp. .......................... 13,399 93,659
 Independent Bank Corp. ......................... 21,879 174,595
 Irwin Financial Corp. .......................... 23,339 136,300
 National Penn Bancshares, Inc. ................. 6,300 105,147
 Old National Bancorp............................ 7,309 125,057
 Provident Bankshares Corp. ..................... 7,449 95,422
 South Financial Group, Inc. .................... 9,299 56,166
 Sterling Bancorp................................ 8,169 134,053
 Sterling Financial Corp. ....................... 6,420 78,388
 Susquehanna Bancshares, Inc. ................... 8,480 168,667
 Umpqua Holdings Corp. .......................... 12,019 177,280
 United Bankshares, Inc. ........................ 1,780 51,780
 Whitney Holding Corp. .......................... 3,770 88,256
 -----------
TOTAL COMMERCIAL BANKS 2,516,489
 -----------

 COMMERCIAL SERVICES & SUPPLIES 3.7%
 ABM Industries, Inc. ........................... 6,790 142,183
 Angelica Corp. ................................. 9,240 149,318
 CDI Corp. ...................................... 3,970 107,984
 Spherion Corp.*................................. 32,139 158,767
 Standard Register Co. .......................... 18,699 177,266
 United Stationers, Inc.*........................ 1,190 52,467
 Volt Information Sciences, Inc.*................ 14,939 199,286
 -----------
TOTAL COMMERCIAL SERVICES & SUPPLIES 987,271
 -----------

 COMMUNICATIONS EQUIPMENT 0.7%
 Black Box Corp. ................................ 1,980 58,865
 Ditech Networks, Inc.*.......................... 26,729 76,178
 Symmetricom, Inc.*.............................. 12,999 55,766
 -----------
TOTAL COMMUNICATIONS EQUIPMENT 190,809
 -----------

 CONSTRUCTION & ENGINEERING 0.2%
 Insituform Technologies, Inc. -- Class A*....... 3,480 58,882
 -----------
TOTAL CONSTRUCTION & ENGINEERING 58,882
 -----------

 CONTAINERS & PACKAGING 1.7%
 Chesapeake Corp.*............................... 54,598 239,139
 Rock-Tenn Co. .................................. 6,200 210,366
 -----------
TOTAL CONTAINERS & PACKAGING 449,505
 -----------

 DISTRIBUTORS 1.4%
 Audiovox Corp. -- Class A*...................... 7,100 77,532
 Building Materials Holding Corp. ............... 63,327 295,104
 -----------
TOTAL DISTRIBUTORS 372,636
 -----------

 DIVERSIFIED CONSUMER SERVICES 0.2%
 CPI Corp. ...................................... 3,180 59,975
 -----------
TOTAL DIVERSIFIED CONSUMER SERVICES 59,975
 -----------

 DIVERSIFIED FINANCIAL SERVICES 0.3%
 Financial Federal Corp. ........................ 3,220 75,187
 -----------
TOTAL DIVERSIFIED FINANCIAL SERVICES 75,187
 -----------

 ELECTRIC UTILITIES 1.8%
 Allete, Inc. ................................... 2,740 114,450
 Central Vermont Public Service Corp. ........... 3,720 86,676
 Cleco Corp. .................................... 3,230 77,552
 UIL Holdings Corp. ............................. 3,150 98,595
 Unisource Energy Corp. ......................... 3,630 113,401
 -----------
TOTAL ELECTRIC UTILITIES 490,674
 -----------

 ELECTRICAL EQUIPMENT 0.6%
 AO Smith Corp. ................................. 3,200 99,008
 C&D Technologies, Inc.*......................... 11,149 61,542
 -----------
TOTAL ELECTRICAL EQUIPMENT 160,550
 -----------

 ELECTRONIC EQUIPMENT & INSTRUMENTS 3.0%
 Benchmark Electronics, Inc.*.................... 4,499 79,992
 CTS Corp. ...................................... 9,249 104,051
 Gerber Scientific, Inc.*........................ 6,790 62,943
 Insight Enterprises, Inc.*...................... 6,609 79,705
 Methode Electronics, Inc. ...................... 4,300 46,612
 Park Electrochemical Corp. ..................... 3,179 86,151
 SYNNEX Corp.*................................... 14,329 342,177
 -----------
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS 801,631
 -----------

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 32

RYDEX S&P SMALLCAP 600 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
-------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)


 FOOD & STAPLES RETAILING 2.7%
 Great Atlantic & Pacific Tea Co., Inc.*......... 1,890 $52,013
 Longs Drug Stores Corp. ........................ 1,190 47,671
 Nash Finch Co. ................................. 7,110 260,084
 Performance Food Group Co.*..................... 6,309 211,099
 Spartan Stores, Inc. ........................... 7,530 157,226
 -----------
TOTAL FOOD & STAPLES RETAILING 728,093
 -----------

 FOOD PRODUCTS 0.2%
 Lance, Inc. .................................... 2,930 61,413
 -----------
TOTAL FOOD PRODUCTS 61,413
 -----------

 GAS UTILITIES 4.0%
 Atmos Energy Corp. ............................. 10,260 283,997
 Laclede Group, Inc. ............................ 5,970 225,785
 New Jersey Resources Corp. ..................... 2,940 93,639
 Northwest Natural Gas Co. ...................... 1,230 55,190
 Piedmont Natural Gas Co., Inc. ................. 3,450 90,701
 Southern Union Co. ............................. 2,360 60,463
 Southwest Gas Corp. ............................ 5,680 163,982
 UGI Corp. ...................................... 3,929 102,154
 -----------
TOTAL GAS UTILITIES 1,075,911
 -----------

 HEALTH CARE EQUIPMENT & SUPPLIES 0.3%
 Datascope Corp. ................................ 2,040 76,418
 -----------
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES 76,418
 -----------

 HEALTH CARE PROVIDERS & SERVICES 0.9%
 Gentiva Health Services, Inc.*.................. 2,650 57,611
 MedCath Corp.*.................................. 3,259 60,487
 Owens & Minor, Inc. ............................ 2,459 111,442
 -----------
TOTAL HEALTH CARE PROVIDERS & SERVICES 229,540
 -----------

 HOTELS, RESTAURANTS & LEISURE 2.0%
 CKE Restaurants, Inc. .......................... 3,870 40,596
 Landry's Restaurants, Inc. ..................... 6,700 106,999
 O'Charleys, Inc. ............................... 12,829 148,816
 Steak n Shake Co.*.............................. 7,040 55,757
 Triarc Cos., Inc. -- Class A.................... 27,249 193,468
 -----------
TOTAL HOTELS, RESTAURANTS & LEISURE 545,636
 -----------

 HOUSEHOLD DURABLES 5.7%
 Bassett Furniture Industries, Inc. ............. 38,269 456,932
 Ethan Allen Interiors, Inc. .................... 2,990 82,135
 La-Z-Boy, Inc. ................................. 49,068 312,563
 Libbey, Inc. ................................... 7,639 108,474
 M/I Homes, Inc. ................................ 22,289 382,256
 National Presto Industries, Inc. ............... 3,240 175,576
 -----------
TOTAL HOUSEHOLD DURABLES 1,517,936
 -----------

 HOUSEHOLD PRODUCTS 1.2%
 Central Garden & Pet Co.*....................... 48,198 241,954
 Spectrum Brands, Inc.*.......................... 18,149 81,489
 -----------
TOTAL HOUSEHOLD PRODUCTS 323,443
 -----------

 INDUSTRIAL CONGLOMERATES 1.4%
 Standex International Corp. .................... 12,179 256,733
 Tredegar Corp. ................................. 6,990 114,217
 -----------
TOTAL INDUSTRIAL CONGLOMERATES 370,950
 -----------

 INSURANCE 4.5%
 LandAmerica Financial Group, Inc. .............. 12,739 365,609
 Presidential Life Corp. ........................ 8,019 136,002
 Safety Insurance Group, Inc. ................... 5,159 185,208
 Selective Insurance Group, Inc. ................ 4,420 94,234
 Stewart Information Services Corp. ............. 14,699 359,979
 United Fire & Casualty Co. ..................... 2,390 78,751
 -----------
TOTAL INSURANCE 1,219,783
 -----------

 IT SERVICES 1.7%
 Ciber, Inc.*.................................... 17,149 107,353
 Gevity HR, Inc. ................................ 51,128 348,693
 -----------
TOTAL IT SERVICES 456,046
 -----------

 LEISURE EQUIPMENT & PRODUCTS 1.7%
 Arctic Cat, Inc. ............................... 21,129 160,158
 MarineMax, Inc.*................................ 12,809 146,022
 Nautilus, Inc. ................................. 38,229 138,007
 -----------
TOTAL LEISURE EQUIPMENT & PRODUCTS 444,187
 -----------

 LIFE SCIENCES TOOLS & SERVICES 0.4%
 Cambrex Corp. .................................. 18,629 108,980
 -----------
TOTAL LIFE SCIENCES TOOLS & SERVICES 108,980
 -----------

 MACHINERY 2.6%
 Briggs & Stratton Corp. ........................ 6,640 101,061
 Lydall, Inc.*................................... 9,960 116,034
 Mueller Industries, Inc. ....................... 2,380 77,041
 Wabash National Corp. .......................... 48,698 408,089
 -----------
TOTAL MACHINERY 702,225
 -----------

 MEDIA 0.5%
 Live Nation, Inc.*.............................. 9,129 125,889
 -----------
TOTAL MEDIA 125,889
 -----------

 METALS & MINING 0.4%
 AM Castle & Co. ................................ 3,310 102,312
 -----------
TOTAL METALS & MINING 102,312
 -----------

 MULTI-UTILITIES 1.0%
 Avista Corp. ................................... 6,180 126,875
 CH Energy Group, Inc. .......................... 4,410 155,938
 -----------
TOTAL MULTI-UTILITIES 282,813
 -----------

 MULTILINE RETAIL 1.9%
 Fred's, Inc. -- Class A......................... 19,539 216,492
 Tuesday Morning Corp.*.......................... 55,148 300,005
 -----------
TOTAL MULTILINE RETAIL 516,497
 -----------

 PAPER & FOREST PRODUCTS 0.9%
 Schweitzer-Mauduit International, Inc. ......... 3,170 70,152
 Wausau Paper Corp. ............................. 21,899 169,498
 -----------
TOTAL PAPER & FOREST PRODUCTS 239,650
 -----------

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 33

RYDEX S&P SMALLCAP 600 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
-------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)


 REAL ESTATE INVESTMENT TRUSTS (REITS) 8.6%
 BioMed Realty Trust, Inc. ...................... 6,210 $161,460
 Colonial Properties Trust....................... 12,159 294,612
 DiamondRock Hospitality Co. .................... 7,680 97,920
 Entertainment Properties Trust.................. 1,910 101,918
 Home Properties, Inc. .......................... 2,520 132,476
 Inland Real Estate Corp. ....................... 5,850 94,477
 Kite Realty Group Trust......................... 7,889 107,133
 Lexington Corporate Properties Trust............ 9,709 139,810
 LTC Properties, Inc. ........................... 3,540 96,394
 Medical Properties Trust, Inc. ................. 13,799 167,658
 Mid-America Apartment Communities, Inc. ........ 3,040 159,600
 National Retail Properties, Inc. ............... 4,849 111,091
 Parkway Properties, Inc. ....................... 4,280 169,745
 Pennsylvania Real Estate Investment Trust....... 7,379 185,803
 PS Business Parks, Inc. ........................ 1,000 57,240
 Senior Housing Properties Trust................. 4,760 114,002
 Sovran Self Storage, Inc. ...................... 2,510 112,197
 -----------
TOTAL REAL ESTATE INVESTMENT TRUSTS (REITS) 2,303,536
 -----------

 ROAD & RAIL 1.7%
 Arkansas Best Corp. ............................ 11,310 446,519
 -----------
TOTAL ROAD & RAIL 446,519
 -----------

 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 0.7%
 Photronics, Inc.*............................... 12,579 133,337
 Rudolph Technologies, Inc.*..................... 6,580 66,853
 -----------
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 200,190
 -----------

 SPECIALTY RETAIL 13.4%
 Big 5 Sporting Goods Corp. ..................... 5,609 51,547
 Brown Shoe Co., Inc. ........................... 9,560 159,461
 Cabela's, Inc.*................................. 3,850 52,090
 Cato Corp. -- Class A........................... 11,340 195,615
 Finish Line, Inc. -- Class A.................... 119,045 782,126
 Group 1 Automotive, Inc. ....................... 11,740 313,223
 Haverty Furniture Cos., Inc. ................... 34,088 311,223
 Jo-Ann Stores, Inc.*............................ 17,679 334,840
 Lithia Motors, Inc. -- Class A.................. 27,948 251,532
 PEP Boys-Manny Moe & Jack....................... 24,229 216,123
 Sonic Automotive, Inc. -- Class A............... 13,889 281,808
 Stein Mart, Inc. ............................... 86,296 459,958
 Zale Corp.*..................................... 8,699 180,243
 -----------
TOTAL SPECIALTY RETAIL 3,589,789
 -----------

 TEXTILES, APPAREL & LUXURY GOODS 0.9%
 Oxford Industries, Inc. ........................ 8,900 247,331
 -----------
TOTAL TEXTILES, APPAREL & LUXURY GOODS 247,331
 -----------

 THRIFTS & MORTGAGE FINANCE 5.5%
 Anchor BanCorp Wisconsin, Inc. ................. 2,199 33,403
 Bank Mutual Corp. .............................. 6,980 78,106
 BankAtlantic Bancorp, Inc. -- Class A........... 54,398 167,546
 BankUnited Financial Corp. -- Class A........... 33,419 131,337
 Brookline Bancorp, Inc. ........................ 7,390 79,812
 Corus Bankshares, Inc. ......................... 32,609 239,024
 Dime Community Bancshares....................... 5,510 102,872
 Downey Financial Corp. ......................... 4,579 64,747
 FirstFed Financial Corp.*....................... 3,500 53,480
 Flagstar Bancorp, Inc. ......................... 53,048 324,654
 Franklin Bank Corp.*............................ 56,548 87,649
 Guaranty Financial Group, Inc.*................. 6,109 46,734
 TrustCo Bank Corp. ............................. 6,350 55,435
 -----------
TOTAL THRIFTS & MORTGAGE FINANCE 1,464,799
 -----------

 TOBACCO 0.8%
 Alliance One International, Inc.*............... 36,979 227,421
 -----------
TOTAL TOBACCO 227,421
 -----------

 TRADING COMPANIES & DISTRIBUTORS 0.8%
 Lawson Products, Inc. .......................... 2,220 56,344
 Watsco, Inc. ................................... 3,530 160,156
 -----------
TOTAL TRADING COMPANIES & DISTRIBUTORS 216,500
 -----------
TOTAL COMMON STOCKS
 (Cost $31,045,109) 26,734,169
 -----------

 SHORT TERM INVESTMENTS 0.3%
 SSgA Prime Money Market Fund.................... 87,330 87,330
 -----------
TOTAL SHORT TERM INVESTMENTS
 (Cost $87,330) 87,330
 -----------
TOTAL INVESTMENTS 99.9%
 (Cost $31,132,439) 26,821,499
 -----------
OTHER ASSETS IN EXCESS OF LIABILITIES--0.1% 13,904
 -----------
NET ASSETS--100.0% $26,835,403
-------------------------------------------------------------------------

* Non-Income Producing Security.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 34

RYDEX S&P SMALLCAP 600 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 MARKET
 SHARES VALUE
-----------------------------------------------------------------------
COMMON STOCKS 99.9%
 AEROSPACE & DEFENSE 3.0%
 AAR Corp.*...................................... 930 $21,762
 Ceradyne, Inc.*................................. 1,230 47,921
 Curtiss-Wright Corp. ........................... 660 31,343
 Orbital Sciences Corp.*......................... 1,740 46,823
 Teledyne Technologies, Inc.*.................... 430 25,254
 ----------
TOTAL AEROSPACE & DEFENSE 173,103
 ----------

 AIR FREIGHT & LOGISTICS 0.5%
 Forward Air Corp. .............................. 890 30,340
 ----------
TOTAL AIR FREIGHT & LOGISTICS 30,340
 ----------

 AUTO COMPONENTS 0.7%
 Drew Industries, Inc.*.......................... 1,570 38,292
 ----------
TOTAL AUTO COMPONENTS 38,292
 ----------

 BEVERAGES 0.4%
 Boston Beer Co., Inc. -- Class A*............... 580 25,694
 ----------
TOTAL BEVERAGES 25,694
 ----------

 BIOTECHNOLOGY 2.9%
 LifeCell Corp.*................................. 1,700 86,326
 Martek Biosciences Corp.*....................... 2,290 80,745
 ----------
TOTAL BIOTECHNOLOGY 167,071
 ----------

 BUILDING PRODUCTS 0.6%
 Simpson Manufacturing Co., Inc. ................ 1,250 32,988
 ----------
TOTAL BUILDING PRODUCTS 32,988
 ----------

 CAPITAL MARKETS 1.7%
 optionsXpress Holdings, Inc. ................... 2,230 47,878
 TradeStation Group, Inc.*....................... 5,340 49,822
 ----------
TOTAL CAPITAL MARKETS 97,700
 ----------

 CHEMICALS 0.8%
 NewMarket Corp. ................................ 740 48,048
 ----------
TOTAL CHEMICALS 48,048
 ----------

 COMMERCIAL BANKS 2.2%
 Nara Bancorp, Inc. ............................. 2,640 34,663
 PrivateBancorp, Inc. ........................... 820 27,872
 UCBH Holdings, Inc. ............................ 1,750 12,740
 Wilshire Bancorp, Inc. ......................... 6,050 49,852
 ----------
TOTAL COMMERCIAL BANKS 125,127
 ----------

 COMMERCIAL SERVICES & SUPPLIES 0.4%
 Waste Connections, Inc.*........................ 710 22,770
 ----------
TOTAL COMMERCIAL SERVICES & SUPPLIES 22,770
 ----------

 COMMUNICATIONS EQUIPMENT 1.3%
 Comtech Telecommunications Corp.*............... 750 29,047
 NETGEAR, Inc.*.................................. 2,170 35,176
 ViaSat, Inc.*................................... 640 14,144
 ----------
TOTAL COMMUNICATIONS EQUIPMENT 78,367
 ----------

 COMPUTERS & PERIPHERALS 1.0%
 Intevac, Inc.*.................................. 2,900 38,512
 Stratasys, Inc.*................................ 900 17,496
 ----------
TOTAL COMPUTERS & PERIPHERALS 56,008
 ----------

 CONSTRUCTION MATERIALS 0.9%
 Headwaters, Inc.*............................... 4,430 50,635
 ----------
TOTAL CONSTRUCTION MATERIALS 50,635
 ----------

 CONSUMER FINANCE 1.2%
 First Cash Financial Services, Inc.*............ 1,620 24,041
 World Acceptance Corp.*......................... 1,210 47,650
 ----------
TOTAL CONSUMER FINANCE 71,691
 ----------

 DISTRIBUTORS 0.3%
 LKQ Corp.*...................................... 840 18,278
 ----------
TOTAL DISTRIBUTORS 18,278
 ----------

 DIVERSIFIED CONSUMER SERVICES 2.7%
 Bright Horizons Family Solutions, Inc.*......... 750 35,557
 Coinstar, Inc.*................................. 1,890 60,272
 Pre-Paid Legal Services, Inc.*.................. 940 41,116
 Universal Technical Institute, Inc.*............ 1,580 17,917
 ----------
TOTAL DIVERSIFIED CONSUMER SERVICES 154,862
 ----------

 DIVERSIFIED FINANCIAL SERVICES 1.1%
 Portfolio Recovery Associates, Inc. ............ 1,420 62,494
 ----------
TOTAL DIVERSIFIED FINANCIAL SERVICES 62,494
 ----------

 ELECTRONIC EQUIPMENT & INSTRUMENTS 3.8%
 Brightpoint, Inc.*.............................. 2,260 20,702
 Daktronics, Inc. ............................... 1,320 19,523
 FARO Technologies, Inc.*........................ 1,410 49,688
 FLIR Systems, Inc.*............................. 1,890 64,884
 LoJack Corp.*................................... 1,650 16,319
 Scansource, Inc.*............................... 930 23,222
 Trimble Navigation, Ltd.*....................... 750 24,592
 ----------
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS 218,930
 ----------

 ENERGY EQUIPMENT & SERVICES 6.3%
 Basic Energy Services, Inc.*.................... 3,370 78,184
 CARBO Ceramics, Inc. ........................... 780 37,073
 Dril-Quip, Inc.*................................ 260 14,862
 Helix Energy Solutions Group, Inc.*............. 1,240 42,842
 Hornbeck Offshore Services, Inc.*............... 1,220 60,841
 Oceaneering International, Inc.*................ 420 28,048
 Superior Well Services, Inc.*................... 1,240 29,524
 Unit Corp.*..................................... 1,150 73,037
 ----------
TOTAL ENERGY EQUIPMENT & SERVICES 364,411
 ----------

 FOOD & STAPLES RETAILING 0.3%
 United Natural Foods, Inc.*..................... 920 18,216
 ----------
TOTAL FOOD & STAPLES RETAILING 18,216
 ----------

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 35

RYDEX S&P SMALLCAP 600 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
-----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)


 HEALTH CARE EQUIPMENT & SUPPLIES 5.7%
 Abaxis, Inc.*................................... 940 $23,951
 American Medical Systems Holdings, Inc.*........ 1,230 17,343
 Cooper Cos., Inc. .............................. 860 30,100
 Haemonetics Corp.*.............................. 250 14,308
 ICU Medical, Inc.*.............................. 600 15,072
 Idexx Laboratories, Inc.*....................... 550 29,260
 Immucor, Inc.*.................................. 1,500 40,470
 Integra LifeSciences Holdings Corp.*............ 900 38,133
 Kensey Nash Corp.*.............................. 720 20,995
 Merit Medical Systems, Inc.*.................... 1,470 21,624
 Palomar Medical Technologies, Inc.*............. 4,120 58,092
 SurModics, Inc.*................................ 460 20,456
 ----------
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES 329,804
 ----------

 HEALTH CARE PROVIDERS & SERVICES 8.2%
 Air Methods Corp.*.............................. 650 26,065
 Amedisys, Inc.*................................. 440 22,792
 AMN Healthcare Services, Inc.*.................. 2,360 34,432
 Amsurg Corp.*................................... 970 24,774
 HealthExtras, Inc.*............................. 2,900 81,838
 Healthways, Inc.*............................... 820 29,955
 inVentiv Health, Inc.*.......................... 1,710 50,838
 LCA-Vision, Inc. ............................... 3,870 39,126
 LHC Group, Inc.*................................ 3,070 47,892
 Molina Healthcare, Inc.*........................ 1,070 26,568
 Pediatrix Medical Group, Inc.*.................. 460 31,289
 PharMerica Corp.*............................... 1,650 28,099
 Sunrise Senior Living, Inc.*.................... 1,250 26,813
 ----------
TOTAL HEALTH CARE PROVIDERS & SERVICES 470,481
 ----------

 HOTELS, RESTAURANTS & LEISURE 5.3%
 CEC Entertainment, Inc.*........................ 1,230 45,756
 Monarch Casino & Resort, Inc.*.................. 1,440 19,066
 P.F. Chang's China Bistro, Inc.*................ 1,450 44,993
 Panera Bread Co. -- Class A*.................... 1,400 73,164
 Papa John's International, Inc.*................ 1,590 42,930
 Shuffle Master, Inc.*........................... 5,240 25,728
 Sonic Corp.*.................................... 1,680 36,943
 WMS Industries, Inc.*........................... 450 16,286
 ----------
TOTAL HOTELS, RESTAURANTS & LEISURE 304,866
 ----------

 HOUSEHOLD DURABLES 2.2%
 Meritage Homes Corp.*........................... 3,680 69,810
 Standard Pacific Corp. ......................... 11,720 59,303
 ----------
TOTAL HOUSEHOLD DURABLES 129,113
 ----------

 INSURANCE 2.2%
 Infinity Property & Casualty Corp. ............. 1,100 42,636
 Philadelphia Consolidated Holding Co.*.......... 1,040 38,355
 Zenith National Insurance Corp. ................ 1,270 47,168
 ----------
TOTAL INSURANCE 128,159
 ----------

 INTERNET & CATALOG RETAIL 2.9%
 NutriSystem, Inc.*.............................. 3,440 69,075
 PetMed Express, Inc.*........................... 5,320 59,691
 Stamps.com, Inc.*............................... 2,810 38,525
 ----------
TOTAL INTERNET & CATALOG RETAIL 167,291
 ----------

 INTERNET SOFTWARE & SERVICES 5.8%
 Bankrate, Inc.*................................. 1,600 83,584
 DealerTrack Holdings, Inc.*..................... 1,950 37,518
 InfoSpace, Inc. ................................ 2,550 30,753
 j2 Global Communications, Inc.*................. 3,510 75,114
 United Online, Inc. ............................ 3,950 42,186
 Websense, Inc.*................................. 3,270 63,601
 ----------
TOTAL INTERNET SOFTWARE & SERVICES 332,756
 ----------

 IT SERVICES 1.9%
 CACI International, Inc. -- Class A*............ 720 36,086
 Wright Express Corp.*........................... 2,210 72,930
 ----------
TOTAL IT SERVICES 109,016
 ----------

 LEISURE EQUIPMENT & PRODUCTS 1.6%
 Polaris Industries, Inc. ....................... 770 35,844
 Pool Corp. ..................................... 2,500 54,575
 ----------
TOTAL LEISURE EQUIPMENT & PRODUCTS 90,419
 ----------

 LIFE SCIENCES TOOLS & SERVICES 1.4%
 Dionex Corp.*................................... 440 34,417
 Kendle International, Inc.*..................... 650 27,749
 PharmaNet Development Group, Inc.*.............. 740 17,656
 ----------
TOTAL LIFE SCIENCES TOOLS & SERVICES 79,822
 ----------

 MACHINERY 0.5%
 Toro Co. ....................................... 640 27,130
 ----------
TOTAL MACHINERY 27,130
 ----------

 MEDIA 0.7%
 Arbitron, Inc. ................................. 840 40,186
 ----------
TOTAL MEDIA 40,186
 ----------

 METALS & MINING 0.4%
 Brush Engineered Materials, Inc.*............... 720 22,327
 ----------
TOTAL METALS & MINING 22,327
 ----------

 OIL, GAS & CONSUMABLE FUELS 3.9%
 Cabot Oil & Gas Corp. .......................... 780 44,437
 Penn Virginia Corp. ............................ 860 45,150
 Petroleum Development Corp.*.................... 950 71,468
 St. Mary Land & Exploration Co. ................ 1,440 62,957
 ----------
TOTAL OIL, GAS & CONSUMABLE FUELS 224,012
 ----------

 PAPER & FOREST PRODUCTS 0.8%
 Deltic Timber Corp. ............................ 890 46,948
 ----------
TOTAL PAPER & FOREST PRODUCTS 46,948
 ----------

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 36

RYDEX S&P SMALLCAP 600 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
-----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)


 PERSONAL PRODUCTS 2.3%
 Chattem, Inc.*.................................. 370 $25,856
 Mannatech, Inc. ................................ 11,670 76,205
 USANA Health Sciences, Inc.*.................... 1,740 33,930
 ----------
TOTAL PERSONAL PRODUCTS 135,991
 ----------

 PHARMACEUTICALS 0.5%
 Sciele Pharma, Inc.*............................ 1,530 29,483
 ----------
TOTAL PHARMACEUTICALS 29,483
 ----------

 ROAD & RAIL 2.3%
 Heartland Express, Inc. ........................ 1,980 30,631
 Knight Transportation, Inc. .................... 2,350 39,926
 Landstar System, Inc. .......................... 1,230 63,911
 ----------
TOTAL ROAD & RAIL 134,468
 ----------

 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 0.4%
 Diodes, Inc.*................................... 820 22,173
 ----------
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 22,173
 ----------

 SOFTWARE 9.6%
 Ansoft Corp.*................................... 1,830 60,683
 Ansys, Inc.*.................................... 740 29,770
 Blackbaud, Inc. ................................ 1,350 31,712
 Concur Technologies, Inc.*...................... 1,110 36,785
 Epicor Software Corp.*.......................... 5,300 42,400
 EPIQ Systems, Inc.*............................. 1,910 29,490
 Factset Research Systems, Inc. ................. 770 46,223
 MICROS Systems, Inc.*........................... 810 28,877
 Quality Systems, Inc. .......................... 1,780 57,174
 Secure Computing Corp.*......................... 5,220 34,556
 Smith Micro Software, Inc.*..................... 5,050 43,581
 Sonic Solutions, Inc.*.......................... 4,020 36,944
 SPSS, Inc.*..................................... 990 41,818
 Tyler Technologies, Inc.*....................... 2,200 31,834
 ----------
TOTAL SOFTWARE 551,847
 ----------

 SPECIALTY RETAIL 6.3%
 Christopher & Banks Corp. ...................... 2,370 28,084
 Dress Barn, Inc.*............................... 2,470 33,246
 Gymboree Corp.*................................. 1,400 60,508
 Hibbett Sports, Inc.*........................... 2,060 37,616
 Jos. A. Bank Clothiers, Inc.*................... 1,390 33,930
 Select Comfort Corp.*........................... 5,900 17,818
 Stage Stores, Inc. ............................. 4,470 70,358
 Tractor Supply Co.*............................. 1,070 38,049
 Zumiez, Inc.*................................... 2,080 43,576
 ----------
TOTAL SPECIALTY RETAIL 363,185
 ----------

 TEXTILES, APPAREL & LUXURY GOODS 2.9%
 Crocs, Inc.*.................................... 1,890 19,297
 Deckers Outdoor Corp.*.......................... 200 27,614
 Fossil, Inc.*................................... 690 24,695
 K-Swiss, Inc. -- Class A........................ 3,010 44,096
 Volcom, Inc.*................................... 2,600 49,374
 ----------
TOTAL TEXTILES, APPAREL & LUXURY GOODS 165,076
 ----------
TOTAL COMMON STOCKS
 (Cost $6,380,323) 5,759,578
 ----------

SHORT TERM INVESTMENTS 0.1%
 SSgA Prime Money Market Fund.................... 5,897 5,897
 ----------
TOTAL SHORT TERM INVESTMENTS
 (Cost $5,897) 5,897
 ----------
TOTAL INVESTMENTS 100.0%
 (Cost $6,386,220) 5,765,475
 ----------
LIABILITIES IN EXCESS OF OTHER ASSETS--0.0%(A) (513)
 ----------
NET ASSETS--100.0% $5,764,962
-----------------------------------------------------------------------

* Non-Income Producing Security.

(a) Amount represents less than 0.05% of net assets.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 37

RYDEX S&P EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 MARKET
 SHARES VALUE
-----------------------------------------------------------------------
COMMON STOCKS 99.6%
 AUTO COMPONENTS 2.4%
 Goodyear Tire & Rubber Co.*..................... 3,541 $94,828
 Johnson Controls, Inc. ......................... 2,498 88,080
 ----------
TOTAL AUTO COMPONENTS 182,908
 ----------

 AUTOMOBILES 4.2%
 Ford Motor Co.*................................. 15,447 127,592
 General Motors Corp. ........................... 4,427 102,706
 Harley-Davidson, Inc. .......................... 2,314 88,511
 ----------
TOTAL AUTOMOBILES 318,809
 ----------

 DISTRIBUTORS 1.2%
 Genuine Parts Co. .............................. 2,094 88,911
 ----------
TOTAL DISTRIBUTORS 88,911
 ----------

 DIVERSIFIED CONSUMER SERVICES 2.2%
 Apollo Group, Inc. -- Class A*.................. 1,622 82,560
 H&R Block, Inc. ................................ 4,075 89,120
 ----------
TOTAL DIVERSIFIED CONSUMER SERVICES 171,680
 ----------

 HOTELS, RESTAURANTS & LEISURE 11.6%
 Carnival Corp. ................................. 2,254 90,543
 Darden Restaurants, Inc. ....................... 2,535 90,195
 International Game Technology................... 1,964 68,229
 Marriott International, Inc. -- Class A......... 2,542 87,191
 McDonald's Corp. ............................... 1,534 91,396
 Starbucks Corp.*................................ 4,659 75,616
 Starwood Hotels & Resorts Worldwide, Inc. ...... 1,726 90,115
 Wendy's International, Inc. .................... 3,603 104,487
 Wyndham Worldwide Corp. ........................ 4,403 94,576
 Yum! Brands, Inc. .............................. 2,294 93,320
 ----------
TOTAL HOTELS, RESTAURANTS & LEISURE 885,668
 ----------

 HOUSEHOLD DURABLES 14.5%
 Black & Decker Corp. ........................... 1,300 85,319
 Centex Corp. ................................... 3,751 78,096
 D.R. Horton, Inc. .............................. 5,445 84,343
 Fortune Brands, Inc. ........................... 1,306 88,312
 Harman International Industries, Inc. .......... 1,964 80,269
 KB HOME......................................... 3,649 82,102
 Leggett & Platt, Inc. .......................... 5,591 92,810
 Lennar Corp. -- Class A......................... 5,297 97,571
 Newell Rubbermaid, Inc. ........................ 3,739 76,761
 Pulte Homes, Inc. .............................. 6,393 83,365
 Snap-on, Inc. .................................. 1,738 103,081
 Stanley Works................................... 1,758 84,806
 Whirlpool Corp. ................................ 1,006 73,217
 ----------
TOTAL HOUSEHOLD DURABLES 1,110,052
 ----------

 INTERNET & CATALOG RETAIL 3.7%
 Amazon.com, Inc.*............................... 1,216 95,614
 Expedia, Inc.*.................................. 4,049 102,278
 IAC/InterActiveCorp*............................ 4,181 87,006
 ----------
TOTAL INTERNET & CATALOG RETAIL 284,898
 ----------

 LEISURE EQUIPMENT & PRODUCTS 4.8%
 Brunswick Corp. ................................ 5,269 87,887
 Eastman Kodak Co. .............................. 5,109 91,400
 Hasbro, Inc. ................................... 3,107 110,485
 Mattel, Inc. ................................... 4,091 76,706
 ----------
TOTAL LEISURE EQUIPMENT & PRODUCTS 366,478
 ----------

 MEDIA 17.8%
 CBS Corp. -- Class B............................ 3,769 86,951
 Clear Channel Communications, Inc. ............. 2,635 79,445
 Comcast Corp. -- Class A........................ 4,293 88,221
 DIRECTV Group, Inc.*............................ 3,419 84,244
 E.W. Scripps Co. -- Class A..................... 1,994 89,550
 Gannett Co., Inc. .............................. 2,771 79,306
 Interpublic Group of Cos., Inc.*................ 9,854 89,179
 McGraw-Hill Cos., Inc. ......................... 2,324 95,261
 Meredith Corp. ................................. 2,154 69,811
 New York Times Co. -- Class A................... 4,403 85,858
 News Corp. -- Class A........................... 4,493 80,425
 Omnicom Group, Inc. ............................ 1,970 94,048
 Time Warner, Inc. .............................. 5,845 86,798
 Viacom, Inc. -- Class B*........................ 2,168 83,338
 Walt Disney Co. ................................ 2,669 86,556
 Washington Post Co. -- Class B.................. 128 83,917
 ----------
TOTAL MEDIA 1,362,908
 ----------

 MULTILINE RETAIL 10.9%
 Big Lots, Inc.*................................. 4,021 108,688
 Dillard's, Inc. -- Class A...................... 4,889 99,736
 Family Dollar Stores, Inc. ..................... 4,445 95,123
 J.C. Penney Co., Inc. .......................... 2,134 90,695
 Kohl's Corp.*................................... 1,970 96,234
 Macy's, Inc. ................................... 3,543 89,602
 Nordstrom, Inc. ................................ 2,439 85,999
 Sears Holdings Corp.*........................... 850 83,819
 Target Corp. ................................... 1,642 87,239
 ----------
TOTAL MULTILINE RETAIL 837,135
 ----------

 SPECIALTY RETAIL 19.3%
 Abercrombie & Fitch Co. -- Class A.............. 1,128 83,822
 AutoNation, Inc.*............................... 5,709 91,401
 AutoZone, Inc.*................................. 732 88,389
 Bed Bath & Beyond, Inc.*........................ 2,715 88,237
 Best Buy Co., Inc. ............................. 2,050 88,191
 GameStop Corp. -- Class A*...................... 1,750 96,320
 Gap, Inc. ...................................... 3,971 73,940
 Home Depot, Inc. ............................... 3,083 88,790
 Limited Brands, Inc. ........................... 5,079 94,063
 Lowe's Cos., Inc. .............................. 3,747 94,387
 Office Depot, Inc.*............................. 7,275 92,247
 OfficeMax, Inc. ................................ 4,117 75,218
 RadioShack Corp. ............................... 5,259 73,100
 Sherwin-Williams Co. ........................... 1,536 84,972
 Staples, Inc. .................................. 3,749 81,353
 Tiffany & Co. .................................. 2,296 99,968
 TJX Cos., Inc. ................................. 2,583 83,224
 ----------
TOTAL SPECIALTY RETAIL 1,477,622
 ----------

 TEXTILES, APPAREL & LUXURY GOODS 7.0%
 Coach, Inc.*.................................... 2,925 104,042
 Jones Apparel Group, Inc. ...................... 6,059 95,914
 Liz Claiborne, Inc. ............................ 4,675 82,701
 NIKE, Inc. -- Class B........................... 1,290 86,172

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 38

RYDEX S&P EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
-----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Polo Ralph Lauren Corp. ........................ 1,422 $88,321
 V.F. Corp. ..................................... 1,082 80,479
 ----------
TOTAL TEXTILES, APPAREL & LUXURY GOODS 537,629
 ----------
TOTAL COMMON STOCKS
 (Cost $9,882,944) 7,624,698
 ----------

SHORT TERM INVESTMENTS 0.4%
 SSgA Prime Money Market Fund.................... 34,267 34,267
 ----------
TOTAL SHORT TERM INVESTMENTS
 (Cost $34,267) 34,267
 ----------
TOTAL INVESTMENTS 100.0%
 (Cost $9,917,211) 7,658,965
 ----------
OTHER ASSETS IN EXCESS OF LIABILITIES--0.0%(A) 41
 ----------
NET ASSETS--100.0% $7,659,006
-----------------------------------------------------------------------

* Non-Income Producing Security.

(a) Amount represents less than 0.05% of net assets.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 39

RYDEX S&P EQUAL WEIGHT CONSUMER STAPLES ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------------
COMMON STOCKS 99.6%
 BEVERAGES 19.4%
 Anheuser-Busch Cos., Inc. ...................... 6,640 $326,688
 Brown-Forman Corp. -- Class B................... 4,600 312,892
 Coca-Cola Co. .................................. 5,030 296,116
 Coca-Cola Enterprises, Inc. .................... 12,510 281,475
 Constellation Brands, Inc. -- Class A*.......... 16,070 295,045
 Molson Coors Brewing Co. -- Class B............. 5,840 320,265
 Pepsi Bottling Group, Inc. ..................... 9,080 306,087
 PepsiCo, Inc. .................................. 4,320 296,050
 -----------
TOTAL BEVERAGES 2,434,618
 -----------
FOOD & STAPLES RETAILING 23.3%
 Costco Wholesale Corp. ......................... 4,900 349,125
 CVS Caremark Corp. ............................. 7,720 311,656
 Kroger Co. ..................................... 12,050 328,362
 Safeway, Inc. .................................. 10,500 331,800
 SUPERVALU, Inc. ................................ 10,790 357,149
 Sysco Corp. .................................... 10,450 319,456
 Wal-Mart Stores, Inc. .......................... 5,820 337,444
 Walgreen Co. ................................... 8,390 292,392
 Whole Foods Market, Inc. ....................... 9,490 309,754
 -----------
TOTAL FOOD & STAPLES RETAILING 2,937,138
 -----------

 FOOD PRODUCTS 33.7%
 Archer-Daniels-Midland Co. ..................... 7,520 331,331
 Campbell Soup Co. .............................. 9,230 321,204
 ConAgra Foods, Inc. ............................ 13,790 324,892
 Dean Foods Co. ................................. 15,280 355,107
 General Mills, Inc. ............................ 5,090 307,436
 H.J. Heinz Co. ................................. 6,790 319,334
 Hershey Co. .................................... 8,130 303,899
 Kellogg Co. .................................... 5,950 304,462
 Kraft Foods, Inc. -- Class A.................... 9,940 314,402
 McCormick & Co., Inc. .......................... 8,400 317,436
 Sara Lee Corp. ................................. 23,420 339,824
 Tyson Foods, Inc. -- Class A.................... 18,060 321,468
 Wm. Wrigley Jr. Co. ............................ 4,940 376,231
 -----------
TOTAL FOOD PRODUCTS 4,237,026
 -----------

 HOUSEHOLD PRODUCTS 9.3%
 Clorox Co. ..................................... 5,400 286,200
 Colgate-Palmolive Co. .......................... 3,960 279,972
 Kimberly-Clark Corp. ........................... 4,720 302,033
 Procter & Gamble Co. ........................... 4,460 299,043
 -----------
TOTAL HOUSEHOLD PRODUCTS 1,167,248
 -----------

 PERSONAL PRODUCTS 4.9%
 Avon Products, Inc. ............................ 7,690 300,064
 Estee Lauder Cos., Inc -- Class A............... 6,870 313,341
 -----------
TOTAL PERSONAL PRODUCTS 613,405
 -----------

 TOBACCO 9.0%
 Altria Group, Inc. ............................. 14,320 286,400
 Philip Morris International, Inc.*.............. 5,640 287,809
 Reynolds American, Inc. ........................ 5,030 270,866
 UST, Inc. ...................................... 5,460 284,302
 -----------
TOTAL TOBACCO 1,129,377
 -----------
TOTAL COMMON STOCKS
 (Cost $11,963,073) 12,518,812
 -----------

 SHORT TERM INVESTMENTS 0.3%
 SSgA Prime Money Market Fund.................... 40,947 40,947
 -----------
TOTAL SHORT TERM INVESTMENTS
 (Cost $40,947) 40,947
 -----------
TOTAL INVESTMENTS 99.9%
 (Cost $12,004,020) 12,559,759
 -----------
OTHER ASSETS IN EXCESS OF LIABILITIES--0.1% 7,273
 -----------
NET ASSETS--100.0% $12,567,032
------------------------------------------------------------------------

* Non-Income Producing Security.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 40

RYDEX S&P EQUAL WEIGHT ENERGY ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------------
COMMON STOCKS 99.6%
 ENERGY EQUIPMENT & SERVICES 37.4%
 Baker Hughes, Inc. ............................. 5,111 $413,378
 BJ Services Co. ................................ 14,028 396,572
 Cameron International Corp.*.................... 8,750 430,762
 ENSCO International, Inc. ...................... 5,628 358,672
 Halliburton Co. ................................ 9,449 433,804
 Nabors Industries, Ltd.*........................ 11,167 419,209
 National-Oilwell Varco, Inc.*................... 6,614 452,728
 Noble Corp. .................................... 7,367 414,615
 Rowan Cos., Inc. ............................... 9,369 365,297
 Schlumberger, Ltd. ............................. 4,190 421,304
 Smith International, Inc. ...................... 5,623 430,216
 Transocean, Inc.*............................... 2,612 385,166
 Weatherford International, Ltd.*................ 5,384 434,327
 -----------
TOTAL ENERGY EQUIPMENT & SERVICES 5,356,050
 -----------
 OIL, GAS & CONSUMABLE FUELS 62.2%
 Anadarko Petroleum Corp. ....................... 5,778 384,584
 Apache Corp. ................................... 3,169 426,801
 Chesapeake Energy Corp. ........................ 7,832 404,914
 Chevron Corp. .................................. 4,093 393,542
 ConocoPhillips.................................. 4,677 402,924
 CONSOL Energy, Inc. ............................ 5,466 442,527
 Devon Energy Corp. ............................. 3,594 407,560
 El Paso Corp. .................................. 22,601 387,381
 EOG Resources, Inc. ............................ 3,082 402,139
 Exxon Mobil Corp. .............................. 4,015 373,676
 Hess Corp. ..................................... 3,850 408,870
 Marathon Oil Corp. ............................. 7,485 341,091
 Murphy Oil Corp. ............................... 4,585 414,209
 Noble Energy, Inc. ............................. 4,884 424,908
 Occidental Petroleum Corp. ..................... 5,006 416,549
 Peabody Energy Corp. ........................... 7,112 434,757
 Range Resources Corp. .......................... 5,992 397,749
 Spectra Energy Corp. ........................... 14,916 368,425
 Sunoco, Inc. ................................... 6,150 285,422
 Tesoro Corp. ................................... 11,278 283,529
 Valero Energy Corp. ............................ 6,807 332,522
 Williams Cos., Inc. ............................ 11,019 391,175
 XTO Energy, Inc. ............................... 6,019 372,335
 -----------
TOTAL OIL, GAS & CONSUMABLE FUELS 8,897,589
 -----------
TOTAL COMMON STOCKS
 (Cost $11,904,212) 14,253,639
 -----------

SHORT TERM INVESTMENTS 0.4%
 SSgA Prime Money Market Fund.................... 63,449 63,449
 -----------
TOTAL SHORT TERM INVESTMENTS
 (Cost $63,449) 63,449
 -----------
TOTAL INVESTMENTS 100.0%
 (Cost $11,967,661) 14,317,088
 -----------
OTHER ASSETS IN EXCESS OF LIABILITIES--0.0%(A) 384
 -----------
NET ASSETS--100.0% $14,317,472
------------------------------------------------------------------------

* Non-Income Producing Security.

(a) Amount represents less than 0.05% of net assets.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 41

RYDEX S&P EQUAL WEIGHT FINANCIALS ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 MARKET
 SHARES VALUE
-----------------------------------------------------------------------
COMMON STOCKS 99.9%
 CAPITAL MARKETS 19.4%
 American Capital Strategies, Ltd. .............. 1,610 $51,117
 Ameriprise Financial, Inc. ..................... 1,120 53,189
 Bank of New York Mellon Corp. .................. 1,310 57,024
 Bear Stearns Cos., Inc. ........................ 10,140 108,802
 Charles Schwab Corp. ........................... 3,080 66,528
 E*TRADE Financial Corp.*........................ 16,200 64,476
 Federated Investors, Inc. -- Class B............ 1,460 48,881
 Franklin Resources, Inc. ....................... 600 57,090
 Goldman Sachs Group, Inc. ...................... 340 65,066
 Janus Capital Group, Inc. ...................... 2,500 70,150
 Legg Mason, Inc. ............................... 1,060 63,897
 Lehman Brothers Holdings, Inc. ................. 1,330 58,839
 Merrill Lynch & Co., Inc. ...................... 1,320 65,776
 Morgan Stanley.................................. 1,280 62,208
 Northern Trust Corp. ........................... 860 63,735
 State Street Corp. ............................. 710 51,219
 T. Rowe Price Group, Inc. ...................... 1,190 69,686
 ----------
TOTAL CAPITAL MARKETS 1,077,683
 ----------

 COMMERCIAL BANKS 15.7%
 BB&T Corp. ..................................... 1,690 57,950
 Comerica, Inc. ................................. 1,490 51,748
 Fifth Third Bancorp............................. 2,540 54,432
 First Horizon National Corp. ................... 3,480 37,584
 Huntington Bancshares, Inc. .................... 5,330 50,049
 KeyCorp......................................... 2,550 61,531
 M&T Bank Corp. ................................. 690 64,329
 Marshall & Ilsley Corp. ........................ 2,410 60,202
 National City Corp. ............................ 5,760 36,288
 PNC Financial Services Group, Inc. ............. 890 61,721
 Regions Financial Corp. ........................ 2,790 61,157
 SunTrust Banks, Inc. ........................... 970 54,078
 U.S. Bancorp.................................... 1,700 57,613
 Wachovia Corp. ................................. 1,970 57,425
 Wells Fargo & Co. .............................. 1,800 53,550
 Zions Bancorp................................... 1,190 55,157
 ----------
TOTAL COMMERCIAL BANKS 874,814
 ----------

 CONSUMER FINANCE 4.6%
 American Express Co. ........................... 1,310 62,906
 Capital One Financial Corp. .................... 1,120 59,360
 Discover Financial Services..................... 3,600 65,556
 SLM Corp.*...................................... 3,620 67,079
 ----------
TOTAL CONSUMER FINANCE 254,901
 ----------

 DIVERSIFIED FINANCIAL SERVICES 10.3%
 Bank of America Corp. .......................... 1,450 54,433
 CIT Group, Inc. ................................ 6,580 71,656
 Citigroup, Inc. ................................ 2,690 67,976
 CME Group, Inc. ................................ 120 54,894
 IntercontinentalExchange, Inc.*................. 470 72,921
 JPMorgan Chase & Co. ........................... 1,320 62,898
 Leucadia National Corp. ........................ 1,310 67,098
 Moody's Corp. .................................. 1,650 60,984
 NYSE Euronext................................... 950 62,795
 ----------
TOTAL DIVERSIFIED FINANCIAL SERVICES 575,655
 ----------

 INSURANCE 26.3%
 ACE, Ltd. ...................................... 1,030 62,099
 AFLAC, Inc. .................................... 900 60,003
 Allstate Corp. ................................. 1,220 61,439
 Ambac Financial Group, Inc. .................... 10,110 46,809
 American International Group, Inc. ............. 1,320 60,984
 Aon Corp. ...................................... 1,420 64,454
 Assurant, Inc. ................................. 950 61,750
 Chubb Corp. .................................... 1,170 61,975
 Cincinnati Financial Corp. ..................... 1,490 53,491
 Genworth Financial, Inc. -- Class A............. 2,540 58,572
 Hartford Financial Services Group, Inc. ........ 800 57,016
 Lincoln National Corp. ......................... 1,130 60,749
 Loews Corp. .................................... 1,450 61,059
 Marsh & McLennan Cos., Inc. .................... 2,300 63,457
 MBIA, Inc. ..................................... 4,620 48,048
 MetLife, Inc. .................................. 980 59,633
 Principal Financial Group, Inc. ................ 1,070 57,416
 Progressive Corp. .............................. 3,630 66,030
 Prudential Financial, Inc. ..................... 790 59,811
 SAFECO Corp. ................................... 1,340 89,432
 Torchmark Corp. ................................ 960 62,150
 Travelers Cos., Inc. ........................... 1,220 61,488
 Unum Group...................................... 2,670 61,971
 XL Capital, Ltd. -- Class A..................... 1,820 63,500
 ----------
TOTAL INSURANCE 1,463,336
 ----------

 REAL ESTATE INVESTMENT TRUSTS (REITS) 15.4%
 Apartment Investment & Management Co. -- Class
 A............................................ 1,510 55,840
 AvalonBay Communities, Inc. .................... 570 56,857
 Boston Properties, Inc. ........................ 630 63,309
 Developers Diversified Realty Corp. ............ 1,420 60,989
 Equity Residential Properties Trust............. 1,410 58,543
 General Growth Properties, Inc. ................ 1,650 67,584
 HCP, Inc. ...................................... 1,730 61,761
 Host Hotels & Resorts, Inc. .................... 3,650 62,780
 Kimco Realty Corp. ............................. 1,570 62,659
 Plum Creek Timber Co., Inc. .................... 1,420 57,993
 ProLogis........................................ 980 61,358
 Public Storage, Inc. ........................... 640 58,048
 Simon Property Group, Inc. ..................... 620 61,913
 Vornado Realty Trust............................ 700 65,163
 ----------
TOTAL REAL ESTATE INVESTMENT TRUSTS (REITS) 854,797
 ----------

 REAL ESTATE MANAGEMENT & DEVELOPMENT 1.3%
 CB Richard Ellis Group, Inc. -- Class A*........ 3,070 70,978
 ----------
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT 70,978
 ----------

 THRIFTS & MORTGAGE FINANCE 6.9%
 Countrywide Financial Corp. .................... 10,530 60,863
 Federal Home Loan Mortgage Corp. ............... 1,760 43,842
 Federal National Mortgage Association........... 1,700 48,110

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 42

RYDEX S&P EQUAL WEIGHT FINANCIALS ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
-----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Hudson City Bancorp, Inc. ...................... 3,170 $60,642
 MGIC Investment Corp. .......................... 4,450 57,984
 Sovereign Bancorp, Inc. ........................ 5,870 43,849
 Washington Mutual, Inc. ........................ 5,690 69,930
 ----------
TOTAL THRIFTS & MORTGAGE FINANCE 385,220
 ----------
TOTAL COMMON STOCKS
 (Cost $7,167,747) 5,557,384
 ----------

SHORT TERM INVESTMENTS 0.1%
 SSgA Prime Money Market Fund.................... 7,127 7,127
 ----------
TOTAL SHORT TERM INVESTMENTS
 (Cost $7,127) 7,127
 ----------
TOTAL INVESTMENTS 100.0%
 (Cost $7,174,874) 5,564,511
 ----------
OTHER ASSETS IN EXCESS OF LIABILITIES--0.0%(A) 1,631
 ----------
NET ASSETS--100.0% $5,566,142
-----------------------------------------------------------------------

* Non-Income Producing Security.

(a) Amount represents less than 0.05% of net assets.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 43

RYDEX S&P EQUAL WEIGHT HEALTH CARE ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------------
COMMON STOCKS 100.0%
 BIOTECHNOLOGY 9.9%
 Amgen, Inc.*.................................... 27,690 $1,159,380
 Biogen Idec, Inc.*.............................. 18,732 1,136,845
 Celgene Corp.*.................................. 19,146 1,189,733
 Genzyme Corp.*.................................. 15,540 1,093,239
 Gilead Sciences, Inc.*.......................... 22,886 1,184,579
 -----------
TOTAL BIOTECHNOLOGY 5,763,776
 -----------

 HEALTH CARE EQUIPMENT & SUPPLIES 21.1%
 Baxter International, Inc. ..................... 19,008 1,184,578
 Becton, Dickinson & Co. ........................ 12,520 1,119,288
 Boston Scientific Corp.*........................ 88,596 1,180,985
 C.R. Bard, Inc. ................................ 11,120 1,047,170
 Covidien, Ltd. ................................. 25,716 1,200,680
 Hospira, Inc.*.................................. 25,640 1,055,086
 Medtronic, Inc. ................................ 22,808 1,110,293
 St Jude Medical, Inc.*.......................... 26,010 1,138,718
 Stryker Corp. .................................. 17,336 1,123,893
 Varian Medical Systems, Inc.*................... 23,626 1,107,587
 Zimmer Holdings, Inc.*.......................... 14,054 1,042,245
 -----------
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES 12,310,523
 -----------

 HEALTH CARE PROVIDERS & SERVICES 29.8%
 Aetna, Inc. .................................... 25,782 1,124,095
 AmerisourceBergen Corp. ........................ 26,730 1,083,902
 Cardinal Health, Inc. .......................... 21,162 1,101,905
 CIGNA Corp. .................................... 27,712 1,183,580
 Coventry Health Care, Inc.*..................... 26,316 1,177,115
 Express Scripts, Inc.*.......................... 18,052 1,264,001
 Humana, Inc.*................................... 24,256 1,159,194
 Laboratory Corp. of America Holdings*........... 14,814 1,120,235
 McKesson Corp. ................................. 20,104 1,047,820
 Medco Health Solutions, Inc.*................... 24,712 1,224,232
 Patterson Cos., Inc.*........................... 30,708 1,050,214
 Quest Diagnostics, Inc. ........................ 24,566 1,232,722
 Tenet Healthcare Corp.*......................... 213,106 1,363,878
 UnitedHealth Group, Inc. ....................... 31,310 1,021,645
 WellPoint, Inc.*................................ 24,082 1,198,080
 -----------
TOTAL HEALTH CARE PROVIDERS & SERVICES 17,352,618
 -----------

 HEALTH CARE TECHNOLOGY 2.2%
 IMS Health, Inc. ............................... 52,002 1,287,050
 -----------
TOTAL HEALTH CARE TECHNOLOGY 1,287,050
 -----------

 LIFE SCIENCES TOOLS & SERVICES 10.3%
 Applera Corp. -- Applied Biosystems Group....... 34,860 1,112,383
 Millipore Corp.*................................ 16,510 1,157,351
 PerkinElmer, Inc. .............................. 47,564 1,263,300
 Thermo Electron Corp.*.......................... 20,388 1,179,853
 Waters Corp.*................................... 20,868 1,282,547
 -----------
TOTAL LIFE SCIENCES TOOLS & SERVICES 5,995,434
 -----------

 PHARMACEUTICALS 26.7%
 Abbott Laboratories............................. 19,916 1,050,569
 Allergan, Inc. ................................. 19,646 1,107,445
 Barr Pharmaceuticals, Inc.*..................... 23,570 1,183,921
 Bristol-Myers Squibb Co. ....................... 51,500 1,131,455
 Eli Lilly & Co. ................................ 22,170 1,067,264
 Forest Laboratories, Inc.*...................... 27,976 971,047
 Johnson & Johnson............................... 16,890 1,133,150
 King Pharmaceuticals, Inc.*..................... 125,916 1,182,351
 Merck & Co., Inc. .............................. 25,544 971,694
 Mylan Laboratories, Inc. ....................... 99,236 1,306,938
 Pfizer, Inc. ................................... 53,576 1,077,413
 Schering-Plough Corp. .......................... 54,344 1,000,473
 Watson Pharmaceuticals, Inc.*................... 38,514 1,195,475
 Wyeth........................................... 26,612 1,183,436
 -----------
TOTAL PHARMACEUTICALS 15,562,631
 -----------
TOTAL COMMON STOCKS
 (Cost $60,162,128) 58,272,032
 -----------

SHORT TERM INVESTMENTS 0.0%(A)
 SSgA Prime Money Market Fund.................... 3,150 3,150
 -----------
TOTAL SHORT TERM INVESTMENTS
 (Cost $3,150) 3,150
 -----------
TOTAL INVESTMENTS 100.0%
 (Cost $60,165,278) 58,275,182
 -----------
OTHER ASSETS IN EXCESS OF LIABILITIES--0.0%(A) 5,494
 -----------
NET ASSETS--100.0% $58,280,676
------------------------------------------------------------------------

* Non-Income Producing Security.

(a) Amount represents less than 0.05% of net assets.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 44

RYDEX S&P EQUAL WEIGHT INDUSTRIALS ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 MARKET
 SHARES VALUE
-----------------------------------------------------------------------
COMMON STOCKS 99.6%
 AEROSPACE & DEFENSE 19.5%
 Boeing Co. ..................................... 3,080 $261,369
 General Dynamics Corp. ......................... 2,670 241,421
 Goodrich Corp. ................................. 3,860 263,059
 Honeywell International, Inc. .................. 4,210 250,074
 L-3 Communications Holdings, Inc. .............. 2,130 237,388
 Lockheed Martin Corp. .......................... 2,270 240,711
 Northrop Grumman Corp. ......................... 2,900 213,353
 Precision Castparts Corp. ...................... 2,380 279,793
 Raytheon Co. ................................... 3,610 230,932
 Rockwell Collins, Inc. ......................... 4,220 266,324
 United Technologies Corp. ...................... 3,300 239,151
 -----------
TOTAL AEROSPACE & DEFENSE 2,723,575
 -----------

 AIR FREIGHT & LOGISTICS 7.1%
 C.H. Robinson Worldwide, Inc. .................. 4,170 261,376
 Expeditors International of Washington, Inc. ... 5,350 249,256
 FedEx Corp. .................................... 2,640 253,097
 United Parcel Service, Inc. -- Class B.......... 3,170 229,540
 -----------
TOTAL AIR FREIGHT & LOGISTICS 993,269
 -----------

 AIRLINES 1.8%
 Southwest Airlines Co. ......................... 18,910 250,368
 -----------
TOTAL AIRLINES 250,368
 -----------

 BUILDING PRODUCTS 3.2%
 Masco Corp. .................................... 11,750 213,968
 Trane, Inc. .................................... 5,010 233,015
 -----------
TOTAL BUILDING PRODUCTS 446,983
 -----------

 COMMERCIAL SERVICES & SUPPLIES 15.5%
 Allied Waste Industries, Inc.*.................. 22,480 277,853
 Avery Dennison Corp. ........................... 4,790 230,830
 Cintas Corp. ................................... 7,910 234,215
 Equifax, Inc. .................................. 6,670 255,261
 Monster Worldwide, Inc.*........................ 9,590 233,325
 Pitney Bowes, Inc. ............................. 6,430 232,187
 R.R. Donnelley & Sons Co. ...................... 7,870 241,137
 Robert Half International, Inc. ................ 9,030 214,011
 Waste Management, Inc. ......................... 6,880 248,368
 -----------
TOTAL COMMERCIAL SERVICES & SUPPLIES 2,167,187
 -----------

 CONSTRUCTION & ENGINEERING 4.0%
 Fluor Corp. .................................... 1,760 269,051
 Jacobs Engineering Group, Inc.*................. 3,300 284,889
 -----------
TOTAL CONSTRUCTION & ENGINEERING 553,940
 -----------

 ELECTRICAL EQUIPMENT 5.2%
 Cooper Industries, Ltd. -- Class A.............. 6,070 257,307
 Emerson Electric Co. ........................... 4,630 241,964
 Rockwell Automation, Inc. ...................... 4,210 228,308
 -----------
TOTAL ELECTRICAL EQUIPMENT 727,579
 -----------

 INDUSTRIAL CONGLOMERATES 6.7%
 3M Co. ......................................... 2,910 223,779
 General Electric Co. ........................... 6,150 201,105
 Textron, Inc. .................................. 4,230 258,073
 Tyco International, Ltd. ....................... 5,270 246,583
 -----------
TOTAL INDUSTRIAL CONGLOMERATES 929,540
 -----------

 MACHINERY 25.4%
 Caterpillar, Inc. .............................. 3,070 251,372
 Cummins, Inc. .................................. 4,690 293,829
 Danaher Corp. .................................. 3,000 234,060
 Deere & Co. .................................... 2,890 242,962
 Dover Corp. .................................... 5,570 275,548
 Eaton Corp. .................................... 2,860 251,222
 Illinois Tool Works, Inc. ...................... 4,730 247,332
 Ingersoll-Rand Co., Ltd. -- Class A............. 5,330 236,545
 ITT Corp. ...................................... 4,320 276,480
 Manitowoc Co., Inc. ............................ 6,010 227,298
 PACCAR, Inc. ................................... 4,920 232,814
 Pall Corp. ..................................... 6,160 214,183
 Parker-Hannifin Corp. .......................... 3,530 281,871
 Terex Corp.*.................................... 3,890 271,055
 -----------
TOTAL MACHINERY 3,536,571
 -----------

 ROAD & RAIL 9.4%
 Burlington Northern Santa Fe Corp. ............. 2,510 257,401
 CSX Corp. ...................................... 4,200 264,390
 Norfolk Southern Corp. ......................... 4,320 257,386
 Ryder System, Inc. ............................. 3,720 254,708
 Union Pacific Corp. ............................ 1,860 270,053
 -----------
TOTAL ROAD & RAIL 1,303,938
 -----------

 TRADING COMPANIES & DISTRIBUTORS 1.8%
 W.W. Grainger, Inc. ............................ 2,920 253,193
 -----------
TOTAL TRADING COMPANIES & DISTRIBUTORS 253,193
 -----------
TOTAL COMMON STOCKS
 (Cost $12,572,154) 13,886,143
 -----------

SHORT TERM INVESTMENTS 0.4%
 SSgA Prime Money Market Fund.................... 55,641 55,641
 -----------
TOTAL SHORT TERM INVESTMENTS
 (Cost $55,641) 55,641
 -----------
TOTAL INVESTMENTS 100.0%
 (Cost $12,627,795) 13,941,784
 -----------
OTHER ASSETS IN EXCESS OF LIABILITIES--0.0%(A) 4,920
 -----------
NET ASSETS--100.0% $13,946,704
-----------------------------------------------------------------------

* Non-Income Producing Security.

(a) Amount represents less than 0.05% of net assets.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 45

RYDEX S&P EQUAL WEIGHT MATERIALS ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 MARKET
 SHARES VALUE
-----------------------------------------------------------------------
COMMON STOCKS 99.7%
 CHEMICALS 46.3%
 Air Products & Chemicals, Inc. ................. 1,042 $102,564
 Ashland, Inc. .................................. 1,972 104,555
 Dow Chemical Co. ............................... 2,427 97,444
 Du Pont (E.I.) de Nemours & Co. ................ 1,988 97,233
 Eastman Chemical Co. ........................... 1,456 107,016
 Ecolab, Inc. ................................... 2,086 95,873
 Hercules, Inc. ................................. 4,858 91,330
 International Flavors & Fragrances, Inc. ....... 2,161 98,563
 Monsanto Co. ................................... 927 105,697
 PPG Industries, Inc. ........................... 1,532 94,019
 Praxair, Inc. .................................. 1,122 102,450
 Rohm & Haas Co. ................................ 1,682 89,903
 Sigma-Aldrich Corp. ............................ 1,576 89,864
 ----------
TOTAL CHEMICALS 1,276,511
 ----------

 CONSTRUCTION MATERIALS 3.8%
 Vulcan Materials Co. ........................... 1,501 103,299
 ----------
TOTAL CONSTRUCTION MATERIALS 103,299
 ----------

 CONTAINERS & PACKAGING 14.3%
 Ball Corp. ..................................... 2,128 114,444
 Bemis Co., Inc. ................................ 3,758 98,835
 Pactiv Corp.*................................... 3,548 84,407
 Sealed Air Corp. ............................... 3,818 96,557
 ----------
TOTAL CONTAINERS & PACKAGING 394,243
 ----------

 METALS & MINING 25.4%
 Alcoa, Inc. .................................... 2,558 88,967
 Allegheny Technologies, Inc. ................... 1,292 88,928
 Freeport-McMoRan Copper & Gold, Inc. ........... 999 113,636
 Newmont Mining Corp. ........................... 1,832 80,993
 Nucor Corp. .................................... 1,328 100,264
 Titanium Metals Corp. .......................... 6,937 105,720
 United States Steel Corp. ...................... 784 120,697
 ----------
TOTAL METALS & MINING 699,205
 ----------

 PAPER & FOREST PRODUCTS 9.9%
 International Paper Co. ........................ 3,270 85,576
 MeadWestvaco Corp. ............................. 3,453 90,814
 Weyerhaeuser Co. ............................... 1,492 95,309
 ----------
TOTAL PAPER & FOREST PRODUCTS 271,699
 ----------
TOTAL COMMON STOCKS
 (Cost $3,059,531) 2,744,957
 ----------

SHORT TERM INVESTMENTS 0.2%
 SSgA Prime Money Market Fund.................... 6,360 6,360
 ----------
TOTAL SHORT TERM INVESTMENTS
 (Cost $6,360) 6,360
 ----------
TOTAL INVESTMENTS 99.9%
 (Cost $3,065,891) 2,751,317
 ----------
OTHER ASSETS IN EXCESS OF LIABILITIES--0.1% 3,611
 ----------
NET ASSETS--100.0% $2,754,928
-----------------------------------------------------------------------

*Non-Income Producing Security.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 46

RYDEX S&P EQUAL WEIGHT TECHNOLOGY ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------------
COMMON STOCKS 99.9%
 COMMUNICATIONS EQUIPMENT 11.2%
 Ciena Corp.*.................................... 9,404 $317,949
 Cisco Systems, Inc.*............................ 11,004 282,143
 Corning, Inc. .................................. 11,492 306,951
 JDS Uniphase Corp.*............................. 20,886 298,879
 Juniper Networks, Inc.*......................... 11,300 312,106
 Motorola, Inc. ................................. 29,879 297,595
 QUALCOMM, Inc. ................................. 7,228 312,177
 Tellabs, Inc.*.................................. 48,792 251,767
 -----------
TOTAL COMMUNICATIONS EQUIPMENT 2,379,567
 -----------

 COMPUTERS & PERIPHERALS 15.4%
 Apple, Inc.*.................................... 2,101 365,469
 Dell, Inc.*..................................... 13,829 257,634
 EMC Corp.*...................................... 19,242 296,327
 Hewlett-Packard Co. ............................ 5,826 270,035
 International Business Machines Corp. .......... 2,346 283,162
 Lexmark International, Inc. -- Class A*......... 8,918 279,936
 NetApp, Inc.*................................... 14,043 339,841
 QLogic Corp.*................................... 18,088 288,684
 SanDisk Corp.*.................................. 13,684 370,700
 Sun Microsystems, Inc.*......................... 17,363 271,905
 Teradata Corp.*................................. 11,843 252,137
 -----------
TOTAL COMPUTERS & PERIPHERALS 3,275,830
 -----------

 ELECTRONIC EQUIPMENT & INSTRUMENTS 5.6%
 Agilent Technologies, Inc.*..................... 9,417 284,488
 Jabil Circuit, Inc. ............................ 23,193 252,340
 Molex, Inc. .................................... 12,081 342,859
 Tyco Electronics, Ltd. ......................... 8,518 318,658
 -----------
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS 1,198,345
 -----------

 INTERNET SOFTWARE & SERVICES 7.5%
 Akamai Technologies, Inc.*...................... 9,349 334,414
 eBay, Inc.*..................................... 9,855 308,363
 Google, Inc. -- Class A*........................ 652 374,437
 VeriSign, Inc.*................................. 8,050 290,202
 Yahoo!, Inc.*................................... 10,153 278,294
 -----------
TOTAL INTERNET SOFTWARE & SERVICES 1,585,710
 -----------

 IT SERVICES 16.7%
 Affiliated Computer Services, Inc. -- Class A*.. 5,791 306,749
 Automatic Data Processing, Inc. ................ 6,786 299,941
 Cognizant Technology Solutions Corp. -- Class
 A*........................................... 9,931 320,275
 Computer Sciences Corp.*........................ 6,864 299,202
 Convergys Corp.*................................ 18,292 287,550
 Electronic Data Systems Corp. .................. 16,926 314,146
 Fidelity National Information Services, Inc. ... 7,214 260,137
 Fiserv, Inc.*................................... 5,676 286,922
 Paychex, Inc. .................................. 8,517 309,763
 Total System Services, Inc. .................... 12,286 292,407
 Unisys Corp.*................................... 65,541 272,651
 Western Union Co. .............................. 12,494 287,362
 -----------
TOTAL IT SERVICES 3,537,105
 -----------

 OFFICE ELECTRONICS 1.2%
 Xerox Corp. .................................... 18,256 255,036
 -----------
TOTAL OFFICE ELECTRONICS 255,036
 -----------

 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 26.0%
 Advanced Micro Devices, Inc.*................... 44,518 265,327
 Altera Corp. ................................... 15,235 324,201
 Analog Devices, Inc. ........................... 9,898 318,815
 Applied Materials, Inc. ........................ 13,094 244,334
 Broadcom Corp. -- Class A*...................... 16,333 424,005
 Intel Corp. .................................... 12,696 282,613
 KLA-Tencor Corp. ............................... 7,750 338,520
 Linear Technology Corp. ........................ 8,912 311,563
 LSI Logic Corp.*................................ 54,719 339,258
 MEMC Electronic Materials, Inc.*................ 3,362 211,705
 Microchip Technology, Inc. ..................... 8,282 304,363
 Micron Technology, Inc.*........................ 46,943 362,400
 National Semiconductor Corp. ................... 15,351 313,007
 Novellus Systems, Inc.*......................... 12,915 282,322
 NVIDIA Corp.*................................... 15,347 315,381
 Teradyne, Inc.*................................. 22,995 305,604
 Texas Instruments, Inc. ........................ 9,738 283,960
 Xilinx, Inc. ................................... 11,434 283,220
 -----------
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 5,510,598
 -----------

 SOFTWARE 16.3%
 Adobe Systems, Inc.*............................ 7,950 296,455
 Autodesk, Inc.*................................. 8,620 327,560
 BMC Software, Inc.*............................. 8,442 293,444
 CA, Inc. ....................................... 12,402 274,580
 Citrix Systems, Inc.*........................... 8,618 282,239
 Compuware Corp.*................................ 36,201 272,956
 Electronic Arts, Inc.*.......................... 5,740 295,438
 Intuit, Inc.*................................... 10,246 276,335
 Microsoft Corp. ................................ 9,498 270,883
 Novell, Inc.*................................... 45,785 287,530
 Oracle Corp.*................................... 13,864 289,064
 Symantec Corp.*................................. 16,445 283,183
 -----------
TOTAL SOFTWARE 3,449,667
 -----------
TOTAL COMMON STOCKS
 (Cost $23,671,957)...................................... 21,191,858
 -----------

SHORT TERM INVESTMENTS 0.0%(A)
 SSgA Prime Money Market Fund.................... 100 100
 -----------
TOTAL SHORT TERM INVESTMENTS
 (Cost $100) 100
 -----------
TOTAL INVESTMENTS 99.9%
 (Cost $23,672,057) 21,191,958
 -----------
OTHER ASSETS IN EXCESS OF LIABILITIES--0.1% 17,525
 -----------
NET ASSETS--100.0% $21,209,483
------------------------------------------------------------------------

* Non-Income Producing Security.

(a) Amount represents less than 0.05% of net assets.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 47

RYDEX S&P EQUAL WEIGHT UTILITIES ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 MARKET
 SHARES VALUE
----------------------------------------------------------------------
COMMON STOCKS 99.8%
 DIVERSIFIED TELECOMMUNICATION SERVICES 17.1%
 AT&T, Inc. ..................................... 3,580 $138,582
 CenturyTel, Inc. ............................... 3,890 126,230
 Citizens Communications Co. .................... 12,319 132,060
 Embarq Corp. ................................... 3,340 138,844
 Qwest Communications International, Inc. ....... 28,348 146,276
 Verizon Communications, Inc. ................... 3,680 141,606
 Windstream Corp. ............................... 10,799 126,780
 ----------
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES 950,378
 ----------

 ELECTRIC UTILITIES 32.0%
 Allegheny Energy, Inc. ......................... 2,680 144,184
 American Electric Power Co., Inc. .............. 3,200 142,816
 Duke Energy Corp. .............................. 7,239 132,546
 Edison International............................ 2,690 140,337
 Entergy Corp. .................................. 1,240 142,426
 Exelon Corp. ................................... 1,620 138,478
 FirstEnergy Corp. .............................. 1,890 142,960
 FPL Group, Inc. ................................ 2,150 142,523
 Pepco Holdings, Inc. ........................... 5,270 131,276
 Pinnacle West Capital Corp. .................... 3,630 123,202
 PPL Corp. ...................................... 2,820 135,416
 Progress Energy, Inc. .......................... 3,130 131,429
 Southern Co. ................................... 3,650 135,890
 ----------
TOTAL ELECTRIC UTILITIES 1,783,483
 ----------

 GAS UTILITIES 5.2%
 Nicor, Inc. .................................... 3,900 136,968
 Questar Corp. .................................. 2,410 149,492
 ----------
TOTAL GAS UTILITIES 286,460
 ----------

 INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 7.5%
 AES Corp.*...................................... 8,119 140,946
 Constellation Energy Group, Inc. ............... 1,540 130,361
 Dynegy, Inc. -- Class A*........................ 17,019 146,704
 ----------
TOTAL INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 418,011
 ----------

 MULTI-UTILITIES 32.2%
 Ameren Corp. ................................... 3,010 $136,534
 CenterPoint Energy, Inc. ....................... 9,209 140,161
 CMS Energy Corp. ............................... 9,429 137,475
 Consolidated Edison, Inc. ...................... 3,200 133,120
 Dominion Resources, Inc. ....................... 3,210 139,282
 DTE Energy Co. ................................. 3,320 133,829
 Integrys Energy Group, Inc. .................... 2,870 137,444
 NiSource, Inc. ................................. 7,419 132,800
 PG&E Corp. ..................................... 3,530 141,200
 Public Service Enterprise Group, Inc. .......... 3,130 137,438
 Sempra Energy................................... 2,620 148,475
 TECO Energy, Inc. .............................. 8,659 138,631
 Xcel Energy, Inc. .............................. 6,480 134,784
 ----------
TOTAL MULTI-UTILITIES 1,791,173
 ----------

 WIRELESS TELECOMMUNICATION SERVICES 5.8%
 American Tower Corp. -- Class A*................ 3,320 144,154
 Sprint Nextel Corp. ............................ 22,528 179,999
 ----------
TOTAL WIRELESS TELECOMMUNICATION SERVICES 324,153
 ----------
TOTAL COMMON STOCKS
 (Cost $5,778,662) 5,553,658
 ----------

SHORT TERM INVESTMENTS 0.1%
 SSgA Prime Money Market Fund.................... 3,474 3,474
 ----------
TOTAL SHORT TERM INVESTMENTS
 (Cost $3,474) 3,474
 ----------
TOTAL INVESTMENTS 99.9%
 (Cost $5,782,136) 5,557,132
 ----------
OTHER ASSETS IN EXCESS OF LIABILITIES--0.1% 8,251
 ----------
NET ASSETS--100.0% $5,565,383
----------------------------------------------------------------------

*Non-Income Producing Security.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 48

STATEMENTS OF ASSETS AND LIABILITIES April 30, 2008 (Unaudited)

 RYDEX S&P RYDEX S&P RYDEX S&P
 RYDEX S&P RYDEX S&P MIDCAP 400 MIDCAP 400 SMALLCAP
 500 PURE 500 PURE PURE VALUE PURE GROWTH 600 PURE
 VALUE ETF GROWTH ETF ETF ETF VALUE ETF
 ----------- ----------- ----------- ----------- -----------
ASSETS
Investments at Market Value*....... $27,168,107 $49,380,147 $14,382,162 $16,539,070 $26,821,499
Cash............................... 16 -- -- -- --
Receivables:
 Dividends........................ 32,725 22,765 20,808 2,066 21,791
 ----------- ----------- ----------- ----------- -----------
 TOTAL ASSETS.................. 27,200,848 49,402,912 14,402,970 16,541,136 26,843,290
 ----------- ----------- ----------- ----------- -----------
LIABILITIES
Payables:
 Accrued Management Fees.......... 7,795 13,942 4,047 4,636 7,887
 ----------- ----------- ----------- ----------- -----------
 TOTAL LIABILITIES............. 7,795 13,942 4,047 4,636 7,887
 ----------- ----------- ----------- ----------- -----------
NET ASSETS......................... $27,193,053 $49,388,970 $14,398,923 $16,536,500 $26,835,403
 =========== =========== =========== =========== ===========
NET ASSETS CONSIST OF:
Paid-in Capital.................... $33,210,084 $52,119,954 $16,989,519 $18,314,997 $33,574,256
Undistributed Net Investment
 Income/(Loss).................... 52,042 13,047 29,479 (2,478) 62,548
Accumulated Net Realized Loss on
 Investments...................... (283,927) (759,344) (137,369) (579,053) (2,490,461)
Net Unrealized Depreciation on
 Investments...................... (5,785,146) (1,984,687) (2,482,706) (1,196,966) (4,310,940)
 ----------- ----------- ----------- ----------- -----------
NET ASSETS......................... $27,193,053 $49,388,970 $14,398,923 $16,536,500 $26,835,403
 =========== =========== =========== =========== ===========
Shares Outstanding (Unlimited
 Shares Authorized), No Par
 Value............................ 950,550 1,350,065 450,121 300,011 850,034
 =========== =========== =========== =========== ===========
Net Asset Value, Offering Price and
 Repurchase Price Per Share....... $ 28.61 $ 36.58 $ 31.99 $ 55.12 $ 31.57
 =========== =========== =========== =========== ===========
*Total Cost of Investments......... $32,953,253 $51,364,834 $16,864,868 $17,736,036 $31,132,439
 =========== =========== =========== =========== ===========

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 49

STATEMENTS OF ASSETS AND LIABILITIES April 30, 2008 (Unaudited)

 RYDEX S&P RYDEX S&P
 RYDEX S&P EQUAL WEIGHT EQUAL WEIGHT RYDEX S&P RYDEX S&P
 SMALLCAP 600 CONSUMER CONSUMER EQUAL WEIGHT EQUAL WEIGHT
 PURE GROWTH ETF DISCRETIONARY ETF STAPLES ETF ENERGY ETF FINANCIALS ETF
 --------------- ----------------- ------------ ------------ --------------
ASSETS
Investments at Market Value*.. $5,765,475 $ 7,658,965 $12,559,759 $14,317,088 $ 5,564,511
Cash.......................... -- -- -- 23 --
Receivables:
 Dividends................... 1,127 5,206 12,393 6,174 3,892
 ---------- ----------- ----------- ----------- -----------
 TOTAL ASSETS............. 5,766,602 7,664,171 12,572,152 14,323,285 5,568,403
 ---------- ----------- ----------- ----------- -----------
LIABILITIES
Payables:
 Accrued Management Fees..... 1,640 5,165 5,120 5,813 2,261
 ---------- ----------- ----------- ----------- -----------
 TOTAL LIABILITIES........ 1,640 5,165 5,120 5,813 2,261
 ---------- ----------- ----------- ----------- -----------
NET ASSETS.................... $5,764,962 $ 7,659,006 $12,567,032 $14,317,472 $ 5,566,142
 ========== =========== =========== =========== ===========
NET ASSETS CONSIST OF:
Paid-in Capital............... $6,693,841 $10,831,213 $12,058,381 $11,665,009 $ 7,361,096
Undistributed Net Investment
 Income/(Loss)............... (343) 4,479 14,211 (318) 9,131
Accumulated Net Realized
 Gain/(Loss) on Investments.. (307,791) (918,440) (61,299) 303,354 (193,722)
Net Unrealized
 Appreciation/(Depreciation)
 on Investments.............. (620,745) (2,258,246) 555,739 2,349,427 (1,610,363)
 ---------- ----------- ----------- ----------- -----------
NET ASSETS.................... $5,764,962 $ 7,659,006 $12,567,032 $14,317,472 $ 5,566,142
 ========== =========== =========== =========== ===========
Shares Outstanding (Unlimited
 Shares Authorized), No Par
 Value....................... 150,004 200,000 250,000 200,005 150,000
 ========== =========== =========== =========== ===========
Net Asset Value, Offering
 Price and Repurchase Price
 Per Share................... $ 38.43 $ 38.30 $ 50.27 $ 71.59 $ 37.11
 ========== =========== =========== =========== ===========
*Total Cost of Investments.... $6,386,220 $ 9,917,211 $12,004,020 $11,967,661 $ 7,174,874
 ========== =========== =========== =========== ===========

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 50

STATEMENTS OF ASSETS AND LIABILITIES April 30, 2008 (Unaudited)

 RYDEX S&P RYDEX S&P RYDEX S&P RYDEX S&P RYDEX S&P
 EQUAL WEIGHT EQUAL WEIGHT EQUAL WEIGHT EQUAL WEIGHT EQUAL WEIGHT
 HEALTH CARE ETF INDUSTRIALS ETF MATERIALS ETF TECHNOLOGY ETF UTILITIES ETF
 --------------- --------------- ------------- -------------- -------------
ASSETS
Investments at Market Value*... $58,275,182 $13,941,784 $2,751,317 $21,191,958 $5,557,132
Cash........................... -- -- -- -- 10
Receivables:
 Investments Sold............. -- -- -- 22,981 --
 Dividends.................... 24,555 10,504 5,204 4,998 10,487
 ----------- ----------- ---------- ----------- ----------
 TOTAL ASSETS.............. 58,299,737 13,952,288 2,756,521 21,219,937 5,567,629
 ----------- ----------- ---------- ----------- ----------
LIABILITIES
Payables:
 Due to Custodian............. -- -- -- 548 --
 Accrued Management Fees...... 19,061 5,584 1,593 9,906 2,246
 ----------- ----------- ---------- ----------- ----------
 TOTAL LIABILITIES......... 19,061 5,584 1,593 10,454 2,246
 ----------- ----------- ---------- ----------- ----------
NET ASSETS..................... $58,280,676 $13,946,704 $2,754,928 $21,209,483 $5,565,383
 =========== =========== ========== =========== ==========
NET ASSETS CONSIST OF:
Paid-in Capital................ $60,342,145 $12,525,672 $3,153,327 $24,096,392 $5,735,156
Undistributed Net Investment
 Income/(Loss)................ 4,334 5,299 6,720 (6,412) 13,795
Accumulated Net Realized
 Gain/(Loss) on Investments... (175,707) 101,744 (90,545) (400,398) 41,436
Net Unrealized
 Appreciation/(Depreciation)
 on Investments............... (1,890,096) 1,313,989 (314,574) (2,480,099) (225,004)
 ----------- ----------- ---------- ----------- ----------
NET ASSETS..................... $58,280,676 $13,946,704 $2,754,928 $21,209,483 $5,565,383
 =========== =========== ========== =========== ==========
Shares Outstanding (Unlimited
 Shares Authorized), No Par
 Value........................ 1,100,000 250,000 50,000 450,000 100,000
 =========== =========== ========== =========== ==========
Net Asset Value, Offering Price
 and Repurchase Price Per
 Share........................ $ 52.98 $ 55.79 $ 55.10 $ 47.13 $ 55.65
 =========== =========== ========== =========== ==========
*Total Cost of Investments..... $60,165,278 $12,627,795 $3,065,891 $23,672,057 $5,782,136
 =========== =========== ========== =========== ==========

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 51

STATEMENTS OF OPERATIONS For the Six-Months Ended April 30, 2008 (Unaudited)

 RYDEX S&P RYDEX S&P RYDEX S&P RYDEX S&P RYDEX S&P
 500 PURE 500 PURE MIDCAP 400 MIDCAP 400 SMALLCAP 600
 VALUE ETF GROWTH ETF PURE VALUE ETF PURE GROWTH ETF PURE VALUE ETF
 ----------- ----------- -------------- --------------- --------------
INVESTMENT INCOME
 Dividends................... $ 619,435 $ 214,577 $ 230,980 $ 36,513 $ 326,702
 Foreign Taxes Withheld...... -- -- -- -- (355)
 ----------- ----------- ----------- ----------- -----------
 Total Income............. 619,435 214,577 230,980 36,513 326,347
 ----------- ----------- ----------- ----------- -----------
EXPENSES
 Management Fee.............. 55,771 87,741 26,427 30,992 39,994
 ----------- ----------- ----------- ----------- -----------
Net Investment Income......... 563,664 126,836 204,553 5,521 286,353
 ----------- ----------- ----------- ----------- -----------
REALIZED AND UNREALIZED
 GAIN/(LOSS)
 ON INVESTMENTS
Net Realized Gain/(Loss) From:
 Investments................. (272,835) (403,696) (10,160) (554,428) (2,267,588)
 In-kind Redemptions......... (659,099) 2,995,646 (164,386) 1,463,975 607,023
 ----------- ----------- ----------- ----------- -----------
 Net Realized
 Gain/(Loss)............ (931,934) 2,591,950 (174,546) 909,547 (1,660,565)
Net Change in Unrealized
 Depreciation on
 Investments................. (5,552,665) (7,314,696) (2,020,763) (2,245,128) (1,590,350)
 ----------- ----------- ----------- ----------- -----------
Net Realized and Unrealized
 Loss on Investments......... (6,484,599) (4,722,746) (2,195,309) (1,335,581) (3,250,915)
 ----------- ----------- ----------- ----------- -----------
 NET DECREASE IN NET
 ASSETS RESULTING FROM
 OPERATIONS............. $(5,920,935) $(4,595,910) $(1,990,756) $(1,330,060) $(2,964,562)
 =========== =========== =========== =========== ===========

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 52

STATEMENTS OF OPERATIONS For the Six-Months Ended April 30, 2008 (Unaudited)

 RYDEX S&P RYDEX S&P
 RYDEX S&P EQUAL WEIGHT EQUAL WEIGHT RYDEX S&P RYDEX S&P
 SMALLCAP 600 CONSUMER CONSUMER EQUAL WEIGHT EQUAL WEIGHT
 PURE GROWTH ETF DISCRETIONARY ETF STAPLES ETF ENERGY ETF FINANCIALS ETF
 --------------- ----------------- ------------ ------------ --------------
INVESTMENT INCOME
 Dividends..................... $ 35,004 $ 173,785 $ 98,915 $ 63,229 $ 94,504
 ----------- ----------- --------- ---------- -----------
 Total Income............... 35,004 173,785 98,915 63,229 94,504
 ----------- ----------- --------- ---------- -----------
EXPENSES
 Management Fee................ 11,819 43,110 22,237 33,920 14,539
 ----------- ----------- --------- ---------- -----------
Net Investment Income........... 23,185 130,675 76,678 29,309 79,965
 ----------- ----------- --------- ---------- -----------
REALIZED AND UNREALIZED
 GAIN/(LOSS) ON INVESTMENTS
Net Realized Gain/(Loss) From:
 Investments................... (255,659) (915,584) 19,236 314,607 (162,551)
 In-kind Redemptions........... 573,585 (846,883) -- 751,134 --
 ----------- ----------- --------- ---------- -----------
 Net Realized Gain/(Loss)... 317,926 (1,762,467) 19,236 1,065,741 (162,551)
Net Change in Unrealized
 Depreciation on Investments... (1,530,065) (1,303,954) (151,947) (262,124) (1,280,258)
 ----------- ----------- --------- ---------- -----------
Net Realized and Unrealized
 Gain/(Loss) on Investments.... (1,212,139) (3,066,421) (132,711) 803,617 (1,442,809)
 ----------- ----------- --------- ---------- -----------
 NET INCREASE/(DECREASE) IN
 NET ASSETS RESULTING FROM
 OPERATIONS............... $(1,188,954) $(2,935,746) $ (56,033) $ 832,926 $(1,362,844)
 =========== =========== ========= ========== ===========

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 53

STATEMENTS OF OPERATIONS For the Six-Months Ended April 30, 2008 (Unaudited)

 RYDEX S&P RYDEX S&P RYDEX S&P RYDEX S&P RYDEX S&P
 EQUAL WEIGHT EQUAL WEIGHT EQUAL WEIGHT EQUAL WEIGHT EQUAL WEIGHT
 HEALTH CARE ETF INDUSTRIALS ETF MATERIALS ETF TECHNOLOGY ETF UTILITIES ETF
 --------------- --------------- ------------- -------------- -------------
INVESTMENT INCOME
 Dividends...................... $ 83,671 $ 75,349 $ 139,251 $ 59,740 $ 100,637
 ----------- -------- --------- ----------- ---------
 Total Income................ 83,671 75,349 139,251 59,740 100,637
 ----------- -------- --------- ----------- ---------
EXPENSES
 Management Fee................. 57,900 24,014 18,463 52,110 14,296
 ----------- -------- --------- ----------- ---------
Net Investment Income............ 25,771 51,335 120,788 7,630 86,341
 ----------- -------- --------- ----------- ---------
REALIZED AND UNREALIZED
 GAIN/(LOSS) ON INVESTMENTS
Net Realized Gain/(Loss) From:
 Investments.................... (155,495) 113,961 (78,067) (376,413) 43,622
 In-kind Redemptions............ 234,475 -- 317,838 448,019 --
 ----------- -------- --------- ----------- ---------
 Net Realized Gain........... 78,980 113,961 239,771 71,606 43,622
Net Change in Unrealized
 Appreciation/(Depreciation) on
 Investments.................... (1,742,759) 37,578 (853,015) (2,974,655) (706,941)
 ----------- -------- --------- ----------- ---------
Net Realized and Unrealized
 Gain/(Loss) on Investments..... (1,663,779) 151,539 (613,244) (2,903,049) (663,319)
 ----------- -------- --------- ----------- ---------
 NET INCREASE/(DECREASE) IN
 NET ASSETS RESULTING FROM
 OPERATIONS................ $(1,638,008) $202,874 $(492,456) $(2,895,419) $(576,978)
 =========== ======== ========= =========== =========

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 54

STATEMENTS OF CHANGES IN NET ASSETS

 RYDEX S&P 500 PURE VALUE ETF RYDEX S&P 500 PURE GROWTH ETF
 --------------------------------- ---------------------------------
 SIX MONTHS SIX MONTHS
 ENDED ENDED
 APRIL 30, 2008 YEAR ENDED APRIL 30, 2008 YEAR ENDED
 (UNAUDITED) OCTOBER 31, 2007 (UNAUDITED) OCTOBER 31, 2007
 -------------- ---------------- -------------- ----------------
OPERATIONS
 Net Investment Income............... $ 563,664 $ 782,512 $ 126,836 $ 287,779
 Net Realized Gain/(Loss)............ (931,934) 1,498,971 2,591,950 (303,897)
 Net Change in Unrealized
 Appreciation/(Depreciation) on
 Investments...................... (5,552,665) (1,243,457) (7,314,696) 4,763,550
 ------------ ------------ ------------ -----------
 Net Increase/(Decrease) in Net
 Assets Resulting From
 Operations....................... (5,920,935) 1,038,026 (4,595,910) 4,747,432
 ------------ ------------ ------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM
 Net Investment Income............... (582,663) (763,947) (129,003) (279,098)
 ------------ ------------ ------------ -----------
SHAREHOLDER TRANSACTIONS
 Proceeds From Shares Sold........... 6,014,981 30,026,191 13,294,295 41,220,808
 Value of Shares Reinvested.......... 10,755 6,721 893 1,567
 Value of Shares Repurchased......... (11,963,950) (11,904,315) (22,521,342) --
 ------------ ------------ ------------ -----------
 Net Increase/(Decrease) in Net
 Assets Resulting From Share
 Transactions..................... (5,938,214) 18,128,597 (9,226,154) 41,222,375
 ------------ ------------ ------------ -----------
 Increase/(Decrease) in Net
 Assets......................... (12,441,812) 18,402,676 (13,951,067) 45,690,709
NET ASSETS--BEGINNING OF PERIOD....... 39,634,865 21,232,189 63,340,037 17,649,328
 ------------ ------------ ------------ -----------
NET ASSETS--END OF PERIOD(1).......... $ 27,193,053 $ 39,634,865 $ 49,388,970 $63,340,037
 ============ ============ ============ ===========
(1) Including Undistributed Net
 Investment Income................... $ 52,042 $ 71,041 $ 13,047 $ 15,214
 ============ ============ ============ ===========
CHANGES IN SHARES OUTSTANDING:
 Shares Sold......................... 200,000 850,000 350,000 1,100,000
 Shares Reinvested................... 358 192 24 41
 Shares Repurchased.................. (400,000) (350,000) (600,000) --
 Shares Outstanding, Beginning of
 Period........................... 1,150,192 650,000 1,600,041 500,000
 ------------ ------------ ------------ -----------
 Shares Outstanding, End of Period... 950,550 1,150,192 1,350,065 1,600,041
 ============ ============ ============ ===========

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 55

STATEMENTS OF CHANGES IN NET ASSETS

 RYDEX S&P MIDCAP 400 PURE VALUE RYDEX S&P MIDCAP 400 PURE GROWTH
 ETF ETF
 --------------------------------- ---------------------------------
 SIX MONTHS SIX MONTHS
 ENDED ENDED
 APRIL 30, 2008 YEAR ENDED APRIL 30, 2008 YEAR ENDED
 (UNAUDITED) OCTOBER 31, 2007 (UNAUDITED) OCTOBER 31, 2007
 -------------- ---------------- -------------- ----------------
OPERATIONS
 Net Investment Income............... $ 204,553 $ 431,034 $ 5,521 $ 121,930
 Net Realized Gain/(Loss)............ (174,546) 1,170,195 909,547 1,847,506
 Net Change in Unrealized
 Appreciation/(Depreciation) on
 Investments...................... (2,020,763) (1,114,000) (2,245,128) 2,040,810
 ----------- ------------ ------------ ------------
 Net Increase/(Decrease) in Net
 Assets Resulting From
 Operations....................... (1,990,756) 487,229 (1,330,060) 4,010,246
 ----------- ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
 Net Investment Income............... (182,927) (425,129) (13,818) (118,480)
 Net Realized Gains.................. -- -- -- (64,208)
 ----------- ------------ ------------ ------------
 Total Distributions................. (182,927) (425,129) (13,818) (182,688)
 ----------- ------------ ------------ ------------
SHAREHOLDER TRANSACTIONS
 Proceeds From Shares Sold........... -- 20,533,730 10,426,073 8,630,176
 Value of Shares Reinvested.......... 1,369 2,802 170 432
 Value of Shares Repurchased......... (4,886,391) (14,113,540) (13,460,071) (14,090,678)
 ----------- ------------ ------------ ------------
 Net Increase/(Decrease) in Net
 Assets Resulting From Share
 Transactions..................... (4,885,022) 6,422,992 (3,033,828) (5,460,070)
 ----------- ------------ ------------ ------------
 Increase/(Decrease) in Net
 Assets......................... (7,058,705) 6,485,092 (4,377,706) (1,632,512)
NET ASSETS--BEGINNING OF PERIOD....... 21,457,628 14,972,536 20,914,206 22,546,718
 ----------- ------------ ------------ ------------
NET ASSETS--END OF PERIOD(1).......... $14,398,923 $ 21,457,628 $ 16,536,500 $ 20,914,206
 =========== ============ ============ ============
(1) Including Undistributed Net
 Investment Income................... $ 29,479 $ 7,853 $ (2,478) $ 5,819
 =========== ============ ============ ============
CHANGES IN SHARES OUTSTANDING:
 Shares Sold......................... -- 550,000 200,000 150,000
 Shares Reinvested................... 43 78 3 8
 Shares Repurchased.................. (150,000) (400,000) (250,000) (250,000)
 Shares Outstanding, Beginning of
 Period........................... 600,078 450,000 350,008 450,000
 ----------- ------------ ------------ ------------
 Shares Outstanding, End of Period... 450,121 600,078 300,011 350,008
 =========== ============ ============ ============

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 56

STATEMENTS OF CHANGES IN NET ASSETS

 RYDEX S&P SMALLCAP 600 RYDEX S&P SMALLCAP 600
 PURE VALUE ETF PURE GROWTH ETF
 ----------------------------------- -----------------------------------
 SIX MONTHS ENDED SIX MONTHS ENDED
 APRIL 30, 2008 YEAR ENDED APRIL 30, 2008 YEAR ENDED
 (UNAUDITED) OCTOBER 31, 2007 (UNAUDITED) OCTOBER 31, 2007
 ---------------- ---------------- ---------------- ----------------
OPERATIONS
 Net Investment Income.......... $ 286,353 $ 341,437 $ 23,185 $ 189
 Net Realized Gain/(Loss)....... (1,660,565) (164,386) 317,926 470,249
 Net Change in Unrealized
 Appreciation/(Depreciation)
 on Investments.............. (1,590,350) (2,989,872) (1,530,065) 855,709
 ----------- ----------- ----------- -----------
 Net Increase/(Decrease) in Net
 Assets Resulting From
 Operations.................. (2,964,562) (2,812,821) (1,188,954) 1,326,147
 ----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS
 FROM
 Net Investment Income.......... (223,805) (304,472) (23,528) (4,792)
 Capital........................ -- (9,172) -- --
 ----------- ----------- ----------- -----------
 Total Distributions to
 Shareholders................ (223,805) (313,644) (23,528) (4,792)
 ----------- ----------- ----------- -----------
SHAREHOLDER TRANSACTIONS
 Proceeds From Shares Sold...... 12,729,553 21,411,904 -- 4,219,106
 Value of Shares Reinvested..... 433 883 111 44
 Value of Shares Repurchased.... (5,132,560) (1,879,073) (4,251,773) (2,131,084)
 ----------- ----------- ----------- -----------
 Net Increase/(Decrease) in Net
 Assets Resulting From Share
 Transactions................ 7,597,426 19,533,714 (4,251,662) 2,088,066
 ----------- ----------- ----------- -----------
 Increase/Decrease in Net
 Assets.................... 4,409,059 16,407,249 (5,464,144) 3,409,421
NET ASSETS--BEGINNING OF PERIOD.. 22,426,344 6,019,095 11,229,106 7,819,685
 ----------- ----------- ----------- -----------
NET ASSETS--END OF PERIOD(1)..... $26,835,403 $22,426,344 $ 5,764,962 $11,229,106
 =========== =========== =========== ===========
(1) Including
 Undistributed/(Overdistrib-
 uted) Net Investment Income.. $ 62,548 $ -- $ (343) $ --
 =========== =========== =========== ===========
CHANGES IN SHARES OUTSTANDING:
 Shares Sold.................... 400,000 500,000 -- 100,000
 Shares Reinvested.............. 13 21 3 1
 Shares Repurchased............. (150,000) (50,000) (100,000) (50,000)
 Shares Outstanding, Beginning
 of Period................... 600,021 150,000 250,001 200,000
 ----------- ----------- ----------- -----------
 Shares Outstanding, End of
 Period...................... 850,034 600,021 150,004 250,001
 =========== =========== =========== ===========

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 57

STATEMENTS OF CHANGES IN NET ASSETS

 RYDEX S&P EQUAL WEIGHT RYDEX S&P EQUAL WEIGHT
 CONSUMER DISCRETIONARY ETF CONSUMER STAPLES ETF
 ------------------------------------ ------------------------------------
 FOR THE PERIOD FOR THE PERIOD
 SIX MONTHS ENDED NOVEMBER 1, 2006* SIX MONTHS ENDED NOVEMBER 1, 2006*
 APRIL 30, 2008 THROUGH APRIL 30, 2008 THROUGH
 (UNAUDITED) OCTOBER 31, 2007 (UNAUDITED) OCTOBER 31, 2007
 ---------------- ----------------- ---------------- -----------------
OPERATIONS
 Net Investment Income........ $ 130,675 $ 256,800 $ 76,678 $ 173,946
 Net Realized Gain/(Loss)..... (1,762,467) (3,021,999) 19,236 (50,768)
 Net Change in Unrealized
 Appreciation/(Deprecia-
 tion) on Investments...... (1,303,954) (954,292) (151,947) 707,686
 ------------ ------------- ----------- -----------
 Net Increase/(Decrease) in
 Net Assets Resulting From
 Operations................ (2,935,746) (3,719,491) (56,033) 830,864
 ------------ ------------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS
 FROM
 Net Investment Income........ (136,167) (246,829) (70,088) (166,325)
 ------------ ------------- ----------- -----------
SHAREHOLDER TRANSACTIONS
 Proceeds From Shares Sold.... 45,856,438 164,688,912 4,791,047 9,840,904
 Value of Shares Reinvested... -- -- -- --
 Value of Shares Repurchased.. (64,053,450) (131,794,661) -- (2,603,337)
 ------------ ------------- ----------- -----------
 Net Increase/(Decrease) in
 Net Assets Resulting From
 Share Transactions........ (18,197,012) 32,894,251 4,791,047 7,237,567
 ------------ ------------- ----------- -----------
 Increase/(Decrease) in Net
 Assets.................. (21,268,925) 28,927,931 4,664,926 7,902,106
NET ASSETS--BEGINNING OF
 PERIOD....................... 28,927,931 -- 7,902,106 --
 ------------ ------------- ----------- -----------
NET ASSETS--END OF PERIOD(1)... $ 7,659,006 $ 28,927,931 $12,567,032 $ 7,902,106
 ============ ============= =========== ===========
(1) Including Undistributed Net
 Investment
 Income...................... $ 4,479 $ 9,971 $ 14,211 $ 7,621
 ============ ============= =========== ===========
CHANGES IN SHARES OUTSTANDING:
 Shares Sold.................. 1,150,000 3,550,000 100,000 200,000
 Shares Reinvested............ -- -- -- --
 Shares Repurchased........... (1,600,000) (2,900,000) -- (50,000)
 Shares Outstanding, Beginning
 of Period................. 650,000 -- 150,000 --
 ------------ ------------- ----------- -----------
 Shares Outstanding, End of
 Period.................... 200,000 650,000 250,000 150,000
 ============ ============= =========== ===========

* The Fund commenced operations on November 1, 2006.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 58

STATEMENTS OF CHANGES IN NET ASSETS

 RYDEX S&P EQUAL RYDEX S&P EQUAL
 WEIGHT ENERGY ETF WEIGHT FINANCIALS ETF
 ---------------------------------- ----------------------------------
 SIX MONTHS FOR THE PERIOD SIX MONTHS FOR THE PERIOD
 ENDED NOVEMBER 1, 2006* ENDED NOVEMBER 1, 2006*
 APRIL 30, 2008 THROUGH APRIL 30, 2008 THROUGH
 (UNAUDITED) OCTOBER 31, 2007 (UNAUDITED) OCTOBER 31, 2007
 -------------- ----------------- -------------- -----------------
OPERATIONS
 Net Investment Income............ $ 29,309 $ 39,906 $ 79,965 $ 105,693
 Net Realized Gain/(Loss)......... 1,065,741 260,240 (162,551) 393,350
 Net Change in Unrealized
 Appreciation/(Depreciation) on
 Investments................... (262,124) 2,611,551 (1,280,258) (330,105)
 ----------- ----------- ----------- ------------
 Net Increase/(Decrease) in Net
 Assets Resulting From
 Operations.................... 832,926 2,911,697 (1,362,844) 168,938
 ----------- ----------- ----------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
 Net Investment Income............ (29,627) (42,062) (70,834) (98,785)
 Net Realized Gains............... (269,337) -- -- --
 ----------- ----------- ----------- ------------
 Total Distributions.............. (298,964) -- -- --
SHAREHOLDER TRANSACTIONS
 Proceeds From Shares Sold........ 6,873,049 7,251,932 -- 31,922,837
 Value of Shares Reinvested....... 343 -- -- --
 Value of Shares Repurchased...... (3,211,449) -- -- (24,993,170)
 ----------- ----------- ----------- ------------
 Net Increase in Net Assets
 Resulting From Share
 Transactions.................. 3,661,943 7,251,932 (1,433,678) 6,929,667
 ----------- ----------- ----------- ------------
 Increase/(Decrease) in Net
 Assets...................... 4,195,905 10,121,567 -- 6,999,820
NET ASSETS--BEGINNING OF PERIOD.... 10,121,567 -- 6,999,820 --
 ----------- ----------- ----------- ------------
NET ASSETS--END OF PERIOD(1)....... $14,317,472 $10,121,567 $ 5,566,142 $ 6,999,820
 =========== =========== =========== ============
(1) Including
 Undistributed/(Overdistributed)
 Net Investment Income/(Loss)... $ (318) $ -- $ 9,131 $ --
 =========== =========== =========== ============
CHANGES IN SHARES OUTSTANDING:
 Shares Sold...................... 100,000 150,000 -- 650,000
 Shares Reinvested................ 5 -- -- --
 Shares Repurchased............... (50,000) -- -- (500,000)
 Shares Outstanding, Beginning of
 Period........................ 150,000 -- 150,000 --
 ----------- ----------- ----------- ------------
 Shares Outstanding, End of
 Period........................ 200,005 150,000 150,000 150,000
 =========== =========== =========== ============

* The Fund commenced operations on November 1, 2006.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 59

STATEMENTS OF CHANGES IN NET ASSETS

 RYDEX S&P EQUAL RYDEX S&P EQUAL
 WEIGHT HEALTH CARE ETF WEIGHT INDUSTRIALS ETF
 ---------------------------------- ------------------------------------
 SIX MONTHS FOR THE PERIOD SIX MONTHS FOR THE PERIOD
 ENDED NOVEMBER 1, 2006* ENDED NOVEMBER 1, 2006*
 APRIL 30, 2008 THROUGH APRIL 30, 2008 THROUGH
 (UNAUDITED) OCTOBER 31, 2007 (UNAUDITED) OCTOBER 31, 2007
 -------------- ----------------- -------------- -----------------
OPERATIONS
 Net Investment Income............ $ 25,771 $ 39,168 $ 51,335 $ 84,478
 Net Realized Gain................ 78,980 1,090,098 113,961 253,601
 Net Change in Unrealized
 Appreciation/(Depreciation) on
 Investments................... (1,742,759) (147,337) 37,578 1,276,411
 ----------- ------------ ----------- ----------
 Net Increase/(Decrease) in Net
 Assets Resulting From
 Operations.................... (1,638,008) 981,929 202,874 1,614,490
 ----------- ------------ ----------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM
 Net Investment Income............ (23,602) (37,003) (47,983) (81,906)
 Net Realized Gains............... -- -- (266,443) --
 ----------- ------------ ----------- ----------
SHAREHOLDER TRANSACTIONS
 Proceeds From Shares Sold........ 48,158,532 36,174,181 5,153,009 7,372,663
 Value of Shares Reinvested....... -- -- -- --
 Value of Shares Repurchased...... (5,598,834) (19,736,519) -- --
 ----------- ------------ ----------- ----------
 Net Increase in Net Assets
 Resulting From Share
 Transactions.................. 42,559,698 16,437,662 5,153,009 7,372,663
 ----------- ------------ ----------- ----------
 Increase in Net Assets........ 40,898,088 17,382,588 5,041,457 8,905,247
NET ASSETS--BEGINNING OF PERIOD.... 17,382,588 -- 8,905,247 --
 ----------- ------------ ----------- ----------
NET ASSETS--END OF PERIOD(1)....... $58,280,676 $ 17,382,588 $13,946,704 $8,905,247
 =========== ============ =========== ==========
(1) Including Undistributed Net
 Investment Income................ $ 4,334 $ 2,165 $ 5,299 $ 1,947
 =========== ============ =========== ==========
CHANGES IN SHARES OUTSTANDING:
 Shares Sold...................... 900,000 650,000 100,000 150,000
 Shares Reinvested................ -- -- -- --
 Shares Repurchased............... (100,000) (350,000) -- --
 Shares Outstanding, Beginning of
 Period........................ 300,000 -- 150,000 --
 ----------- ------------ ----------- ----------
 Shares Outstanding, End of
 Period........................ 1,100,000 300,000 250,000 150,000
 =========== ============ =========== ==========

* The Fund commenced operations on November 1, 2006.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 60

STATEMENTS OF CHANGES IN NET ASSETS

 RYDEX S&P EQUAL RYDEX S&P EQUAL
 WEIGHT MATERIALS ETF WEIGHT TECHNOLOGY ETF
 ------------------------------------ ------------------------------------
 SIX MONTHS FOR THE PERIOD SIX MONTHS FOR THE PERIOD
 ENDED NOVEMBER 1, 2006* ENDED NOVEMBER 1, 2006*
 APRIL 30, 2008 THROUGH APRIL 30, 2008 THROUGH
 (UNAUDITED) OCTOBER 31, 2007 (UNAUDITED) OCTOBER 31, 2007
 -------------- ----------------- -------------- -----------------
OPERATIONS
 Net Investment Income/(Loss)... $ 120,788 $ 128,347 $ 7,630 $ (11,089)
 Net Realized Gain.............. 239,771 1,084,454 71,606 1,406,629
 Net Change in Unrealized
 Appreciation/(Depreciation)
 on Investments.............. (853,015) 538,441 (2,974,655) 494,556
 ----------- ------------ ----------- -----------
 Net Increase/(Decrease) in Net
 Assets Resulting From
 Operations.................. (492,456) 1,751,242 (2,895,419) 1,890,096
 ----------- ------------ ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS
 FROM
 Net Investment Income.......... (122,463) (119,952) (14,042) --
 ----------- ------------ ----------- -----------
SHAREHOLDER TRANSACTIONS
 Proceeds From Shares Sold...... -- 26,216,591 9,412,576 25,589,410
 Value of Shares Reinvested..... -- -- -- --
 Value of Shares Repurchased.... (5,543,626) (18,934,408) (4,605,642) (8,167,496)
 ----------- ------------ ----------- -----------
 Net Increase/(Decrease) in Net
 Assets Resulting From Share
 Transactions................ (5,543,626) 7,282,183 4,806,934 17,421,914
 ----------- ------------ ----------- -----------
 Increase/(Decrease) in Net
 Assets.................... (6,158,545) 8,913,473 1,897,473 19,312,010
NET ASSETS--BEGINNING OF PERIOD.. 8,913,473 -- 19,312,010 --
 ----------- ------------ ----------- -----------
NET ASSETS--END OF PERIOD(1)..... $ 2,754,928 $ 8,913,473 $21,209,483 $19,312,010
 =========== ============ =========== ===========
(1) Including Undistributed Net
 Investment Income............ $ 6,720 $ 8,395 $ (6,412) $ --
 =========== ============ =========== ===========
CHANGES IN SHARES OUTSTANDING:
 Shares Sold.................... -- 500,000 200,000 500,000
 Shares Reinvested.............. -- -- -- --
 Shares Repurchased............. (100,000) (350,000) (100,000) (150,000)
 Shares Outstanding, Beginning
 of Period................... 150,000 -- 350,000 --
 ----------- ------------ ----------- -----------
 Shares Outstanding, End of
 Period...................... 50,000 150,000 450,000 350,000
 =========== ============ =========== ===========

* The Fund commenced operations on November 1, 2006.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 61

STATEMENTS OF CHANGES IN NET ASSETS

 RYDEX S&P EQUAL
 WEIGHT UTILITIES ETF
 ----------------------------------
 SIX MONTHS FOR THE PERIOD
 ENDED NOVEMBER 1, 2006*
 APRIL 30, 2008 THROUGH
 (UNAUDITED) OCTOBER 31, 2007
 -------------- -----------------
OPERATIONS
 Net Investment Income................................. $ 86,341 $ 217,228
 Net Realized Gain..................................... 43,622 661,560
 Net Change in Unrealized Appreciation/(Depreciation)
 on Investments..................................... (706,941) 481,937
 ---------- -----------
 Net Increase/(Decrease) in Net Assets Resulting From
 Operations......................................... (576,978) 1,360,725
 ---------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM
 Net Investment Income................................. (86,125) (203,649)
 ---------- -----------
SHAREHOLDER TRANSACTIONS
 Proceeds From Shares Sold............................. -- 13,839,342
 Value of Shares Reinvested............................ -- --
 Value of Shares Repurchased........................... -- (8,767,932)
 ---------- -----------
 Net Increase in Net Assets Resulting From Share
 Transactions....................................... -- 5,071,410
 ---------- -----------
 Increase/(Decrease) in Net Assets.................. (663,103) 6,228,486
NET ASSETS--BEGINNING OF PERIOD......................... 6,228,486 --
 ---------- -----------
NET ASSETS--END OF PERIOD(1)............................ $5,565,383 $ 6,228,486
 ========== ===========
(1) Including Undistributed Net Investment Income....... $ 13,795 $ 13,579
 ========== ===========
CHANGES IN SHARES OUTSTANDING:
 Shares Sold........................................... -- 250,000
 Shares Reinvested..................................... -- --
 Shares Repurchased.................................... -- (150,000)
 Shares Outstanding, Beginning of Period............... 100,000 --
 ---------- -----------
 Shares Outstanding, End of Period..................... 100,000 100,000
 ========== ===========

* The Fund commenced operations on November 1, 2006.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 62

FINANCIAL HIGHLIGHTS

 RYDEX S&P 500 PURE VALUE ETF RYDEX S&P 500 PURE GROWTH ETF
 ------------------------------------------------------ ----------------------------------
 SIX MONTHS FOR THE PERIOD SIX MONTHS
 ENDED MARCH 1, 2006* ENDED
 APRIL 30, 2008 YEAR ENDED THROUGH APRIL 30, 2008 YEAR ENDED
 (UNAUDITED) OCTOBER 31, 2007 OCTOBER 31, 2006 (UNAUDITED) OCTOBER 31, 2007
 -------------- ---------------- ---------------- -------------- ----------------
PER SHARE OPERATING
 PERFORMANCE:
NET ASSET VALUE AT
 BEGINNING OF
 PERIOD.............. $34.46 $32.66 $29.87 $39.59 $35.30
 ------- ------- ------- ------- -------
Net Investment
 Income**............ 0.54 0.75 0.49 0.09 0.25
Net Realized and
 Unrealized
 Gain/(Loss) on
 Investments......... (5.81) 1.80 2.58 (3.00) 4.26
 ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT
 OPERATIONS.......... (5.27) 2.55 3.07 (2.91) 4.51
 ------- ------- ------- ------- -------
DISTRIBUTIONS TO
 SHAREHOLDERS FROM:
Net Investment
 Income.............. (0.58) (0.75) (0.28) (0.10) (0.22)
 ------- ------- ------- ------- -------
NET ASSET VALUE AT END
 OF PERIOD........... $28.61 $34.46 $32.66 $36.58 $39.59
 ======= ======= ======= ======= =======
TOTAL RETURN***....... (15.36)% 7.79% 10.27% (7.33)% 12.79%
RATIOS/SUPPLEMENTAL
 DATA:
Net Assets at End of
 Period (000's
 Omitted)............ $27,193 $39,635 $21,232 $49,389 $63,340
RATIO TO AVERAGE NET
 ASSETS OF:
Expenses.............. 0.35%**** 0.35% 0.35%**** 0.35%**** 0.35%
Net Investment
 Income.............. 3.54%**** 2.15% 2.37%**** 0.51%**** 0.66%
Portfolio Turnover
 Rate+............... 41% 26% 4% 22% 24%
 RYDEX S&P 500
 PURE GROWTH ETF
 ----------------
 FOR THE PERIOD
 MARCH 1, 2006*
 THROUGH
 OCTOBER 31, 2006
 ----------------
PER SHARE OPERATING
 PERFORMANCE:
NET ASSET VALUE AT
 BEGINNING OF
 PERIOD.............. $34.42
 -------
Net Investment
 Income**............ 0.11
Net Realized and
 Unrealized
 Gain/(Loss) on
 Investments......... 0.84
 -------
TOTAL FROM INVESTMENT
 OPERATIONS.......... 0.95
 -------
DISTRIBUTIONS TO
 SHAREHOLDERS FROM:
Net Investment
 Income.............. (0.07)
 -------
NET ASSET VALUE AT END
 OF PERIOD........... $35.30
 =======
TOTAL RETURN***....... 2.77%
RATIOS/SUPPLEMENTAL
 DATA:
Net Assets at End of
 Period (000's
 Omitted)............ $17,649
RATIO TO AVERAGE NET
 ASSETS OF:
Expenses.............. 0.35%****
Net Investment
 Income.............. 0.48%****
Portfolio Turnover
 Rate+............... 7%

* The Fund commenced operations on March 1, 2006. ** Based on average shares outstanding. *** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. **** Annualized.
+ Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 63

FINANCIAL HIGHLIGHTS

 RYDEX S&P MIDCAP 400 RYDEX S&P MIDCAP 400
 PURE VALUE ETF PURE GROWTH ETF
 ---------------------------------------------------- ---------------------------------
 SIX MONTHS FOR THE PERIOD SIX MONTHS
 ENDED MARCH 1, 2006* ENDED
 APRIL 30, 2008 YEAR ENDED THROUGH APRIL 30, 2008 YEAR ENDED
 (UNAUDITED) OCTOBER 31, 2007 OCTOBER 31, 2006 (UNAUDITED) OCTOBER 31, 2007
 -------------- ---------------- ---------------- -------------- ----------------
PER SHARE OPERATING
 PERFORMANCE:
NET ASSET VALUE AT
 BEGINNING OF PERIOD.... $35.76 $33.27 $31.53 $59.75 $50.10
 ------- ------- ------- ------- -------
Net Investment Income**.. 0.43 0.82 0.44 0.02 0.33
Net Realized and
 Unrealized Gain/(Loss)
 on Investments......... (3.79) 2.48 1.60 (4.61) 9.73
 ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT
 OPERATIONS............. (3.36) 3.30 2.04 (4.59) 10.06
 ------- ------- ------- ------- -------
DISTRIBUTIONS TO
 SHAREHOLDERS FROM:
Net Investment Income.... (0.41) (0.81) (0.30) (0.04) (0.27)
 ------- ------- ------- ------- -------
Net Realized Gains....... -- -- -- -- (0.14)
 ------- ------- ------- ------- -------
Total Distributions...... (0.41) (0.81) (0.30) (0.04) (0.41)
 ------- ------- ------- ------- -------
NET ASSET VALUE AT END OF
 PERIOD................. $31.99 $35.76 $33.27 $55.12 $59.75
 ======= ======= ======= ======= =======
TOTAL RETURN***.......... (9.38)% 9.94% 6.48% (7.69)% 20.17%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at End of
 Period (000's
 Omitted)............... $14,399 $21,458 $14,973 $16,537 $20,914
RATIO TO AVERAGE NET
 ASSETS OF:
Expenses................. 0.35%**** 0.35% 0.35%**** 0.35%**** 0.35%
Net Investment Income.... 2.71%**** 2.28% 2.07%**** 0.06% 0.60%
Portfolio Turnover
 Rate+.................. 52% 46% 4% 41% 53%
 RYDEX S&P MIDCAP
 400
 PURE GROWTH ETF
 ----------------
 FOR THE PERIOD
 MARCH 1, 2006*
 THROUGH
 OCTOBER 31, 2006
 ----------------
PER SHARE OPERATING
 PERFORMANCE:
NET ASSET VALUE AT
 BEGINNING OF PERIOD.... $52.62
 -------
Net Investment Income**.. 0.02
Net Realized and
 Unrealized Gain/(Loss)
 on Investments......... (2.53)
 -------
TOTAL FROM INVESTMENT
 OPERATIONS............. (2.51)
 -------
DISTRIBUTIONS TO
 SHAREHOLDERS FROM:
Net Investment Income.... (0.01)
 -------
Net Realized Gains....... --
 -------
Total Distributions...... (0.01)
 -------
NET ASSET VALUE AT END OF
 PERIOD................. $50.10
 =======
TOTAL RETURN***.......... (4.76)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at End of
 Period (000's
 Omitted)............... $22,547
RATIO TO AVERAGE NET
 ASSETS OF:
Expenses................. 0.35%****
Net Investment Income.... 0.07%
Portfolio Turnover
 Rate+.................. 14%

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 64

FINANCIAL HIGHLIGHTS

 RYDEX S&P SMALLCAP 600 RYDEX S&P SMALLCAP 600
 PURE VALUE ETF PURE GROWTH ETF
 -------------------------------------------- --------------------------------------------
 FOR THE PERIOD FOR THE PERIOD
 SIX MONTHS MARCH 1, 2006* SIX MONTHS MARCH 1, 2006*
 ENDED YEAR ENDED THROUGH ENDED YEAR ENDED THROUGH
 APRIL 30, 2008 OCTOBER 31, OCTOBER 31, APRIL 30, 2008 OCTOBER 31, OCTOBER 31,
 (UNAUDITED) 2007 2006 (UNAUDITED) 2007 2006
 -------------- -------------- -------------- -------------- -------------- --------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE AT BEGINNING OF
 PERIOD........................ $37.38 $40.13 $38.45 $44.92 $39.10 $39.31
 ------- ------- ------ ------ ------- ------
Net Investment Income/(Loss)**.. 0.41 0.74 0.37 0.13 -- (0.01)
Net Realized and Unrealized
 Gain/(Loss) on Investments.... (5.92) (2.85) 1.62 (6.46) 5.84 (0.20)
 ------- ------- ------ ------ ------- ------
TOTAL FROM INVESTMENT
 OPERATIONS.................... (5.51) (2.11) 1.99 (6.33) 5.84 (0.21)
 ------- ------- ------ ------ ------- ------
DISTRIBUTIONS TO SHAREHOLDERS
 FROM:
Net Investment Income........... (0.30) (0.62) (0.31) (0.16) (0.02) --
Capital......................... -- (0.02) -- -- -- --
 ------- ------- ------ ------ ------- ------
Total Distributions............. -- (0.64) (0.31) -- (0.02) --
 ------- ------- ------ ------ ------- ------
NET ASSET VALUE AT END OF
 PERIOD........................ $31.57 $37.38 $40.13 $38.43 $44.92 $39.10
 ======= ======= ====== ====== ======= ======
TOTAL RETURN***................. (14.76)% (5.38)% 5.19% (14.07)% 14.93% (0.55)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at End of Period
 (000's Omitted)............... $26,835 $22,426 $6,019 $5,765 $11,229 $7,820
RATIO TO AVERAGE NET ASSETS OF:
Expenses........................ 0.35%**** 0.35% 0.35%**** 0.35%**** 0.35% 0.35%****
Net Investment Income/(Loss).... 2.51%**** 1.78% 1.46%**** 0.69%**** 0.00% (0.04)%****
Portfolio Turnover Rate+........ 46% 37% 7% 49% 51% 14%

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 65

FINANCIAL HIGHLIGHTS

 RYDEX S&P EQUAL WEIGHT RYDEX S&P EQUAL WEIGHT
 CONSUMER DISCRETIONARY ETF CONSUMER STAPLES ETF
 ------------------------------------ ------------------------------------
 FOR THE PERIOD FOR THE PERIOD
 SIX MONTHS ENDED NOVEMBER 1, 2006* SIX MONTHS ENDED NOVEMBER 1, 2006*
 APRIL 30, 2008 THROUGH APRIL 30, 2008 THROUGH
 (UNAUDITED) OCTOBER 31, 2007 (UNAUDITED) OCTOBER 31, 2007
 ---------------- ----------------- ---------------- -----------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE AT BEGINNING OF
 PERIOD.......................... $44.50 $44.98 $52.68 $48.16
 ------ ------- ------- ------
Net Investment Income**........... 0.29 0.32 0.43 1.16
Net Realized and Unrealized
 Gain/(Loss) on Investments...... (6.15) (0.49) (2.47) 4.32
 ------ ------- ------- ------
TOTAL FROM INVESTMENT OPERATIONS.. (5.86) (0.17) (2.04) 5.48
 ------ ------- ------- ------
DISTRIBUTIONS TO SHAREHOLDERS
 FROM:
Net Investment Income............. (0.34) (0.31) (0.37) (0.96)
 ------ ------- ------- ------
NET ASSET VALUE AT END OF PERIOD.. $38.30 $44.50 $50.27 $52.68
 ====== ======= ======= ======
TOTAL RETURN***................... (13.18)% (0.40)% (3.89)% 11.45%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at End of Period (000's
 omitted)........................ $7,659 $28,928 $12,567 $7,902
RATIO TO AVERAGE NET ASSETS OF:
Expenses.......................... 0.50%**** 0.50% 0.50%**** 0.50%
Net Investment Income............. 1.52%**** 0.67% 1.72%**** 2.29%
Portfolio Turnover Rate+.......... 13% 28% 11% 19%

* The Fund commenced operations on November 1, 2006. ** Based on average shares outstanding. *** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. **** Annualized.
+ Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 66

FINANCIAL HIGHLIGHTS

 RYDEX S&P EQUAL WEIGHT FINANCIALS
 RYDEX S&P EQUAL WEIGHT ENERGY ETF ETF
 ------------------------------------ ------------------------------------
 FOR THE PERIOD FOR THE PERIOD
 SIX MONTHS ENDED NOVEMBER 1, 2006* SIX MONTHS ENDED NOVEMBER 1, 2006*
 APRIL 30, 2008 THROUGH APRIL 30, 2008 THROUGH
 (UNAUDITED) OCTOBER 31, 2007 (UNAUDITED) OCTOBER 31, 2007
 ---------------- ----------------- ---------------- -----------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE AT BEGINNING OF
 PERIOD.......................... $67.48 $48.35 $46.67 $48.57
 ------- ------- ------ ------
Net Investment Income**........... 0.14 0.27 0.53 0.92
Net Realized and Unrealized
 Gain/(Loss) on Investments...... 5.92 19.14 (9.62) (1.95)
 ------- ------- ------ ------
TOTAL FROM INVESTMENT OPERATIONS.. 6.06 19.41 (9.09) (1.03)
 ------- ------- ------ ------
DISTRIBUTIONS TO SHAREHOLDERS
 FROM:
Net Investment Income............. (0.15) (0.28) (0.47) (0.87)
Net Realized Gains................ (1.80) -- -- --
 ------- ------- ------ ------
Total Distributions............... (1.95) (0.28) (0.47) (0.87)
 ------- ------- ------ ------
NET ASSET VALUE AT END OF PERIOD.. $71.59 $67.48 $37.11 $46.67
 ======= ======= ====== ======
TOTAL RETURN***................... 9.11% 40.28% (19.48)% (2.23)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at End of Period (000's
 omitted)........................ $14,317 $10,122 $5,566 $7,000
RATIO TO AVERAGE NET ASSETS OF:
Expenses.......................... 0.50%**** 0.50% 0.50%**** 0.50%
Net Investment Income............. 0.43%**** 0.47% 2.75%**** 1.84%
Portfolio Turnover Rate+.......... 18% 34% 19% 31%

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 67

FINANCIAL HIGHLIGHTS

 RYDEX S&P EQUAL RYDEX S&P EQUAL
 WEIGHT HEALTH CARE ETF WEIGHT INDUSTRIALS ETF
 ------------------------------------ ------------------------------------
 FOR THE PERIOD FOR THE PERIOD
 SIX MONTHS ENDED NOVEMBER 1, 2006* SIX MONTHS ENDED NOVEMBER 1, 2006*
 APRIL 30, 2008 THROUGH APRIL 30, 2008 THROUGH
 (UNAUDITED) OCTOBER 31, 2007 (UNAUDITED) OCTOBER 31, 2007
 ---------------- ----------------- ---------------- -----------------
----------------------------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE AT BEGINNING OF
 PERIOD.......................... $57.94 $49.46 $59.37 $49.15
 ------- ------- ------- ------
Net Investment Income**........... 0.06 0.11 0.29 0.56
Net Realized and Unrealized
 Gain/(Loss) on Investments...... (4.95) 8.48 (1.83) 10.21
 ------- ------- ------- ------
TOTAL FROM INVESTMENT OPERATIONS.. (4.89) 8.59 (1.54) 10.77
 ------- ------- ------- ------
DISTRIBUTIONS TO SHAREHOLDERS
 FROM:
Net Investment Income............. (0.07) (0.11) (0.26) (0.55)
Net Realized Gains................ -- -- (1.78) --
 ------- ------- ------- ------
Total Distribution................ (0.07) (0.11) (2.04) (0.55)
 ------- ------- ------- ------
NET ASSET VALUE AT END OF PERIOD.. $52.98 $57.94 $55.79 $59.37
 ======= ======= ======= ======
TOTAL RETURN***................... (8.45)% 17.37% (2.61)% 22.00%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at End of Period (000's
 omitted)........................ $58,281 $17,383 $13,947 $8,905
RATIO TO AVERAGE NET ASSETS OF:
Expenses.......................... 0.50%**** 0.50% 0.50%**** 0.50%
Net Investment Income............. 0.22%**** 0.20% 1.07%**** 1.02%
Portfolio Turnover Rate+.......... 12% 55% 16% 36%

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 68

FINANCIAL HIGHLIGHTS

 RYDEX S&P EQUAL RYDEX S&P EQUAL
 WEIGHT MATERIALS ETF WEIGHT TECHNOLOGY ETF
 ------------------------------------ ------------------------------------
 FOR THE PERIOD FOR THE PERIOD
 SIX MONTHS ENDED NOVEMBER 1, 2006* SIX MONTHS ENDED NOVEMBER 1, 2006*
 APRIL 30, 2008 THROUGH APRIL 30, 2008 THROUGH
 (UNAUDITED) OCTOBER 31, 2007 (UNAUDITED) OCTOBER 31, 2007
 ---------------- ----------------- ---------------- -----------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE AT BEGINNING OF
 PERIOD.......................... $59.42 $48.43 $55.18 $47.80
 ------ ------ ------- -------
Net Investment Income/(Loss)**.... 0.88 0.85 0.02 (0.05)
Net Realized and Unrealized
 Gain/(Loss) on Investments...... (4.38) 10.74 (8.04) 7.43
 ------ ------ ------- -------
TOTAL FROM INVESTMENT OPERATIONS.. (3.50) 11.59 (8.02) 7.38
 ------ ------ ------- -------
DISTRIBUTIONS TO SHAREHOLDERS
 FROM:
Net Investment Income............. (0.82) (0.60) (0.03) --
 ------ ------ ------- -------
NET ASSET VALUE AT END OF PERIOD
 (000'S OMITTED)................. $55.10 $59.42 $47.13 $55.18
 ====== ====== ======= =======
TOTAL RETURN***................... (5.90)% 24.02% (14.53)% 15.44%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at End of Period (000's
 omitted)........................ $2,755 $8,913 $21,209 $19,312
RATIO TO AVERAGE NET ASSETS OF:
Expenses.......................... 0.50%**** 0.50% 0.50%**** 0.50%
Net Investment Income/(Loss)...... 3.27%**** 1.53% 0.07%**** (0.10)%
Portfolio Turnover Rate+.......... 14% 31% 20% 60%

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 69

FINANCIAL HIGHLIGHTS

 RYDEX S&P EQUAL WEIGHT UTILITIES ETF
 ------------------------------------
 FOR THE PERIOD
 SIX MONTHS ENDED NOVEMBER 1, 2006*
 APRIL 30, 2008 THROUGH
 (UNAUDITED) OCTOBER 31, 2007
 ---------------- -----------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE AT BEGINNING OF PERIOD................ $62.28 $54.91
 ------ ------
Net Investment Income**............................... 0.86 1.55
Net Realized and Unrealized Gain/(Loss) on
 Investments**....................................... (6.63) 7.38
 ------ ------
TOTAL FROM INVESTMENT OPERATIONS...................... (5.77) 8.93
 ------ ------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income................................. (0.86) (1.56)
 ------ ------
NET ASSET VALUE AT END OF PERIOD...................... $55.65 $62.28
 ====== ======
TOTAL RETURN***....................................... (9.30)% 16.41%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at End of Period (000's omitted)........... $5,565 $6,228
RATIO TO AVERAGE NET ASSETS OF:
Expenses.............................................. 0.50%**** 0.50%
Net Investment Income................................. 3.02%**** 2.59%
Portfolio Turnover Rate+.............................. 13% 20%

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 70

NOTES TO FINANCIAL STATEMENTS (Unaudited) April 30, 2008

1. ORGANIZATION

Rydex ETF Trust (the "Trust") is an open-end, management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust was organized as a Delaware statutory trust on November 22, 2002. As of April 30, 2008, the Trust offers twenty three portfolios, each of which represents a separate series of beneficial interest in the Trust, (each a "Fund" and collectively, the "Funds"). The financial statement herein relate to the following Funds: 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 and Rydex S&P Equal Weight Utilities 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 and Rydex S&P SmallCap 600 Pure Growth ETF commenced operations on March 1, 2006. 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 and Rydex S&P Equal Weight Utilities ETF commenced operations on November 1, 2006.

The Funds' investment objective is to provide investment results that correspond generally to the performance, before fees and expenses, of an index representing publicly traded equity securities (the "Underlying Index"). Rydex S&P 500 Pure Value ETF tracks the S&P 500/Citigroup Pure Value Index, the Rydex S&P 500 Pure Growth ETF tracks the S&P 500/Citigroup Pure Growth Index, the Rydex S&P MidCap 400 Pure Value ETF tracks the S&P MidCap 400/Citigroup Pure Value Index, the Rydex S&P MidCap 400 Pure Growth ETF tracks the S&P MidCap 400/Citigroup Pure Growth Index, the Rydex S&P SmallCap 600 Pure Value ETF tracks the S&P SmallCap 600/Citigroup Pure Value Index, the Rydex S&P SmallCap 600 Pure Growth ETF tracks the S&P SmallCap 600/Citigroup Pure Growth Index, Rydex S&P Equal Weight Consumer Discretionary ETF tracks the S&P Equal Weight Index Consumer Discretionary, the Rydex S&P Equal Weight Consumer Staples ETF tracks the S&P Equal Weight Index Consumer Staples, the Rydex S&P Equal Weight Energy ETF tracks the S&P Equal Weight Index Energy, the Rydex S&P Equal Weight Financials ETF tracks the S&P Equal Weight Index Financials, the Rydex S&P Equal Weight Health Care ETF tracks the S&P Equal Weight Index Health Care, the Rydex S&P Equal Weight Industrials ETF tracks the S&P Equal Weight Index Industrials, the Rydex S&P Equal Weight Materials ETF tracks the S&P Equal Weight Index Materials, the Rydex S&P Equal Weight Technology ETF tracks the S&P Equal Weight Index Information Technology and the Rydex S&P Equal Weight Utilities ETF tracks the S&P Equal Weight Index Telecommunication Services & Utilities. The Funds seek to achieve their objective by investing in common stocks that comprise the Underlying Index. The Funds use a "replication" strategy to track the Underlying Index. "Replication" refers to investing in substantially all of the securities in the Underlying Index in approximately the same proportions as in the Underlying Index.

2. SIGNIFICANT ACCOUNTING POLICIES

A. SECURITY VALUATION

SEMI-ANNUAL REPORT 71

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

B. SECURITY TRANSACTIONS AND INCOME RECOGNITION

C. REPURCHASE AGREEMENTS

The Funds may enter into repurchase agreements with financial institutions. In a repurchase agreement, a Fund buys a security and the seller simultaneously agrees to repurchase the security on a specified future date at an agreed-upon price. The repurchase price reflects an agreed-upon interest rate during the time the Fund's money is invested in the security. Because the security constitutes collateral for the repurchase obligation, a repurchase agreement can be considered a collateralized loan. The Funds follows certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions whose condition will be continually monitored by Rydex Global Advisors, which acts as the Funds' investment advisor (the "Advisor"). In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Funds will seek to liquidate such collateral. However, the exercising of the Funds right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Funds could suffer a loss. It is the current policy of the Funds not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Funds, amounts to more than 15% of the Funds net assets. The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of the Advisor, liquidity or other considerations so warrant. For the six months ended April 30, 2008, the Funds had not engaged in repurchase transactions.

D. FEDERAL INCOME TAXES

At April 30, 2008, the Funds had capital loss carryforwards which may be utilized to offset any net realized capital gains expiring October 31:

 2014 2015
 ------- --------
Rydex S&P 500 Pure Value ETF..................................... $ -- $ --
Rydex S&P 500 Pure Growth ETF.................................... 28,988 142,389
Rydex S&P MidCap 400 Pure Value ETF.............................. 94,708 13,767
Rydex S&P MidCap 400 Pure Growth ETF............................. -- --
Rydex S&P SmallCap 600 Pure Value ETF............................ 16,654 170,782
Rydex S&P SmallCap 600 Pure Growth ETF........................... -- --
Rydex S&P Equal Weight Consumer Discretionary ETF................ -- --
Rydex S&P Equal Weight Consumer Staples ETF...................... -- 54,862
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............................. -- --

E. DIVIDENDS AND DISTRIBUTIONS

The Funds declare and pay dividends from net investment income and distribute from net realized capital gains at least annually.

SEMI-ANNUAL REPORT 72

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

F. RISK AND UNCERTAINTIES

The Trust invests in various investments which are exposed to risk, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect amounts reported in the financial statements. The Rydex S&P Equal Weight Sector ETFs are non-diversified funds, subjecting them to a greater risk than funds that are diversified.

G. NEW ACCOUNTING PRONOUNCEMENTS

3. ADVISORY, ADMINISTRATION AND OTHER TRANSACTIONS WITH AFFILIATES

 ADVISORY FEE
 ------------
Rydex S&P 500 Pure Value ETF......................................... 0.35%
Rydex S&P 500 Pure Growth ETF........................................ 0.35%
Rydex S&P MidCap 400 Pure Value ETF.................................. 0.35%
Rydex S&P MidCap 400 Pure Growth ETF................................. 0.35%
Rydex S&P SmallCap 600 Pure Value ETF................................ 0.35%
Rydex S&P SmallCap 600 Pure Growth ETF............................... 0.35%
Rydex S&P Equal Weight Consumer Discretionary ETF.................... 0.50%
Rydex S&P Equal Weight Consumer Staples ETF.......................... 0.50%
Rydex S&P Equal Weight Energy ETF.................................... 0.50%
Rydex S&P Equal Weight Financials ETF................................ 0.50%
Rydex S&P Equal Weight Health Care ETF............................... 0.50%
Rydex S&P Equal Weight Industrials ETF............................... 0.50%
Rydex S&P Equal Weight Materials ETF................................. 0.50%
Rydex S&P Equal Weight Technology ETF................................ 0.50%
Rydex S&P Equal Weight Utilities ETF................................. 0.50%

SEMI-ANNUAL REPORT 73

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Agreement with the Trust, the Administrator acts as a transfer agent for the Trust's authorized and issued shares of beneficial interest, and as dividend disbursing agent of the Trust. The Advisor compensates the Administrator directly for the foregoing services.

4. CAPITAL

 MINIMUM
 TRANSACTION FEE
 ---------------
Rydex S&P 500 Pure Value ETF....................................... $1,000
Rydex S&P 500 Pure Growth ETF...................................... 1,000
Rydex S&P MidCap 400 Pure Value ETF................................ 750
Rydex S&P MidCap 400 Pure Growth ETF............................... 750
Rydex S&P SmallCap 600 Pure Value ETF.............................. 1,000
Rydex S&P SmallCap 600 Pure Growth ETF............................. 1,000
Rydex S&P Equal Weight Consumer Discretionary ETF.................. 750
Rydex S&P Equal Weight Consumer Staples ETF........................ 500
Rydex S&P Equal Weight Energy ETF.................................. 500
Rydex S&P Equal Weight Financials ETF.............................. 750
Rydex S&P Equal Weight Health Care ETF............................. 500
Rydex S&P Equal Weight Industrials ETF............................. 500
Rydex S&P Equal Weight Materials ETF............................... 500
Rydex S&P Equal Weight Technology ETF.............................. 750
Rydex S&P Equal Weight Utilities ETF............................... 500

5. INVESTMENT TRANSACTIONS

For the six months ended April 30, 2008 the Funds had in-kind contributions and in-kind redemptions as follows:

 SUBSCRIPTIONS REDEMPTIONS
 ------------- -----------
Rydex S&P 500 Pure Value ETF................................. $ 5,985,902 $11,843,159
Rydex S&P 500 Pure Growth ETF................................ 13,216,847 22,373,502
Rydex S&P MidCap 400 Pure Value ETF.......................... -- 4,756,051
Rydex S&P MidCap 400 Pure Growth ETF......................... 10,386,406 13,416,579
Rydex S&P SmallCap 600 Pure Value ETF........................ 12,563,055 5,113,009
Rydex S&P SmallCap 600 Pure Growth ETF....................... -- 4,254,691
Rydex S&P Equal Weight Consumer Discretionary ETF............ 45,750,004 63,969,077
Rydex S&P Equal Weight Consumer Staples ETF.................. 4,777,913 --
Rydex S&P Equal Weight Energy ETF............................ 6,874,552 3,212,343
Rydex S&P Equal Weight Financials ETF........................ -- --
Rydex S&P Equal Weight Health Care ETF....................... 48,054,192 5,471,377
Rydex S&P Equal Weight Industrials ETF....................... 5,137,610 --
Rydex S&P Equal Weight Materials ETF......................... -- 5,539,678
Rydex S&P Equal Weight Technology ETF........................ 9,414,896 4,609,894
Rydex S&P Equal Weight Utilities ETF......................... -- --

SEMI-ANNUAL REPORT 74

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Purchases and sales of investment securities (excluding short-term investments, U.S. government and government agency obligations) for the Funds were as follows:

 PURCHASES SALES
 ----------- -----------
Rydex S&P 500 Pure Value ETF.................................. $18,144,075 $13,324,028
Rydex S&P 500 Pure Growth ETF................................. 10,771,369 14,001,951
Rydex S&P MidCap 400 Pure Value ETF........................... 8,013,012 8,022,482
Rydex S&P MidCap 400 Pure Growth ETF.......................... 8,350,319 7,563,908
Rydex S&P SmallCap 600 Pure Value ETF......................... 11,119,595 10,893,516
Rydex S&P SmallCap 600 Pure Growth ETF........................ 3,541,594 3,584,422
Rydex S&P Equal Weight Consumer Discretionary ETF............. 3,118,486 2,689,228
Rydex S&P Equal Weight Consumer Staples ETF................... 998,204 1,146,732
Rydex S&P Equal Weight Energy ETF............................. 2,440,494 2,940,616
Rydex S&P Equal Weight Financials ETF......................... 1,240,661 1,145,968
Rydex S&P Equal Weight Health Care ETF........................ 3,001,410 3,192,372
Rydex S&P Equal Weight Industrials ETF........................ 1,542,740 1,892,357
Rydex S&P Equal Weight Materials ETF.......................... 1,027,649 1,052,109
Rydex S&P Equal Weight Technology ETF......................... 4,200,839 4,153,415
Rydex S&P Equal Weight Utilities ETF.......................... 738,387 787,681

There were no purchases or sales of U.S. government or government agency obligations for the six months ended April 30, 2008.

 GROSS GROSS NET UNREALIZED
 IDENTIFIED UNREALIZED UNREALIZED APPRECIATION
 COST APPRECIATION DEPRECIATION (DEPRECIATION)
 ----------- ------------ ------------ --------------
Rydex S&P 500 Pure Value ETF.................... $32,953,253 $ 564,379 $6,349,525 $(5,785,146)
Rydex S&P 500 Pure Growth ETF................... 51,364,834 3,607,849 5,592,536 (1,984,687)
Rydex S&P MidCap 400 Pure Value ETF............. 16,864,868 528,643 3,011,349 (2,482,706)
Rydex S&P MidCap 400 Pure Growth ETF............ 17,736,036 1,262,693 2,459,659 (1,196,966)
Rydex S&P SmallCap 600 Pure Value ETF........... 31,132,439 1,149,843 5,460,783 (4,310,940)
Rydex S&P SmallCap 600 Pure Growth ETF.......... 6,386,220 386,809 1,007,554 (620,745)
Rydex S&P Equal Weight Consumer Discretionary
 ETF........................................... 9,917,211 72,198 2,330,444 (2,258,246)
Rydex S&P Equal Weight Consumer Staples ETF..... 12,004,020 868,207 312,468 555,739
Rydex S&P Equal Weight Energy ETF............... 11,967,661 2,867,059 517,632 2,349,427
Rydex S&P Equal Weight Financials ETF........... 7,174,874 188,664 1,799,027 (1,610,363)
Rydex S&P Equal Weight Health Care ETF.......... 60,165,278 1,117,694 3,007,790 (1,890,096)
Rydex S&P Equal Weight Industrials ETF.......... 12,627,795 1,614,926 300,937 1,313,989
Rydex S&P Equal Weight Materials ETF............ 3,065,891 224,067 538,641 (314,574)
Rydex S&P Equal Weight Technology ETF........... 23,672,057 381,446 2,861,545 (2,480,099)
Rydex S&P Equal Weight Utilities ETF............ 5,782,136 383,430 608,434 (225,004)

6. ACQUISITION OF RYDEX INVESTMENTS AND THE DISTRIBUTOR

SEMI-ANNUAL REPORT 75

SUPPLEMENTAL INFORMATION

PROXY VOTING INFORMATION

Information regarding how the Funds voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30 is also available, without charge and upon request, by (i) calling 1-800-820-0888; or accessing the Trust's Form N-PX on the SEC's website at, http://www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULES INFORMATION

SEMI-ANNUAL REPORT 76

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS

All Trustees and Officers may be reached c/o Rydex Investments, 9601 Blackwell Rd., Suite 500, Rockville, MD 20850.

TRUSTEES AND OFFICERS

 NAME, POSITION LENGTH OF SERVICE
 AND AS TRUSTEE NUMBER OF FUNDS
 YEAR OF BIRTH (YEAR BEGAN) OVERSEEN
---------------- ----------------------------------------- ----------------
CARL G. Rydex Series Funds - 2004 149
VERBONCOEUR* Rydex Variable Trust - 2004
Trustee, Rydex Dynamic Funds - 2004
President (1952) Rydex ETF Trust - 2004

 ---------------------
MICHAEL P. Rydex Series Funds - 2005 149
BYRUM* Rydex Variable Trust - 2005
Trustee, Vice Rydex Dynamic Funds - 2005
President and Rydex ETF Trust - 2005
Secretary (1970)

INDEPENDENT TRUSTEES

 NAME, POSITION LENGTH OF SERVICE
 AND AS TRUSTEE NUMBER OF FUNDS
 YEAR OF BIRTH (YEAR BEGAN) OVERSEEN
---------------- ----------------------------------------- ----------------
JOHN O. DEMARET Rydex Series Funds - 1997 141
Trustee, Rydex Variable Trust - 1998
Chairman of the Rydex Dynamic Funds - 1999
Board (1940) Rydex ETF Trust - 2003

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: Retired

 ---------------------
COREY A. Rydex Series Funds - 1993 141
COLEHOUR Rydex Variable Trust - 1998
Trustee (1945) Rydex Dynamic Funds - 1999
 Rydex ETF Trust - 2003

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: Senior Vice President of
Marketing/Co-Owner, Schield Management Company

 ---------------------
J. KENNETH Rydex Series Funds - 1995 141
DALTON Rydex Variable Trust - 1998
Trustee (1941) Rydex Dynamic Funds - 1999
 Rydex ETF Trust - 2003

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: Mortgage Banking Consultant and Investor, The Dalton Group

 ---------------------
WERNER E. KELLER Rydex Series Funds - 2005 141
Trustee (1940) Rydex Variable Trust - 2005
 Rydex Dynamic Funds - 2005
 Rydex ETF Trust - 2005

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: Retired (2001 to present);
Chairman, Centurion Capital Management (1991 to 2001)

 ---------------------
THOMAS F. LYDON, Rydex Series Funds - 2005 141
JR. Rydex Variable Trust - 2005
Trustee (1960) Rydex Dynamic Funds - 2005
 Rydex ETF Trust - 2005

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: President, Global Trends
Investments

 ---------------------
PATRICK T. Rydex Series Funds - 1997 141
MCCARVILLE Rydex Variable Trust - 1998
Trustee (1942) Rydex Dynamic Funds - 1999
 Rydex ETF Trust - 2003

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: Founder and Chief Executive Officer, Par Industries, Inc.

 ---------------------
ROGER SOMERS Rydex Series Funds - 1993 141
Trustee (1944) Rydex Variable Trust - 1998
 Rydex Dynamic Funds - 1999
 Rydex ETF Trust - 2003

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: Owner, Arrow Limousine

SEMI-ANNUAL REPORT 77

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS

INDEPENDENT TRUSTEES (CONT.)

EXECUTIVE OFFICERS

 NAME, POSITION AND PRINCIPAL OCCUPATIONS DURING PAST FIVE
 YEAR OF BIRTH YEARS
----------------------------------------- -----------------------------------------
NICK BONOS* Chief Financial Officer of Rydex
Vice President and Treasurer (1963) Specialized Products, LLC (2005 to
 present); Vice President and Treasurer of
 Rydex Series Funds, Rydex Variable Trust,
 Rydex Dynamic Funds, and Rydex ETF Trust
 (2003 to present); Senior Vice President
 of Rydex Fund Services, Inc. (2003 to
 present); Vice President and Treasurer of
 Rydex Capital Partners SPhinX Fund (2003
 to 2006); Vice President of Accounting of
 Rydex Fund Services, Inc. (2000 to 2003)
JOANNA M. HAIGNEY* Chief Compliance Officer Rydex Series
Chief Compliance Officer and Secretary Funds, Rydex Assistant Variable Trust,
(1966) and Rydex Dynamic Funds (2004 to
 present); Assistant Secretary of Rydex
 Series Funds, Rydex Variable Trust, and
 Rydex Dynamic Funds (2000 to present);
 Assistant Secretary of Rydex ETF Trust
 (2002 to present); Vice President of
 Compliance of Rydex Fund Services, Inc.
 (2000 to present); Secretary of Rydex
 Capital Partners SphinX Fund (2003 to
 2006)
JOSEPH ARRUDA* Assistant Treasurer of Rydex Series
Assistant Treasurer (1966) Funds, Rydex Variable Trust, Rydex
 Dynamic Funds, Rydex ETF Trust (2006);
 Vice President of Rydex Fund Services,
 Inc. (2004 to present); Director of
 Accounting of Rydex Fund Services, Inc.
 (2003 to 2004); Vice President of Mutual
 Funds, State Street Bank & Trust (2000 to
 2003)
PAULA BILLOS* Controller of Rydex Series Funds, Rydex
Controller (1974) Variable Trust, Rydex Dynamic Funds,
 Rydex ETF Trust (2006); Director of Fund
 Administration of Rydex Fund Services,
 Inc. (2001 to present)

[RYDEX INVESTMENTS LOGO] [GRAPHIC]

9601 Blackwell Road o Suite 500 o Rockville, MD 20850 www.rydexinvestments.com o 800.820.0888

ETF-SEMI-ANN-0408X1008

April 30, 2008
RYDEX ETF TRUST
SEMI-ANNUAL REPORT

RYDEX 2x S&P 500 ETF
RYDEX INVERSE 2x S&P 500 ETF
RYDEX 2x S&P MIDCAP 400 ETF
RYDEX INVERSE 2x S&P MIDCAP 400 ETF
RYDEX 2x RUSSELL 2000(R) ETF
RYDEX INVERSE 2x RUSSELL 2000(R) ETF

[GRAPHIC] [RYDEX INVESTMENTS LOGO]

SEMI-ANNUAL REPORT 1

TABLE OF CONTENTS

LETTER TO OUR SHAREHOLDERS........................ 2

A BRIEF NOTE ON THE COMPOUNDING OF RETURNS........ 4

FEES & EXPENSES................................... 4

PORTFOLIO SUMMARY................................. 6

SCHEDULE OF INVESTMENTS........................... 9

STATEMENTS OF ASSETS AND LIABILITIES.............. 43

STATEMENTS OF OPERATIONS.......................... 45

STATEMENTS OF CHANGES IN NET ASSETS............... 47

FINANCIAL HIGHLIGHTS.............................. 50

NOTES TO FINANCIAL STATEMENTS..................... 53

SUPPLEMENTAL INFORMATION.......................... 58

SEMI-ANNUAL REPORT 2

DEAR SHAREHOLDER,

MARKET RECAP

SEMI-ANNUAL REPORT 3

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 Reilly, CFA
Director of Portfolio Strategies

All sources: Bloomberg

SEMI-ANNUAL REPORT 4

A BRIEF NOTE ON THE COMPOUNDING OF RETURNS (Unaudited)

Many of the Rydex Funds described in this report are benchmarked daily to leveraged or inverse leveraged versions of published indices. To properly evaluate the performance of these funds, it is essential to understand the effect of mathematical compounding on their respective returns.

Because of the nonlinear effects of leverage applied over time, it is possible for a fund to perform in line with its benchmark for several individual periods in a row, yet seem to trail the benchmark over the entire period. It is also possible that a fund that performs in-line with its benchmark on a daily basis may seem to outperform its benchmark over longer periods.

AN EXAMPLE OF COMPOUNDING
For example, consider a hypothetical fund that is designed to produce returns that correspond to 150% of an index. On the first day of a period, the index rises from a level of 100 to a level of 106, producing a 6.0% gain and an expectation that the fund will rise by 9.0%. On the same day, the fund's net asset value ("NAV") increases from $10.00 to $10.90 for a gain of 9.0% -- in line with its benchmark.

On day two, assume the index falls from 106 to 99 for a loss of about 6.6%. The fund, as expected, falls 9.9% to a price of $9.82. On each day, the fund performed exactly in line with its benchmark, but for the two-day period, the fund was down 1.8%, while the index was down only 1.0%. Without taking into account the daily compounding of returns, one would expect the fund to lose 1.5% and would see the fund as trailing by 0.3% when in fact it had performed perfectly. This example is summarized in the table below.

 INDEX INDEX FUND FUND FUND
 LEVEL PERFORMANCE EXPECTATION NAV PERFORMANCE ASSESSMENT
---------------------------------------------------------------------------------------------------------------
Start 100 $10.00
Day 1 106 6.0% 9.0% $10.90 9.0% In line
Day 2 99 (6.6)% (9.9)% $ 9.82 (9.9)% In line
Cumulative (1.0)% (1.5)% (1.8)% (0.3)%
---------------------------------------------------------------------------------------------------------------

As illustrated by this simple example, the effect of leverage can make it difficult to form expectations or judgments about fund performance given only the returns of the unleveraged index.

In general, any change in direction in an index will produce compounding that seems to work against an investor. Were the index to move in the same direction (either up or down) for two or more periods in a row, the compounding of those returns would work in an investor's favor, causing the fund to seemingly beat its benchmark.

As a general rule of thumb, more leverage in a fund will magnify the compounding effect, while less leverage will generally produce results that are more in line with expectations. In addition, periods of high volatility in an underlying index will also cause the effects of compounding to be more pronounced, while lower volatility will produce a more muted effect.

SEMI-ANNUAL REPORT 5

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, trustee 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 November 5, 2007 and held for the period ended April 30, 2008.

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 Period" to estimate the expenses attributable to your investment during this period.

 BEGINNING ENDING EXPENSES PAID
 ACCOUNT ACCOUNT DURING
 VALUE VALUE PERIOD*
 11/5/2007 4/30/2008 11/1/07 TO 4/30/08
 --------- --------- ------------------
ACTUAL
 Rydex Inverse 2x S&P 500 ETF**........................ $1,000 $ 831.50 $3.12
 Rydex 2x S&P 500 ETF**................................ $1,000 $1,129.20 $3.62
 Rydex 2x MidCap 400 ETF**............................. $1,000 $ 879.40 $3.20
 Rydex Inverse 2x S&P MidCap 400 ETF**................. $1,000 $1,052.00 $3.49
 Rydex 2x Russell 2000(R) ETF**........................ $1,000 $ 787.10 $3.04
 Rydex Inverse 2x Russell 2000(R) ETF**................ $1,000 $1,121.70 $3.61
HYPOTHETICAL (ASSUMING A 5% RETURN BEFORE EXPENSES)
 Rydex Inverse 2x S&P 500 ETF**........................ $1,000 $1,021.38 $3.52
 Rydex 2x S&P 500 ETF**................................ $1,000 $1,021.38 $3.52
 Rydex 2x MidCap 400 ETF**............................. $1,000 $1,021.38 $3.52
 Rydex Inverse 2x S&P MidCap 400 ETF**................. $1,000 $1,021.38 $3.52
 Rydex 2x Russell 2000(R) ETF**........................ $1,000 $1,021.38 $3.52
 Rydex Inverse 2x Russell 2000(R) ETF**................ $1,000 $1,021.38 $3.52

* Actual expenses are equal to the Fund's annualized expense ratio of 0.70%, 0.70%, 0.70%, 0.70%, 0.70%, and 0.70%. respectively, multiplied by the average account value of the period, multiplied by days in the period since commencement, divided by 366. Hypothetical expenses are equal to the Fund's annualized expense ratio of 0.70%, 0.70%, 0.70%, 0.70%, 0.70%, and 0.70%, respectively, multiplied by the average account value of the period, multiplied by days in the most recent six month period, divided by 366.

** Fund commenced operations on 11/5/07

SEMI-ANNUAL REPORT 6

RYDEX 2x S&P 500 ETF
PORTFOLIO SUMMARY As of April 30, 2008

TOP 10 HOLDINGS*
------------------------------------------------------------------------------------
 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
EXXON MOBIL CORP. 3.60%
GENERAL ELECTRIC CO. 2.36%
AT&T, INC. 1.69%
MICROSOFT CORP. 1.65%
PROCTER & GAMBLE CO. 1.49%
CHEVRON CORP. 1.44%
JOHNSON & JOHNSON 1.38%
INTERNATIONAL BUSINESS MACHINES CORP. 1.21%
BANK OF AMERICA CORP. 1.21%
JPMORGAN CHASE & CO. 1.17%

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

SECTOR ALLOCATIONS*

(PIE CHART)

Financials 17.12
Information Technology 15.97
Energy 14.05
Industrials 11.79
Health Care 11.35
Consumer Staples 10.52
Consumer Discretionary 8.59
Utilities 3.62
Materials 3.58
Telecommunication Services 3.41

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

SEMI-ANNUAL REPORT 7

RYDEX 2x S&P MIDCAP 400 ETF
PORTFOLIO SUMMARY As of April 30, 2008

TOP 10 HOLDINGS*
------------------------------------------------------------------------------------
 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
SOUTHWESTERN ENERGY CO. 1.13%
INTUITIVE SURGICAL, INC. 0.88%
FMC TECHNOLOGIES, INC. 0.70%
AMPHENOL CORP. 0.65%
EQUITABLE RESOURCES, INC. 0.65%
ARCH COAL, INC. 0.65%
MILLENNIUM PHARMACEUTICALS, INC. 0.64%
JOY GLOBAL, INC. 0.63%
NEWFIELD EXPLORATION CO. 0.63%
ACTIVISION, INC. 0.63%

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

SECTOR ALLOCATIONS*

(PIE CHART)

Industrials 16.40
Financials 16.00
Information Technology 13.54
Consumer Discretionary 12.51
Health Care 11.99
Energy 10.33
Utilities 7.97
Materials 7.60
Consumer Staples 3.19
Telecommunication Services 0.47

SEMI-ANNUAL REPORT 8

RYDEX 2x RUSSELL 2000(R) ETF
PORTFOLIO SUMMARY As of April 30, 2008

TOP 10 HOLDINGS*
------------------------------------------------------------------------------------
 DESCRIPTION % OF NET ASSETS
------------------------------------------------------------------------------------
CF INDUSTRIES HOLDINGS, INC. 0.55%
HOLOGIC, INC. 0.52%
PRICELINE.COM, INC. 0.36%
BUCYRUS INTERNATIONAL, INC. -- CLASS A 0.34%
PETROHAWK ENERGY CORP. 0.33%
FLIR SYSTEMS, INC. 0.33%
ILLUMINA, INC. 0.30%
EXTERRAN HOLDINGS, INC. 0.30%
WALTER INDUSTRIES, INC. 0.27%
TERRA INDUSTRIES, INC. 0.26%

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

SECTOR ALLOCATIONS*

(PIE CHART)

Financials 19.61
Information Technology 17.39
Industrials 15.25
Consumer Discretionary 13.44
Health Care 12.87
Energy 8.29
Materials 5.65
Consumer Staples 3.14
Utilities 3.11
Telecommunication Services 1.25

SEMI-ANNUAL REPORT 9

RYDEX 2x S&P 500 ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------
COMMON STOCKS 87.2%
 AEROSPACE & DEFENSE 2.6%
 Boeing Co. ................................ 1,890 $160,385
 General Dynamics Corp. .................... 990 89,516
 Goodrich Corp. ............................ 310 21,127
 Honeywell International, Inc. ............. 1,840 109,296
 L-3 Communications Holdings, Inc. ......... 300 33,435
 Lockheed Martin Corp. ..................... 850 90,134
 Northrop Grumman Corp. .................... 830 61,063
 Precision Castparts Corp. ................. 340 39,970
 Raytheon Co. .............................. 1,050 67,169
 Rockwell Collins, Inc. .................... 400 25,244
 United Technologies Corp. ................. 2,420 175,377
 ----------
TOTAL AEROSPACE & DEFENSE 872,716
 ----------

 AIR FREIGHT & LOGISTICS 0.9%
 C.H. Robinson Worldwide, Inc. ............. 420 26,326
 Expeditors International of Washington,
 Inc. ................................... 530 24,693
 FedEx Corp. ............................... 760 72,861
 United Parcel Service, Inc. -- Class B..... 2,550 184,645
 ----------
TOTAL AIR FREIGHT & LOGISTICS 308,525
 ----------

 AIRLINES 0.1%
 Southwest Airlines Co. .................... 1,810 23,964
 ----------
TOTAL AIRLINES 23,964
 ----------

 AUTO COMPONENTS 0.2%
 Goodyear Tire & Rubber Co.*................ 590 15,800
 Johnson Controls, Inc. .................... 1,460 51,480
 ----------
TOTAL AUTO COMPONENTS 67,280
 ----------

 AUTOMOBILES 0.3%
 Ford Motor Co.*............................ 5,440 44,934
 General Motors Corp. ...................... 1,400 32,480
 Harley-Davidson, Inc. ..................... 590 22,568
 ----------
TOTAL AUTOMOBILES 99,982
 ----------

 BEVERAGES 2.1%
 Anheuser-Busch Cos., Inc. ................. 1,760 86,592
 Brown-Forman Corp. -- Class B.............. 210 14,284
 Coca-Cola Co. ............................. 4,930 290,229
 Coca-Cola Enterprises, Inc. ............... 710 15,975
 Constellation Brands, Inc. -- Class A*..... 480 8,813
 Molson Coors Brewing Co. -- Class B........ 340 18,646
 Pepsi Bottling Group, Inc. ................ 340 11,461
 PepsiCo, Inc. ............................. 3,950 270,694
 ----------
TOTAL BEVERAGES 716,694
 ----------

 BIOTECHNOLOGY 1.1%
 Amgen, Inc.*............................... 2,680 112,212
 Biogen Idec, Inc.*......................... 730 44,304
 Celgene Corp.*............................. 1,070 66,490
 Genzyme Corp.*............................. 660 46,431
 Gilead Sciences, Inc.*..................... 2,290 118,530
 ----------
TOTAL BIOTECHNOLOGY 387,967
 ----------

 BUILDING PRODUCTS 0.1%
 Masco Corp. ............................... 900 16,389
 Trane, Inc. ............................... 430 19,999
 ----------
TOTAL BUILDING PRODUCTS 36,388
 ----------

 CAPITAL MARKETS 2.7%
 American Capital Strategies, Ltd. ......... 480 15,240
 Ameriprise Financial, Inc. ................ 560 26,594
 Bank of New York Mellon Corp. ............. 2,820 122,755
 Bear Stearns Cos., Inc. ................... 477 5,118
 Charles Schwab Corp. ...................... 2,320 50,112
 E*TRADE Financial Corp.*................... 1,140 4,537
 Federated Investors, Inc. -- Class B....... 210 7,031
 Franklin Resources, Inc. .................. 390 37,109
 Goldman Sachs Group, Inc. ................. 970 185,629
 Janus Capital Group, Inc. ................. 360 10,102
 Legg Mason, Inc. .......................... 330 19,892
 Lehman Brothers Holdings, Inc. ............ 1,310 57,954
 Merrill Lynch & Co., Inc. ................. 2,400 119,592
 Morgan Stanley............................. 2,730 132,678
 Northern Trust Corp. ...................... 470 34,832
 State Street Corp. ........................ 960 69,254
 T. Rowe Price Group, Inc. ................. 650 38,064
 ----------
TOTAL CAPITAL MARKETS 936,493
 ----------

 CHEMICALS 1.7%
 Air Products & Chemicals, Inc. ............ 530 52,168
 Ashland, Inc. ............................. 140 7,423
 Dow Chemical Co. .......................... 2,320 93,148
 Du Pont (E.I.) de Nemours & Co. ........... 2,220 108,580
 Eastman Chemical Co. ...................... 200 14,700
 Ecolab, Inc. .............................. 430 19,763
 Hercules, Inc. ............................ 280 5,264
 International Flavors & Fragrances, Inc. .. 200 9,122
 Monsanto Co. .............................. 1,350 153,927
 PPG Industries, Inc. ...................... 400 24,548
 Praxair, Inc. ............................. 770 70,309
 Rohm & Haas Co. ........................... 310 16,569
 Sigma-Aldrich Corp. ....................... 320 18,246
 ----------
TOTAL CHEMICALS 593,767
 ----------

 COMMERCIAL BANKS 2.5%
 BB&T Corp. ................................ 1,350 46,292
 Comerica, Inc. ............................ 370 12,850
 Fifth Third Bancorp........................ 1,310 28,073
 First Horizon National Corp. .............. 460 4,968
 Huntington Bancshares, Inc. ............... 900 8,451
 KeyCorp.................................... 980 23,647
 M&T Bank Corp. ............................ 190 17,714
 Marshall & Ilsley Corp. ................... 650 16,237
 National City Corp. ....................... 1,870 11,781
 PNC Financial Services Group, Inc. ........ 840 58,254
 Regions Financial Corp. ................... 1,710 37,483
 SunTrust Banks, Inc. ...................... 870 48,503
 U.S. Bancorp............................... 4,270 144,710
 Wachovia Corp. ............................ 5,250 153,038

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 10

RYDEX 2x S&P 500 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Wells Fargo & Co. ......................... 8,130 $241,867
 Zions Bancorp.............................. 260 12,051
 ----------
TOTAL COMMERCIAL BANKS 865,919
 ----------

 COMMERCIAL SERVICES & SUPPLIES 0.4%
 Allied Waste Industries, Inc.*............. 830 10,259
 Avery Dennison Corp. ...................... 260 12,530
 Cintas Corp. .............................. 320 9,475
 Equifax, Inc. ............................. 320 12,247
 Monster Worldwide, Inc.*................... 310 7,542
 Pitney Bowes, Inc. ........................ 520 18,777
 R.R. Donnelley & Sons Co. ................. 530 16,239
 Robert Half International, Inc. ........... 390 9,243
 Waste Management, Inc. .................... 1,220 44,042
 ----------
TOTAL COMMERCIAL SERVICES & SUPPLIES 140,354
 ----------

 COMMUNICATIONS EQUIPMENT 2.2%
 Ciena Corp.*............................... 210 7,100
 Cisco Systems, Inc.*....................... 14,710 377,164
 Corning, Inc. ............................. 3,880 103,635
 JDS Uniphase Corp.*........................ 550 7,871
 Juniper Networks, Inc.*.................... 1,290 35,630
 Motorola, Inc. ............................ 5,560 55,378
 QUALCOMM, Inc. ............................ 3,980 171,896
 Tellabs, Inc.*............................. 1,020 5,263
 ----------
TOTAL COMMUNICATIONS EQUIPMENT 763,937
 ----------

 COMPUTERS & PERIPHERALS 3.9%
 Apple, Inc.*............................... 2,170 377,471
 Dell, Inc.*................................ 5,040 93,895
 EMC Corp.*................................. 5,180 79,772
 Hewlett-Packard Co. ....................... 6,080 281,808
 International Business Machines Corp. ..... 3,420 412,794
 Lexmark International, Inc. -- Class A*.... 230 7,220
 NetApp, Inc.*.............................. 850 20,570
 QLogic Corp.*.............................. 330 5,267
 SanDisk Corp.*............................. 570 15,441
 Sun Microsystems, Inc.*.................... 1,960 30,694
 Teradata Corp.*............................ 440 9,368
 ----------
TOTAL COMPUTERS & PERIPHERALS 1,334,300
 ----------

 CONSTRUCTION & ENGINEERING 0.2%
 Fluor Corp. ............................... 220 33,631
 Jacobs Engineering Group, Inc.*............ 300 25,899
 ----------
TOTAL CONSTRUCTION & ENGINEERING 59,530
 ----------

 CONSTRUCTION MATERIALS 0.1%
 Vulcan Materials Co. ...................... 270 18,581
 ----------
TOTAL CONSTRUCTION MATERIALS 18,581
 ----------

 CONSUMER FINANCE 0.7%
 American Express Co. ...................... 2,850 136,857
 Capital One Financial Corp. ............... 920 48,760
 Discover Financial Services................ 1,180 21,488
 SLM Corp.*................................. 1,150 21,309
 ----------
TOTAL CONSUMER FINANCE 228,414
 ----------

 CONTAINERS & PACKAGING 0.1%
 Ball Corp. ................................ 240 12,907
 Bemis Co., Inc. ........................... 250 6,575
 Pactiv Corp.*.............................. 320 7,613
 Sealed Air Corp. .......................... 400 10,116
 ----------
TOTAL CONTAINERS & PACKAGING 37,211
 ----------

 DISTRIBUTORS 0.1%
 Genuine Parts Co. ......................... 410 17,409
 ----------
TOTAL DISTRIBUTORS 17,409
 ----------

 DIVERSIFIED CONSUMER SERVICES 0.1%
 Apollo Group, Inc. -- Class A*............. 340 17,306
 H&R Block, Inc. ........................... 800 17,496
 ----------
TOTAL DIVERSIFIED CONSUMER SERVICES 34,802
 ----------

 DIVERSIFIED FINANCIAL SERVICES 3.9%
 Bank of America Corp. ..................... 10,960 411,438
 CIT Group, Inc. ........................... 700 7,623
 Citigroup, Inc. ........................... 12,840 324,467
 CME Group, Inc. ........................... 130 59,468
 IntercontinentalExchange, Inc.*............ 170 26,376
 JPMorgan Chase & Co. ...................... 8,380 399,307
 Leucadia National Corp. ................... 420 21,512
 Moody's Corp. ............................. 510 18,850
 NYSE Euronext.............................. 650 42,965
 ----------
TOTAL DIVERSIFIED FINANCIAL SERVICES 1,312,006
 ----------

 DIVERSIFIED TELECOMMUNICATION SERVICES 2.7%
 AT&T, Inc. ................................ 14,890 576,392
 CenturyTel, Inc. .......................... 260 8,437
 Citizens Communications Co. ............... 810 8,683
 Embarq Corp. .............................. 380 15,797
 Qwest Communications International, Inc. .. 3,790 19,556
 Verizon Communications, Inc. .............. 7,080 272,438
 Windstream Corp. .......................... 1,120 13,149
 ----------
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES 914,452
 ----------

 ELECTRIC UTILITIES 1.9%
 Allegheny Energy, Inc. .................... 410 22,058
 American Electric Power Co., Inc. ......... 990 44,184
 Duke Energy Corp. ......................... 3,120 57,127
 Edison International....................... 800 41,736
 Entergy Corp. ............................. 470 53,984
 Exelon Corp. .............................. 1,630 139,332
 FirstEnergy Corp. ......................... 750 56,730
 FPL Group, Inc. ........................... 1,010 66,953
 Pepco Holdings, Inc. ...................... 500 12,455
 Pinnacle West Capital Corp. ............... 250 8,485
 PPL Corp. ................................. 920 44,178

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 11

RYDEX 2x S&P 500 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Progress Energy, Inc. ..................... 640 $26,874
 Southern Co. .............................. 1,890 70,365
 ----------
TOTAL ELECTRIC UTILITIES 644,461
 ----------

 ELECTRICAL EQUIPMENT 0.4%
 Cooper Industries, Ltd. -- Class A......... 430 18,228
 Emerson Electric Co. ...................... 1,940 101,384
 Rockwell Automation, Inc. ................. 370 20,065
 ----------
TOTAL ELECTRICAL EQUIPMENT 139,677
 ----------

 ELECTRONIC EQUIPMENT & INSTRUMENTS 0.3%
 Agilent Technologies, Inc.*................ 900 27,189
 Jabil Circuit, Inc. ....................... 510 5,549
 Molex, Inc. ............................... 350 9,933
 Tyco Electronics, Ltd. .................... 1,200 44,892
 ----------
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS 87,563
 ----------

 ENERGY EQUIPMENT & SERVICES 2.6%
 Baker Hughes, Inc. ........................ 760 61,469
 BJ Services Co. ........................... 720 20,354
 Cameron International Corp.*............... 540 26,584
 ENSCO International, Inc. ................. 360 22,943
 Halliburton Co. ........................... 2,170 99,625
 Nabors Industries, Ltd.*................... 690 25,903
 National-Oilwell Varco, Inc.*.............. 1,020 69,819
 Noble Corp. ............................... 660 37,145
 Rowan Cos., Inc. .......................... 270 10,527
 Schlumberger, Ltd. ........................ 2,950 296,622
 Smith International, Inc. ................. 500 38,255
 Transocean, Inc.*.......................... 780 115,019
 Weatherford International, Ltd.*........... 840 67,763
 ----------
TOTAL ENERGY EQUIPMENT & SERVICES 892,028
 ----------

 FOOD & STAPLES RETAILING 2.3%
 Costco Wholesale Corp. .................... 1,070 76,238
 CVS Caremark Corp. ........................ 3,530 142,506
 Kroger Co. ................................ 1,660 45,235
 Safeway, Inc. ............................. 1,090 34,444
 SUPERVALU, Inc. ........................... 520 17,212
 Sysco Corp. ............................... 1,490 45,549
 Wal-Mart Stores, Inc. ..................... 5,830 338,023
 Walgreen Co. .............................. 2,450 85,382
 Whole Foods Market, Inc. .................. 340 11,098
 ----------
TOTAL FOOD & STAPLES RETAILING 795,687
 ----------

 FOOD PRODUCTS 1.4%
 Archer-Daniels-Midland Co. ................ 1,590 70,055
 Campbell Soup Co. ......................... 540 18,792
 ConAgra Foods, Inc. ....................... 1,200 28,272
 Dean Foods Co.*............................ 370 8,599
 General Mills, Inc. ....................... 830 50,132
 H.J. Heinz Co. ............................ 780 36,683
 Hershey Co. ............................... 410 15,326
 Kellogg Co. ............................... 640 32,749
 Kraft Foods, Inc. -- Class A............... 3,780 119,561
 McCormick & Co., Inc. ..................... 320 12,093
 Sara Lee Corp. ............................ 1,760 25,538
 Tyson Foods, Inc. -- Class A............... 680 12,104
 Wm. Wrigley Jr. Co. ....................... 530 40,365
 ----------
TOTAL FOOD PRODUCTS 470,269
 ----------

 GAS UTILITIES 0.1%
 Nicor, Inc. ............................... 110 3,863
 Questar Corp. ............................. 430 26,673
 ----------
TOTAL GAS UTILITIES 30,536
 ----------

 HEALTH CARE EQUIPMENT & SUPPLIES 1.6%
 Baxter International, Inc. ................ 1,570 97,842
 Becton, Dickinson & Co. ................... 600 53,640
 Boston Scientific Corp.*................... 3,310 44,122
 C.R. Bard, Inc. ........................... 250 23,542
 Covidien, Ltd. ............................ 1,230 57,429
 Hospira, Inc.*............................. 390 16,048
 Medtronic, Inc. ........................... 2,770 134,844
 St Jude Medical, Inc.*..................... 850 37,213
 Stryker Corp. ............................. 590 38,250
 Varian Medical Systems, Inc.*.............. 310 14,533
 Zimmer Holdings, Inc.*..................... 580 43,013
 ----------
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES 560,476
 ----------

 HEALTH CARE PROVIDERS & SERVICES 1.6%
 Aetna, Inc. ............................... 1,230 53,628
 AmerisourceBergen Corp. ................... 400 16,220
 Cardinal Health, Inc. ..................... 880 45,822
 CIGNA Corp. ............................... 690 29,470
 Coventry Health Care, Inc.*................ 380 16,997
 Express Scripts, Inc.*..................... 620 43,412
 Humana, Inc.*.............................. 420 20,072
 Laboratory Corp. of America Holdings*...... 270 20,417
 McKesson Corp. ............................ 710 37,005
 Medco Health Solutions, Inc.*.............. 1,290 63,907
 Patterson Cos., Inc.*...................... 320 10,944
 Quest Diagnostics, Inc. ................... 390 19,570
 Tenet Healthcare Corp.*.................... 1,170 7,488
 UnitedHealth Group, Inc. .................. 3,090 100,827
 WellPoint, Inc.*........................... 1,340 66,665
 ----------
TOTAL HEALTH CARE PROVIDERS & SERVICES 552,444
 ----------

 HEALTH CARE TECHNOLOGY 0.0%(A)
 IMS Health, Inc. .......................... 450 11,138
 ----------
TOTAL HEALTH CARE TECHNOLOGY 11,138
 ----------

 HOTELS, RESTAURANTS & LEISURE 1.2%
 Carnival Corp. ............................ 1,080 43,384
 Darden Restaurants, Inc. .................. 350 12,453
 International Game Technology.............. 770 26,750
 Marriott International, Inc. -- Class A.... 740 25,382
 McDonald's Corp. .......................... 2,840 169,207
 Starbucks Corp.*........................... 1,800 29,214
 Starwood Hotels & Resorts Worldwide,
 Inc. ................................... 460 24,017
 Wendy's International, Inc. ............... 220 6,380

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 12

RYDEX 2x S&P 500 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Wyndham Worldwide Corp. ................... 440 $9,451
 Yum! Brands, Inc. ......................... 1,170 47,595
 ----------
TOTAL HOTELS, RESTAURANTS & LEISURE 393,833
 ----------

 HOUSEHOLD DURABLES 0.4%
 Black & Decker Corp. ...................... 150 9,844
 Centex Corp. .............................. 300 6,246
 D.R. Horton, Inc. ......................... 680 10,533
 Fortune Brands, Inc. ...................... 380 25,696
 Harman International Industries, Inc. ..... 150 6,131
 KB HOME.................................... 190 4,275
 Leggett & Platt, Inc. ..................... 410 6,806
 Lennar Corp. -- Class A.................... 340 6,263
 Newell Rubbermaid, Inc. ................... 680 13,960
 Pulte Homes, Inc. ......................... 530 6,911
 Snap-on, Inc. ............................. 140 8,303
 Stanley Works.............................. 190 9,166
 Whirlpool Corp. ........................... 190 13,828
 ----------
TOTAL HOUSEHOLD DURABLES 127,962
 ----------

 HOUSEHOLD PRODUCTS 2.0%
 Clorox Co. ................................ 340 18,020
 Colgate-Palmolive Co. ..................... 1,260 89,082
 Kimberly-Clark Corp. ...................... 1,040 66,550
 Procter & Gamble Co. ...................... 7,590 508,909
 ----------
TOTAL HOUSEHOLD PRODUCTS 682,561
 ----------

 INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 0.2%
 AES Corp.*................................. 1,650 28,644
 Constellation Energy Group, Inc. .......... 440 37,246
 Dynegy, Inc. -- Class A*................... 1,220 10,516
 ----------
TOTAL INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 76,406
 ----------

 INDUSTRIAL CONGLOMERATES 3.0%
 3M Co. .................................... 1,750 134,575
 General Electric Co. ...................... 24,640 805,728
 Textron, Inc. ............................. 610 37,216
 Tyco International, Ltd. .................. 1,200 56,148
 ----------
TOTAL INDUSTRIAL CONGLOMERATES 1,033,667
 ----------

 INSURANCE 3.5%
 ACE, Ltd. ................................. 810 48,835
 AFLAC, Inc. ............................... 1,170 78,004
 Allstate Corp. ............................ 1,380 69,497
 Ambac Financial Group, Inc. ............... 710 3,287
 American International Group, Inc. ........ 6,220 287,364
 Aon Corp. ................................. 750 34,042
 Assurant, Inc. ............................ 240 15,600
 Chubb Corp. ............................... 910 48,203
 Cincinnati Financial Corp. ................ 410 14,719
 Genworth Financial, Inc. -- Class A........ 1,070 24,674
 Hartford Financial Services Group, Inc. ... 770 54,878
 Lincoln National Corp. .................... 650 34,944
 Loews Corp. ............................... 1,080 45,479
 Marsh & McLennan Cos., Inc. ............... 1,290 35,591
 MBIA, Inc. ................................ 520 5,408
 MetLife, Inc. ............................. 1,750 106,487
 Principal Financial Group, Inc. ........... 640 34,342
 Progressive Corp. ......................... 1,670 30,377
 Prudential Financial, Inc. ................ 1,100 83,281
 SAFECO Corp. .............................. 220 14,683
 Torchmark Corp. ........................... 220 14,243
 Travelers Cos., Inc. ...................... 1,530 77,112
 Unum Group................................. 860 19,961
 XL Capital, Ltd. -- Class A................ 440 15,352
 ----------
TOTAL INSURANCE 1,196,363
 ----------

 INTERNET & CATALOG RETAIL 0.2%
 Amazon.com, Inc.*.......................... 760 59,759
 Expedia, Inc.*............................. 510 12,883
 IAC/InterActiveCorp*....................... 450 9,364
 ----------
TOTAL INTERNET & CATALOG RETAIL 82,006
 ----------

 INTERNET SOFTWARE & SERVICES 1.6%
 Akamai Technologies, Inc.*................. 410 14,666
 eBay, Inc.*................................ 2,750 86,047
 Google, Inc. -- Class A*................... 570 327,345
 VeriSign, Inc.*............................ 530 19,107
 Yahoo!, Inc.*.............................. 3,300 90,453
 ----------
TOTAL INTERNET SOFTWARE & SERVICES 537,618
 ----------

 IT SERVICES 0.8%
 Affiliated Computer Services, Inc. -- Class
 A*...................................... 240 12,713
 Automatic Data Processing, Inc. ........... 1,290 57,018
 Cognizant Technology Solutions
 Corp. -- Class A*....................... 710 22,897
 Computer Sciences Corp.*................... 400 17,436
 Convergys Corp.*........................... 310 4,873
 Electronic Data Systems Corp. ............. 1,260 23,386
 Fidelity National Information Services,
 Inc. ................................... 420 15,145
 Fiserv, Inc.*.............................. 410 20,726
 Paychex, Inc. ............................. 800 29,096
 Total System Services, Inc. ............... 490 11,662
 Unisys Corp.*.............................. 870 3,619
 Western Union Co. ......................... 1,850 42,550
 ----------
TOTAL IT SERVICES 261,121
 ----------

 LEISURE EQUIPMENT & PRODUCTS 0.1%
 Brunswick Corp. ........................... 220 3,670
 Eastman Kodak Co. ......................... 710 12,702
 Hasbro, Inc. .............................. 350 12,446
 Mattel, Inc. .............................. 890 16,687
 ----------
TOTAL LEISURE EQUIPMENT & PRODUCTS 45,505
 ----------

 LIFE SCIENCES TOOLS & SERVICES 0.3%
 Applera Corp. -- Applied Biosystems Group.. 410 13,083
 Millipore Corp.*........................... 140 9,814
 PerkinElmer, Inc. ......................... 290 7,703
 Thermo Electron Corp.*..................... 1,030 59,606
 Waters Corp.*.............................. 250 15,365
 ----------
TOTAL LIFE SCIENCES TOOLS & SERVICES 105,571
 ----------

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 13

RYDEX 2x S&P 500 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------
COMMON STOCKS (CONTINUED)


 MACHINERY 1.7%
 Caterpillar, Inc. ......................... 1,540 $126,095
 Cummins, Inc. ............................. 500 31,325
 Danaher Corp. ............................. 630 49,153
 Deere & Co. ............................... 1,080 90,795
 Dover Corp. ............................... 470 23,251
 Eaton Corp. ............................... 400 35,136
 Illinois Tool Works, Inc. ................. 990 51,767
 Ingersoll-Rand Co., Ltd. -- Class A........ 670 29,735
 ITT Corp. ................................. 450 28,800
 Manitowoc Co., Inc. ....................... 320 12,102
 PACCAR, Inc. .............................. 900 42,588
 Pall Corp. ................................ 300 10,431
 Parker-Hannifin Corp. ..................... 420 33,537
 Terex Corp.*............................... 250 17,420
 ----------
TOTAL MACHINERY 582,135
 ----------

 MEDIA 2.5%
 CBS Corp. -- Class B....................... 1,680 38,758
 Clear Channel Communications, Inc. ........ 1,230 37,085
 Comcast Corp. -- Class A................... 7,430 152,686
 DIRECTV Group, Inc.*....................... 1,760 43,366
 E.W. Scripps Co. -- Class A................ 220 9,880
 Gannett Co., Inc. ......................... 570 16,313
 Interpublic Group of Cos., Inc.*........... 1,160 10,498
 McGraw-Hill Cos., Inc. .................... 800 32,792
 Meredith Corp. ............................ 90 2,917
 New York Times Co. -- Class A.............. 350 6,825
 News Corp. -- Class A...................... 5,680 101,672
 Omnicom Group, Inc. ....................... 790 37,715
 Time Warner, Inc. ......................... 8,820 130,977
 Viacom, Inc. -- Class B*................... 1,580 60,735
 Walt Disney Co. ........................... 4,650 150,799
 Washington Post Co. -- Class B............. 11 7,212
 ----------
TOTAL MEDIA 840,230
 ----------

 METALS & MINING 1.0%
 Alcoa, Inc. ............................... 2,010 69,908
 Allegheny Technologies, Inc. .............. 250 17,208
 Freeport-McMoRan Copper & Gold, Inc. ...... 940 106,925
 Newmont Mining Corp. ...................... 1,120 49,515
 Nucor Corp. ............................... 710 53,605
 Titanium Metals Corp. ..................... 240 3,658
 United States Steel Corp. ................. 290 44,645
 ----------
TOTAL METALS & MINING 345,464
 ----------

 MULTI-UTILITIES 0.9%
 Ameren Corp. .............................. 510 23,134
 CenterPoint Energy, Inc. .................. 810 12,328
 CMS Energy Corp. .......................... 560 8,165
 Consolidated Edison, Inc. ................. 670 27,872
 Dominion Resources, Inc. .................. 1,420 61,614
 DTE Energy Co. ............................ 400 16,124
 Integrys Energy Group, Inc................. 190 9,099
 NiSource, Inc. ............................ 680 12,172
 PG&E Corp. ................................ 880 35,200
 Public Service Enterprise Group, Inc. ..... 1,250 54,887
 Sempra Energy.............................. 640 36,269
 TECO Energy, Inc. ......................... 520 8,325
 Xcel Energy, Inc. ......................... 1,060 22,048
 ----------
TOTAL MULTI-UTILITIES 327,237
 ----------

 MULTILINE RETAIL 0.7%
 Big Lots, Inc.*............................ 200 5,406
 Dillard's, Inc. -- Class A................. 140 2,856
 Family Dollar Stores, Inc. ................ 350 7,490
 J.C. Penney Co., Inc. ..................... 550 23,375
 Kohl's Corp.*.............................. 770 37,615
 Macy's, Inc. .............................. 1,070 27,060
 Nordstrom, Inc. ........................... 440 15,514
 Sears Holdings Corp.*...................... 180 17,750
 Target Corp. .............................. 2,020 107,323
 ----------
TOTAL MULTILINE RETAIL 244,389
 ----------

 OFFICE ELECTRONICS 0.1%
 Xerox Corp. ............................... 2,260 31,572
 ----------
TOTAL OFFICE ELECTRONICS 31,572
 ----------

 OIL, GAS & CONSUMABLE FUELS 9.6%
 Anadarko Petroleum Corp. .................. 1,150 76,544
 Apache Corp. .............................. 820 110,437
 Chesapeake Energy Corp. ................... 1,130 58,421
 Chevron Corp. ............................. 5,120 492,288
 ConocoPhillips............................. 3,850 331,677
 CONSOL Energy, Inc. ....................... 450 36,432
 Devon Energy Corp. ........................ 1,100 124,740
 El Paso Corp. ............................. 1,730 29,652
 EOG Resources, Inc. ....................... 610 79,593
 Exxon Mobil Corp. ......................... 13,200 1,228,524
 Hess Corp. ................................ 690 73,278
 Marathon Oil Corp. ........................ 1,750 79,747
 Murphy Oil Corp. .......................... 470 42,460
 Noble Energy, Inc. ........................ 420 36,540
 Occidental Petroleum Corp. ................ 2,030 168,916
 Peabody Energy Corp. ...................... 670 40,957
 Range Resources Corp. ..................... 370 24,561
 Spectra Energy Corp. ...................... 1,560 38,532
 Sunoco, Inc. .............................. 290 13,459
 Tesoro Corp. .............................. 340 8,548
 Valero Energy Corp. ....................... 1,320 64,482
 Williams Cos., Inc. ....................... 1,440 51,120
 XTO Energy, Inc. .......................... 1,260 77,944
 ----------
TOTAL OIL, GAS & CONSUMABLE FUELS 3,288,852
 ----------

 PAPER & FOREST PRODUCTS 0.2%
 International Paper Co. ................... 1,060 27,740
 MeadWestvaco Corp. ........................ 430 11,309
 Weyerhaeuser Co. .......................... 520 33,218
 ----------
TOTAL PAPER & FOREST PRODUCTS 72,267
 ----------

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 14

RYDEX 2x S&P 500 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------
COMMON STOCKS (CONTINUED)


 PERSONAL PRODUCTS 0.2%
 Avon Products, Inc. ....................... 1,050 $40,971
 Estee Lauder Cos., Inc -- Class A.......... 280 12,771
 ----------
TOTAL PERSONAL PRODUCTS 53,742
 ----------

 PHARMACEUTICALS 5.2%
 Abbott Laboratories........................ 3,810 200,977
 Allergan, Inc. ............................ 750 42,277
 Barr Pharmaceuticals, Inc.*................ 270 13,562
 Bristol-Myers Squibb Co. .................. 4,880 107,214
 Eli Lilly & Co. ........................... 2,440 117,462
 Forest Laboratories, Inc.*................. 770 26,727
 Johnson & Johnson.......................... 6,990 468,959
 King Pharmaceuticals, Inc.*................ 610 5,728
 Merck & Co., Inc. ......................... 5,340 203,134
 Mylan Laboratories, Inc. .................. 750 9,877
 Pfizer, Inc. .............................. 16,680 335,435
 Schering-Plough Corp. ..................... 4,000 73,640
 Watson Pharmaceuticals, Inc.*.............. 260 8,070
 Wyeth...................................... 3,300 146,751
 ----------
TOTAL PHARMACEUTICALS 1,759,813
 ----------

 REAL ESTATE INVESTMENT TRUSTS (REITS) 1.1%
 Apartment Investment & Management
 Co. -- Class A.......................... 230 8,505
 AvalonBay Communities, Inc. ............... 190 18,953
 Boston Properties, Inc. ................... 290 29,142
 Developers Diversified Realty Corp. ....... 290 12,456
 Equity Residential Properties Trust........ 670 27,818
 General Growth Properties, Inc. ........... 660 27,034
 HCP, Inc. ................................. 580 20,706
 Host Hotels & Resorts, Inc. ............... 1,290 22,188
 Kimco Realty Corp. ........................ 620 24,744
 Plum Creek Timber Co., Inc. ............... 420 17,153
 ProLogis................................... 640 40,070
 Public Storage, Inc. ...................... 310 28,117
 Simon Property Group, Inc. ................ 550 54,923
 Vornado Realty Trust....................... 330 30,720
 ----------
TOTAL REAL ESTATE INVESTMENT TRUSTS (REITS) 362,529
 ----------

 REAL ESTATE MANAGEMENT & DEVELOPMENT 0.0%(A)
 CB Richard Ellis Group, Inc. -- Class A*... 430 9,942
 ----------
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT 9,942
 ----------

 ROAD & RAIL 0.9%
 Burlington Northern Santa Fe Corp. ........ 730 74,861
 CSX Corp. ................................. 1,000 62,950
 Norfolk Southern Corp. .................... 930 55,409
 Ryder System, Inc. ........................ 140 9,586
 Union Pacific Corp. ....................... 640 92,922
 ----------
TOTAL ROAD & RAIL 295,728
 ----------

 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 2.2%
 Advanced Micro Devices, Inc.*.............. 1,490 8,880
 Altera Corp. .............................. 760 16,173
 Analog Devices, Inc. ...................... 730 23,513
 Applied Materials, Inc. ................... 3,340 62,324
 Broadcom Corp. -- Class A*................. 1,150 29,854
 Intel Corp. ............................... 14,280 317,873
 KLA-Tencor Corp. .......................... 440 19,219
 Linear Technology Corp. ................... 550 19,228
 LSI Logic Corp.*........................... 1,630 10,106
 MEMC Electronic Materials, Inc.*........... 560 35,263
 Microchip Technology, Inc. ................ 470 17,273
 Micron Technology, Inc.*................... 1,880 14,514
 National Semiconductor Corp. .............. 560 11,418
 Novellus Systems, Inc.*.................... 250 5,465
 NVIDIA Corp.*.............................. 1,370 28,154
 Teradyne, Inc.*............................ 430 5,715
 Texas Instruments, Inc. ................... 3,270 95,353
 Xilinx, Inc. .............................. 710 17,587
 ----------
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 737,912
 ----------

 SOFTWARE 2.9%
 Adobe Systems, Inc.*....................... 1,310 48,850
 Autodesk, Inc.*............................ 570 21,660
 BMC Software, Inc.*........................ 470 16,337
 CA, Inc. .................................. 960 21,254
 Citrix Systems, Inc.*...................... 460 15,065
 Compuware Corp.*........................... 680 5,127
 Electronic Arts, Inc.*..................... 780 40,146
 Intuit, Inc.*.............................. 810 21,846
 Microsoft Corp. ........................... 19,750 563,270
 Novell, Inc.*.............................. 870 5,464
 Oracle Corp.*.............................. 9,760 203,496
 Symantec Corp.*............................ 2,090 35,990
 ----------
TOTAL SOFTWARE 998,505
 ----------

 SPECIALTY RETAIL 1.4%
 Abercrombie & Fitch Co. -- Class A......... 210 15,605
 AutoNation, Inc.*.......................... 330 5,283
 AutoZone, Inc.*............................ 110 13,283
 Bed Bath & Beyond, Inc.*................... 650 21,125
 Best Buy Co., Inc. ........................ 870 37,428
 GameStop Corp. -- Class A*................. 400 22,016
 Gap, Inc. ................................. 1,120 20,854
 Home Depot, Inc. .......................... 4,160 119,808
 Limited Brands, Inc. ...................... 770 14,260
 Lowe's Cos., Inc. ......................... 3,610 90,936
 Office Depot, Inc.*........................ 670 8,496
 OfficeMax, Inc. ........................... 190 3,471
 RadioShack Corp. .......................... 320 4,448
 Sherwin-Williams Co. ...................... 250 13,830
 Staples, Inc. ............................. 1,730 37,541
 Tiffany & Co. ............................. 310 13,497
 TJX Cos., Inc. ............................ 1,080 34,798
 ----------
TOTAL SPECIALTY RETAIL 476,679
 ----------

 TEXTILES, APPAREL & LUXURY GOODS 0.4%
 Coach, Inc.*............................... 870 30,946
 Jones Apparel Group, Inc. ................. 210 3,324
 Liz Claiborne, Inc. ....................... 250 4,423

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 15

RYDEX 2x S&P 500 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 NIKE, Inc. -- Class B...................... 940 $62,792
 Polo Ralph Lauren Corp. ................... 150 9,316
 V.F. Corp. ................................ 220 16,364
 ----------
TOTAL TEXTILES, APPAREL & LUXURY GOODS 127,165
 ----------

 THRIFTS & MORTGAGE FINANCE 0.5%
 Countrywide Financial Corp. ............... 1,430 8,265
 Federal Home Loan Mortgage Corp. .......... 1,590 39,607
 Federal National Mortgage Association...... 2,410 68,203
 Hudson City Bancorp, Inc. ................. 1,280 24,487
 MGIC Investment Corp. ..................... 290 3,779
 Sovereign Bancorp, Inc. ................... 890 6,648
 Washington Mutual, Inc. ................... 2,610 32,077
 ----------
TOTAL THRIFTS & MORTGAGE FINANCE 183,066
 ----------

 TOBACCO 1.2%
 Altria Group, Inc. ........................ 5,200 104,000
 Philip Morris International, Inc.*......... 5,200 265,356
 Reynolds American, Inc. ................... 420 22,617
 UST, Inc. ................................. 370 19,266
 ----------
TOTAL TOBACCO 411,239
 ----------

 TRADING COMPANIES & DISTRIBUTORS 0.0%(A)
 W.W. Grainger, Inc. ....................... 170 14,741
 ----------
TOTAL TRADING COMPANIES & DISTRIBUTORS 14,741
 ----------

 WIRELESS TELECOMMUNICATION SERVICES 0.3%
 American Tower Corp. -- Class A*........... 1,000 43,420
 Sprint Nextel Corp. ....................... 7,030 56,170
 ----------
TOTAL WIRELESS TELECOMMUNICATION SERVICES 99,590
 ----------
TOTAL COMMON STOCKS
 (Cost $29,687,140) 29,760,380
 ----------

 FACE MARKET
 AMOUNT VALUE
----------------------------------------------------------------------

REPURCHASE AGREEMENTS 10.6%
 State Street Bank & Trust Co., 1.850%,
 dated 04/30/08, to be repurchased at
 $3,597,185 on 05/01/08 collateralized by
 $3,640,000 FHLB at 5.700% due 04/03/28 with
 a value of $3,671,850...................... 3,597,000 $3,597,000
 -----------
TOTAL REPURCHASE AGREEMENTS
 (Cost $3,597,000) 3,597,000
 -----------
TOTAL INVESTMENTS 97.8%
 (Cost $33,284,140) 33,357,380
 -----------
OTHER ASSETS IN EXCESS OF LIABILITIES--2.2% 735,699
 -----------
NET ASSETS--100.0% $34,093,079
----------------------------------------------------------------------

 UNREALIZED
 CONTRACTS GAIN (LOSS)
---------------------------------------------------------------------

FUTURES CONTRACTS PURCHASED
 June 2008 S&P 500 Index Mini Futures
 Contracts (Aggregate Market Value of
 Contracts $24,324,300)..................... 351 $1,070,403
 ----------

 UNITS
---------------------------------------------------------------------

EQUITY INDEX SWAP AGREEMENTS PURCHASED
 July 2008 S&P 500 Index Swap, Terminating
 07/31/08** (Notional Market Value
 $14,880,308)............................... 10,523 $ (57,455)
---------------------------------------------------------------------

* Non-Income Producing Security.

** Price return based on S&P 500 Index +/- financing at a variable rate.

FHLB--Federal Home Loan Bank

(a) Amount represents less than 0.05% of net assets.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 16

RYDEX INVERSE 2x S&P 500 ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 FACE MARKET
 AMOUNT VALUE
----------------------------------------------------------------------
REPURCHASE AGREEMENTS 72.8%
 State Street Bank & Trust Co., 1.850%,
 dated 04/30/08, to be repurchased at
 $42,846,202 on 05/01/08 collateralized
 by $43,325,000 FHLB at 5.700% due
 04/03/28 with a value of $43,704,094.... 42,844,000 $42,844,000
 -----------
TOTAL REPURCHASE AGREEMENTS
 (Cost $42,844,000) 42,844,000
 -----------

UNITED STATES TREASURY BILLS 11.1%
 United States Treasury Bills
 0.757%, due 05/01/08(a)+................ 1,800,000 1,800,000
 0.998%, due 05/08/08(a)+................ 4,750,000 4,748,947
 -----------
TOTAL UNITED STATES TREASURY BILLS
 (Cost $6,548,947) 6,548,947
 -----------

TOTAL INVESTMENTS 83.9%
 (Cost $49,392,947) 49,392,947
 -----------
OTHER ASSETS IN EXCESS OF LIABILITIES--16.1% 9,505,812
 -----------
NET ASSETS--100.0% $58,898,759
----------------------------------------------------------------------

 UNREALIZED
 GAIN
 CONTRACTS (LOSS)
---------------------------------------------------------------------
FUTURES CONTRACTS SOLD SHORT
June 2008 S&P 500 Index Mini Futures
 Contracts (Aggregate Market Value of
 Contracts $9,979,200)...................... 144 $(317,848)
 ---------

 UNITS
----------------------------------------------------------------------
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT
July 2008 S&P 500 Index Swap, Terminating
 07/31/08* (Notional Market Value
 $104,711,073).............................. 76,654 $404,309
----------------------------------------------------------------------

* Price return based on S&P 500 Index +/- financing at a variable rate.

(a) Zero coupon bond--Interest rate represents current yield to maturity.

+ Security or portions of the security was pledged as collateral for a swap agreement sold short.

FHLB --Federal Home Loan Bank

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 17

RYDEX 2x S&P MIDCAP 400 ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 MARKET
 SHARES VALUE
-----------------------------------------------------------------
COMMON STOCKS 86.0%
 AEROSPACE & DEFENSE 0.8%
 Alliant Techsystems, Inc.*................. 80 $8,798
 BE Aerospace, Inc.*........................ 240 9,687
 DRS Technologies, Inc. .................... 110 6,868
 ---------
TOTAL AEROSPACE & DEFENSE 25,353
 ---------

 AIRLINES 0.2%
 Airtran Holdings, Inc.*.................... 290 989
 Alaska Air Group, Inc.*.................... 100 2,148
 JetBlue Airways Corp.*..................... 470 2,369
 ---------
TOTAL AIRLINES 5,506
 ---------

 AUTO COMPONENTS 1.0%
 ArvinMeritor, Inc. ........................ 190 2,839
 BorgWarner, Inc. .......................... 300 14,745
 Gentex Corp. .............................. 370 6,911
 Lear Corp.*................................ 200 5,714
 Modine Manufacturing Co. .................. 80 1,406
 ---------
TOTAL AUTO COMPONENTS 31,615
 ---------

 AUTOMOBILES 0.1%
 Thor Industries, Inc. ..................... 90 2,729
 ---------
TOTAL AUTOMOBILES 2,729
 ---------

 BEVERAGES 0.3%
 Hansen Natural Corp.*...................... 160 5,662
 PepsiAmericas, Inc. ....................... 150 3,855
 ---------
TOTAL BEVERAGES 9,517
 ---------

 BIOTECHNOLOGY 1.3%
 Cephalon, Inc.*............................ 170 10,609
 Millennium Pharmaceuticals, Inc.*.......... 840 20,891
 PDL BioPharma, Inc.*....................... 300 3,978
 Vertex Pharmaceuticals, Inc.*.............. 340 8,677
 ---------
TOTAL BIOTECHNOLOGY 44,155
 ---------

 CAPITAL MARKETS 1.6%
 Affiliated Managers Group, Inc.*........... 90 8,941
 Apollo Investment Corp. ................... 310 5,016
 Eaton Vance Corp. ......................... 300 10,980
 Jefferies Group, Inc. ..................... 290 5,452
 Raymond James Financial, Inc. ............. 250 7,192
 SEI Investments Co. ....................... 330 7,679
 Waddell & Reed Financial, Inc. -- Class A.. 220 7,449
 ---------
TOTAL CAPITAL MARKETS 52,709
 ---------

 CHEMICALS 3.3%
 Airgas, Inc. .............................. 210 10,107
 Albemarle Corp. ........................... 200 7,482
 Cabot Corp. ............................... 170 4,957
 CF Industries Holdings, Inc. .............. 120 16,044
 Chemtura Corp. ............................ 620 4,291
 Cytec Industries, Inc. .................... 110 6,491
 Ferro Corp. ............................... 110 1,934
 FMC Corp. ................................. 190 11,928
 Lubrizol Corp. ............................ 180 10,498
 Minerals Technologies, Inc. ............... 50 3,387
 Olin Corp. ................................ 190 3,832
 RPM International, Inc. ................... 310 6,913
 Scotts Miracle-Gro Co. .................... 110 3,645
 Sensient Technologies Corp. ............... 120 3,572
 Terra Industries, Inc.*.................... 230 8,708
 Valspar Corp. ............................. 260 5,715
 ---------
TOTAL CHEMICALS 109,504
 ---------

 COMMERCIAL BANKS 2.2%
 Associated Banc-Corp. ..................... 330 9,329
 Bank of Hawaii Corp. ...................... 120 6,580
 Cathay General Bancorp..................... 130 2,216
 City National Corp. ....................... 100 4,852
 Colonial BancGroup, Inc. .................. 510 4,151
 Cullen/Frost Bankers, Inc. ................ 150 8,373
 First Community Bancorp.................... 60 1,289
 FirstMerit Corp. .......................... 210 4,309
 SVB Financial Group*....................... 80 3,893
 Synovus Financial Corp. ................... 850 10,064
 TCF Financial Corp. ....................... 280 4,872
 Webster Financial Corp. ................... 140 3,647
 Westamerica Bancorp........................ 70 4,091
 Wilmington Trust Corp. .................... 170 5,590
 ---------
TOTAL COMMERCIAL BANKS 73,256
 ---------

 COMMERCIAL SERVICES & SUPPLIES 3.3%
 Brink's Co. ............................... 120 8,730
 ChoicePoint, Inc.*......................... 180 8,703
 Copart, Inc.*.............................. 180 7,357
 Corporate Executive Board Co. ............. 90 3,921
 Corrections Corp. of America*.............. 320 8,160
 Deluxe Corp. .............................. 130 2,764
 Dun & Bradstreet Corp. .................... 150 12,645
 Herman Miller, Inc. ....................... 150 3,500
 HNI Corp. ................................. 110 2,395
 Kelly Services, Inc. ...................... 60 1,335
 Korn/Ferry International*.................. 120 2,239
 Manpower, Inc. ............................ 210 14,097
 Mine Safety Appliances Co. ................ 80 2,974
 Navigant Consulting, Inc.*................. 120 2,414
 Republic Services, Inc. ................... 410 13,034
 Rollins, Inc. ............................. 110 1,752
 Stericycle, Inc.*.......................... 230 12,277
 ---------
TOTAL COMMERCIAL SERVICES & SUPPLIES 108,297
 ---------

 COMMUNICATIONS EQUIPMENT 1.8%
 3Com Corp.*................................ 1,040 2,486
 ADC Telecommunications, Inc.*.............. 300 4,206
 Adtran, Inc. .............................. 150 3,549
 Avocent Corp.*............................. 120 2,341
 CommScope, Inc.*........................... 170 8,083
 Dycom Industries, Inc.*.................... 110 1,582
 F5 Networks, Inc.*......................... 220 4,979
 Foundry Networks, Inc.*.................... 390 4,965
 Harris Corp. .............................. 350 18,910
 Plantronics, Inc. ......................... 130 3,238
 Polycom, Inc.*............................. 230 5,152
 ---------
TOTAL COMMUNICATIONS EQUIPMENT 59,491
 ---------

 COMPUTERS & PERIPHERALS 1.2%
 Diebold, Inc. ............................. 170 6,664
 Imation Corp. ............................. 80 1,875
 NCR Corp.*................................. 450 11,084

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 18

RYDEX 2x S&P MIDCAP 400 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
-----------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Palm, Inc. ................................ 280 $1,613
 Western Digital Corp.*..................... 570 16,524
 ---------
TOTAL COMPUTERS & PERIPHERALS 37,760
 ---------

 CONSTRUCTION & ENGINEERING 1.1%
 Granite Construction, Inc. ................ 80 2,744
 KBR, Inc. ................................. 440 12,689
 Quanta Services, Inc.*..................... 440 11,678
 URS Corp.*................................. 220 8,875
 ---------
TOTAL CONSTRUCTION & ENGINEERING 35,986
 ---------

 CONSTRUCTION MATERIALS 0.4%
 Martin Marietta Materials, Inc. ........... 110 12,032
 ---------
TOTAL CONSTRUCTION MATERIALS 12,032
 ---------

 CONSUMER FINANCE 0.1%
 AmeriCredit Corp.*......................... 300 4,188
 ---------
TOTAL CONSUMER FINANCE 4,188
 ---------

 CONTAINERS & PACKAGING 0.8%
 AptarGroup, Inc. .......................... 180 7,947
 Packaging Corp. of America................. 240 5,275
 Sonoco Products Co. ....................... 260 8,567
 Temple-Inland, Inc. ....................... 270 3,151
 ---------
TOTAL CONTAINERS & PACKAGING 24,940
 ---------

 DIVERSIFIED CONSUMER SERVICES 1.5%
 Career Education Corp.*.................... 230 4,634
 Corinthian Colleges, Inc.*................. 220 2,497
 DeVry, Inc. ............................... 150 8,550
 ITT Educational Services, Inc.*............ 80 6,133
 Matthews International Corp. -- Class A.... 80 3,955
 Regis Corp. ............................... 110 3,212
 Service Corp. International................ 680 7,555
 Sotheby's.................................. 170 4,709
 Strayer Education, Inc. ................... 40 7,428
 ---------
TOTAL DIVERSIFIED CONSUMER SERVICES 48,673
 ---------

 DIVERSIFIED TELECOMMUNICATION SERVICES 0.1%
 Cincinnati Bell, Inc.*..................... 640 2,970
 ---------
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES 2,970
 ---------

 ELECTRIC UTILITIES 1.6%
 Aquila, Inc.*.............................. 970 3,492
 DPL, Inc. ................................. 290 8,071
 Great Plains Energy, Inc. ................. 220 5,641
 Hawaiian Electric Industries, Inc. ........ 220 5,423
 IDACORP, Inc. ............................. 120 3,893
 Northeast Utilities........................ 400 10,528
 Sierra Pacific Resources................... 600 8,178
 Westar Energy, Inc. ....................... 250 5,797
 ---------
TOTAL ELECTRIC UTILITIES 51,023
 ---------

 ELECTRICAL EQUIPMENT 1.2%
 AMETEK, Inc. .............................. 280 13,586
 Hubbell, Inc. -- Class A................... 150 6,709
 Roper Industries, Inc. .................... 230 14,287
 Thomas & Betts Corp.*...................... 130 4,870
 ---------
TOTAL ELECTRICAL EQUIPMENT 39,452
 ---------

 ELECTRONIC EQUIPMENT & INSTRUMENTS 1.9%
 Amphenol Corp. ............................ 460 21,243
 Arrow Electronics, Inc.*................... 320 8,707
 Avnet, Inc.*............................... 390 10,214
 Ingram Micro, Inc. -- Class A*............. 380 6,464
 KEMET Corp.*............................... 220 895
 National Instruments Corp. ................ 150 4,413
 Tech Data Corp.*........................... 140 4,706
 Vishay Intertechnology, Inc.*.............. 480 4,536
 ---------
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS 61,178
 ---------

 ENERGY EQUIPMENT & SERVICES 2.9%
 Exterran Holdings, Inc.*................... 170 11,354
 FMC Technologies, Inc.*.................... 340 22,848
 Helmerich & Payne, Inc. ................... 270 14,513
 Patterson-UTI Energy, Inc. ................ 400 11,176
 Pride International, Inc.*................. 430 18,253
 Superior Energy Services, Inc.*............ 210 9,320
 Tidewater, Inc. ........................... 140 9,131
 ---------
TOTAL ENERGY EQUIPMENT & SERVICES 96,595
 ---------

 FOOD & STAPLES RETAILING 0.3%
 BJ's Wholesale Club, Inc.*................. 150 5,718
 Ruddick Corp. ............................. 100 3,870
 ---------
TOTAL FOOD & STAPLES RETAILING 9,588
 ---------

 FOOD PRODUCTS 1.1%
 Corn Products International, Inc. ......... 190 8,812
 Hormel Foods Corp. ........................ 190 7,488
 J.M. Smucker Co. .......................... 140 6,983
 Lancaster Colony Corp. .................... 50 1,910
 Smithfield Foods, Inc.*.................... 300 8,604
 Tootsie Roll Industries, Inc. ............. 70 1,703
 ---------
TOTAL FOOD PRODUCTS 35,500
 ---------

 GAS UTILITIES 2.1%
 AGL Resources, Inc. ....................... 200 6,800
 Energen Corp. ............................. 190 12,966
 Equitable Resources, Inc. ................. 320 21,238
 National Fuel Gas Co. ..................... 220 11,260
 Oneok, Inc. ............................... 270 12,992
 WGL Holdings, Inc. ........................ 130 4,264
 ---------
TOTAL GAS UTILITIES 69,520
 ---------

 HEALTH CARE EQUIPMENT & SUPPLIES 3.5%
 Advanced Medical Optics, Inc.*............. 160 3,360
 Beckman Coulter, Inc. ..................... 160 10,928
 Dentsply International, Inc. .............. 390 15,159
 Edwards Lifesciences Corp.*................ 150 8,313
 Gen-Probe, Inc.*........................... 140 7,890
 Hill-Rom Holdings, Inc. ................... 160 4,021
 Hologic, Inc.*............................. 660 19,266
 Intuitive Surgical, Inc.*.................. 100 28,926
 Kinetic Concepts, Inc.*.................... 140 5,552
 ResMed, Inc.*.............................. 200 8,624
 STERIS Corp. .............................. 160 4,434
 ---------
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES 116,473
 ---------

 HEALTH CARE PROVIDERS & SERVICES 2.4%
 Apria Healthcare Group, Inc.*.............. 110 1,938
 Community Health Systems, Inc.*............ 250 9,383
 Health Management Associates, Inc. -- Class
 A*...................................... 630 4,492

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 19

RYDEX 2x S&P MIDCAP 400 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
-----------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Health Net, Inc.*.......................... 280 $8,201
 Henry Schein, Inc.*........................ 230 12,735
 Kindred Healthcare, Inc.*.................. 80 1,898
 LifePoint Hospitals, Inc.*................. 150 4,518
 Lincare Holdings, Inc.*.................... 190 4,625
 Omnicare, Inc. ............................ 310 6,309
 Psychiatric Solutions, Inc.*............... 140 4,859
 Universal Health Services, Inc. -- Class
 B....................................... 130 8,143
 VCA Antech, Inc.*.......................... 220 7,121
 WellCare Health Plans, Inc.*............... 110 4,816
 ---------
TOTAL HEALTH CARE PROVIDERS & SERVICES 79,038
 ---------

 HEALTH CARE TECHNOLOGY 0.2%
 Cerner Corp.*.............................. 170 7,866
 ---------
TOTAL HEALTH CARE TECHNOLOGY 7,866
 ---------

 HOTELS, RESTAURANTS & LEISURE 1.2%
 Bob Evans Farms, Inc. ..................... 80 2,246
 Boyd Gaming Corp. ......................... 150 2,813
 Brinker International, Inc. ............... 260 5,899
 CBRL Group, Inc. .......................... 60 2,216
 Cheesecake Factory, Inc.*.................. 180 4,073
 Chipotle Mexican Grill, Inc. -- Class A*... 90 8,832
 International Speedway Corp. -- Class A.... 80 3,394
 Life Time Fitness, Inc.*................... 90 3,272
 Ruby Tuesday, Inc. ........................ 130 1,106
 Scientific Games Corp. -- Class A*......... 170 4,787
 ---------
TOTAL HOTELS, RESTAURANTS & LEISURE 38,638
 ---------

 HOUSEHOLD DURABLES 1.3%
 American Greetings Corp. -- Class A........ 130 2,327
 Blyth, Inc. ............................... 60 1,010
 Furniture Brands International, Inc. ...... 130 1,762
 Hovnanian Enterprises, Inc. -- Class A*.... 100 1,182
 MDC Holdings, Inc. ........................ 90 3,922
 Mohawk Industries, Inc.*................... 140 10,667
 NVR, Inc.*................................. 10 6,135
 Ryland Group, Inc. ........................ 110 3,518
 Toll Brothers, Inc.*....................... 330 7,471
 Tupperware Brands Corp. ................... 160 6,304
 ---------
TOTAL HOUSEHOLD DURABLES 44,298
 ---------

 HOUSEHOLD PRODUCTS 0.7%
 Church & Dwight Co., Inc. ................. 170 9,659
 Energizer Holdings, Inc.*.................. 150 11,859
 ---------
TOTAL HOUSEHOLD PRODUCTS 21,518
 ---------

 INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 0.1%
 Black Hills Corp. ......................... 100 3,901
 ---------
TOTAL INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 3,901
 ---------

 INDUSTRIAL CONGLOMERATES 0.3%
 Carlisle Cos., Inc. ....................... 160 4,621
 Teleflex, Inc. ............................ 100 5,509
 ---------
TOTAL INDUSTRIAL CONGLOMERATES 10,130
 ---------

 INSURANCE 3.3%
 American Financial Group, Inc. ............ 180 4,936
 Arthur J. Gallagher & Co. ................. 240 5,897
 Brown & Brown, Inc. ....................... 290 5,568
 Commerce Group, Inc. ...................... 110 4,008
 Everest Re Group, Ltd. .................... 160 14,456
 Fidelity National Financial, Inc. -- Class
 A....................................... 550 8,795
 First American Corp. ...................... 240 7,872
 Hanover Insurance Group, Inc. ............. 130 5,834
 HCC Insurance Holdings, Inc. .............. 300 7,404
 Horace Mann Educators Corp. ............... 100 1,692
 Mercury General Corp. ..................... 90 4,490
 Old Republic International Corp. .......... 600 8,610
 Protective Life Corp. ..................... 180 7,672
 Stancorp Financial Group, Inc. ............ 130 6,661
 Unitrin, Inc. ............................. 130 4,932
 W.R. Berkley Corp. ........................ 400 10,276
 ---------
TOTAL INSURANCE 109,103
 ---------

 INTERNET & CATALOG RETAIL 0.1%
 NetFlix, Inc.*............................. 120 3,838
 ---------
TOTAL INTERNET & CATALOG RETAIL 3,838
 ---------

 INTERNET SOFTWARE & SERVICES 0.3%
 Digital River, Inc.*....................... 100 3,285
 ValueClick, Inc.*.......................... 250 4,988
 ---------
TOTAL INTERNET SOFTWARE & SERVICES 8,273
 ---------

 IT SERVICES 1.8%
 Acxiom Corp. .............................. 180 2,129
 Alliance Data Systems Corp.*............... 200 11,482
 Broadridge Financial Solutions, Inc. ...... 360 6,703
 CSG Systems International, Inc.*........... 90 1,089
 DST Systems, Inc.*......................... 130 7,779
 Gartner, Inc.*............................. 170 3,896
 Global Payments, Inc. ..................... 210 9,295
 Metavante Technologies, Inc.*.............. 230 5,421
 MoneyGram International, Inc. ............. 210 326
 MPS Group, Inc.*........................... 250 2,683
 NeuStar, Inc.*............................. 200 5,502
 SRA International, Inc. -- Class A*........ 110 2,890
 ---------
TOTAL IT SERVICES 59,195
 ---------

 LEISURE EQUIPMENT & PRODUCTS 0.1%
 Callaway Golf Co. ......................... 170 2,336
 ---------
TOTAL LEISURE EQUIPMENT & PRODUCTS 2,336
 ---------

 LIFE SCIENCES TOOLS & SERVICES 1.8%
 Affymetrix, Inc.*.......................... 180 1,964
 Charles River Laboratories International,
 Inc.*................................... 180 10,449
 Covance, Inc.*............................. 170 14,244
 Invitrogen Corp.*.......................... 120 11,229
 Pharmaceutical Product Development, Inc. .. 270 11,183
 Techne Corp.*.............................. 100 7,252
 Varian, Inc.*.............................. 80 4,074
 ----- ---------
TOTAL LIFE SCIENCES TOOLS & SERVICES 60,395
 ----- ---------

 MACHINERY 5.2%
 AGCO Corp.*................................ 240 14,431
 Crane Co. ................................. 130 5,322
 Donaldson Co., Inc. ....................... 180 7,837
 Federal Signal Corp. ...................... 120 1,666
 Flowserve Corp. ........................... 150 18,613
 Graco, Inc. ............................... 160 6,626
 Harsco Corp. .............................. 220 13,053
 IDEX Corp. ................................ 210 7,705

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 20

RYDEX 2x S&P MIDCAP 400 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
-----------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Joy Global, Inc. .......................... 280 $20,790
 Kennametal, Inc. .......................... 200 6,954
 Lincoln Electric Holdings, Inc. ........... 110 8,393
 Nordson Corp. ............................. 90 5,313
 Oshkosh Truck Corp. ....................... 190 7,714
 Pentair, Inc. ............................. 260 9,576
 SPX Corp. ................................. 140 17,220
 Timken Co. ................................ 250 9,037
 Trinity Industries, Inc. .................. 210 6,384
 Wabtec Corp. .............................. 130 5,574
 ---------
TOTAL MACHINERY 172,208
 ---------

 MARINE 0.2%
 Alexander & Baldwin, Inc. ................. 110 5,525
 ---------
TOTAL MARINE 5,525
 ---------

 MEDIA 0.8%
 Belo Corp. -- Class A...................... 230 2,323
 Entercom Communications Corp. -- Class A... 70 742
 Getty Images, Inc.*........................ 120 3,918
 Harte-Hanks, Inc. ......................... 120 1,639
 John Wiley & Sons, Inc. -- Class A......... 120 5,526
 Lamar Advertising Co. -- Class A*.......... 200 7,908
 Lee Enterprises, Inc. ..................... 100 773
 Media General, Inc. -- Class A............. 60 881
 Scholastic Corp.*.......................... 70 1,971
 Valassis Communications, Inc.*............. 120 1,704
 ---------
TOTAL MEDIA 27,385
 ---------

 METALS & MINING 2.0%
 Carpenter Technology Corp. ................ 130 6,666
 Cleveland-Cliffs, Inc. .................... 120 19,248
 Commercial Metals Co. ..................... 300 9,342
 Reliance Steel & Aluminum Co. ............. 160 9,725
 Steel Dynamics, Inc. ...................... 490 17,076
 Worthington Industries, Inc. .............. 170 3,062
 ---------
TOTAL METALS & MINING 65,119
 ---------

 MULTI-UTILITIES 2.9%
 Alliant Energy Corp. ...................... 290 10,924
 Energy East Corp. ......................... 410 9,348
 MDU Resources Group, Inc. ................. 470 13,569
 NSTAR...................................... 280 9,019
 OGE Energy Corp. .......................... 240 7,846
 PNM Resources, Inc. ....................... 200 2,898
 Puget Energy, Inc. ........................ 330 8,979
 SCANA Corp. ............................... 300 11,829
 Vectren Corp. ............................. 200 5,656
 Wisconsin Energy Corp. .................... 300 14,238
 ---------
TOTAL MULTI-UTILITIES 94,306
 ---------

 MULTILINE RETAIL 0.4%
 99 Cents Only Stores*...................... 120 1,141
 Dollar Tree Stores, Inc.*.................. 240 7,584
 Saks, Inc.*................................ 370 4,814
 ---------
TOTAL MULTILINE RETAIL 13,539
 ---------

 OFFICE ELECTRONICS 0.2%
 Zebra Technologies Corp. -- Class A*....... 170 6,248
 ---------
TOTAL OFFICE ELECTRONICS 6,248
 ---------

 OIL, GAS & CONSUMABLE FUELS 5.9%
 Arch Coal, Inc. ........................... 370 21,223
 Bill Barrett Corp.*........................ 90 4,629
 Cimarex Energy Co. ........................ 210 13,083
 Denbury Resources, Inc.*................... 630 19,253
 Encore Acquisition Co.*.................... 140 6,388
 Forest Oil Corp.*.......................... 230 13,554
 Frontier Oil Corp. ........................ 270 6,710
 Newfield Exploration Co.*.................. 340 20,658
 Overseas Shipholding Group, Inc. .......... 70 5,268
 Pioneer Natural Resources Co. ............. 310 17,896
 Plains Exploration & Production Co.*....... 290 18,061
 Quicksilver Resources, Inc.*............... 270 11,202
 Southwestern Energy Co.*................... 880 37,233
 ---------
TOTAL OIL, GAS & CONSUMABLE FUELS 195,158
 ---------

 PAPER & FOREST PRODUCTS 0.1%
 Louisiana-Pacific Corp. ................... 270 3,108
 ---------
TOTAL PAPER & FOREST PRODUCTS 3,108
 ---------

 PERSONAL PRODUCTS 0.3%
 Alberto-Culver Co. ........................ 220 5,537
 NBTY, Inc.*................................ 140 3,941
 ---------
TOTAL PERSONAL PRODUCTS 9,478
 ---------

 PHARMACEUTICALS 0.9%
 Endo Pharmaceuticals Holdings, Inc.*....... 350 8,690
 Medicis Pharmaceutical Corp. -- Class A.... 150 3,090
 Par Pharmaceutical Cos., Inc.*............. 90 1,535
 Perrigo Co. ............................... 200 8,198
 Sepracor, Inc.*............................ 290 6,250
 Valeant Pharmaceuticals International*..... 230 3,054
 ---------
TOTAL PHARMACEUTICALS 30,817
 ---------

 REAL ESTATE INVESTMENT TRUSTS (REITS) 5.3%
 Alexandria Real Estate Equities, Inc. ..... 80 8,402
 AMB Property Corp. ........................ 250 14,437
 BRE Properties, Inc. ...................... 130 6,234
 Camden Property Trust...................... 140 7,407
 Cousins Properties, Inc. .................. 100 2,541
 Duke Realty Corp. ......................... 380 9,280
 Equity One, Inc. .......................... 100 2,470
 Federal Realty Investment Trust............ 150 12,322
 Health Care REIT, Inc. .................... 230 11,144
 Highwoods Properties, Inc. ................ 150 5,256
 Hospitality Properties Trust............... 240 7,711
 Liberty Property Trust..................... 240 8,407
 Macerich Co. .............................. 190 13,895
 Mack-Cali Realty Corp. .................... 170 6,633
 Nationwide Health Properties, Inc. ........ 250 9,005
 Potlatch Corp. ............................ 100 4,481
 Rayonier, Inc. ............................ 200 8,406
 Realty Income Corp. ....................... 260 6,841
 Regency Centers Corp. ..................... 180 12,883
 UDR, Inc. ................................. 340 8,595
 Weingarten Realty Investors................ 190 7,009
 ---------
TOTAL REAL ESTATE INVESTMENT TRUSTS (REITS) 173,359
 ---------

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 21

RYDEX 2x S&P MIDCAP 400 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
-----------------------------------------------------------------
COMMON STOCKS (CONTINUED)


 REAL ESTATE MANAGEMENT & DEVELOPMENT 0.2%
 Jones Lang LaSalle, Inc. .................. 80 $6,209
 ---------
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT 6,209
 ---------

 ROAD & RAIL 0.9%
 Avis Budget Group, Inc.*................... 270 3,586
 Con-way, Inc. ............................. 120 5,550
 J.B. Hunt Transport Services, Inc. ........ 220 7,473
 Kansas City Southern*...................... 200 9,016
 Werner Enterprises, Inc. .................. 110 2,140
 YRC Worldwide, Inc.*....................... 150 2,437
 ---------
TOTAL ROAD & RAIL 30,202
 ---------

 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 2.1%
 Atmel Corp.*............................... 1,150 4,278
 Cree, Inc.*................................ 230 5,980
 Cypress Semiconductor Corp.*............... 390 10,967
 Fairchild Semiconductor International,
 Inc.*................................... 320 4,173
 Integrated Device Technology, Inc.*........ 490 5,238
 International Rectifier Corp.*............. 190 4,324
 Intersil Corp. -- Class A.................. 330 8,818
 Lam Research Corp.*........................ 320 13,069
 RF Micro Devices, Inc.*.................... 750 2,527
 Semtech Corp.*............................. 170 2,761
 Silicon Laboratories, Inc.*................ 140 4,728
 TriQuint Semiconductor, Inc.*.............. 370 2,438
 ---------
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 69,301
 ---------

 SOFTWARE 2.5%
 ACI Worldwide, Inc.*....................... 90 1,989
 Activision, Inc.*.......................... 760 20,558
 Advent Software, Inc.*..................... 50 1,993
 Cadence Design Systems, Inc.*.............. 720 8,014
 Fair Isaac Corp. .......................... 130 3,220
 Jack Henry & Associates, Inc. ............. 200 5,256
 Macrovision Solutions Corp.*............... 140 2,209
 McAfee, Inc.*.............................. 420 13,965
 Mentor Graphics Corp.*..................... 230 2,316
 Parametric Technology Corp.*............... 300 5,229
 Sybase, Inc.*.............................. 200 5,884
 Synopsys, Inc.*............................ 370 8,551
 Wind River Systems, Inc.*.................. 200 1,648
 ---------
TOTAL SOFTWARE 80,832
 ---------

 SPECIALTY RETAIL 3.6%
 Advance Auto Parts, Inc. .................. 240 8,323
 Aeropostale, Inc.*......................... 170 5,404
 American Eagle Outfitters, Inc. ........... 550 10,103
 AnnTaylor Stores Corp.*.................... 160 4,048
 Barnes & Noble, Inc. ...................... 120 3,874
 Borders Group, Inc. ....................... 150 945
 CarMax, Inc.*.............................. 560 11,620
 Charming Shoppes, Inc.*.................... 300 1,548
 Chico's FAS, Inc.*......................... 450 3,182
 Coldwater Creek, Inc.*..................... 150 801
 Collective Brands, Inc.*................... 170 2,103
 Dick's Sporting Goods, Inc.*............... 220 6,292
 Foot Locker, Inc. ......................... 400 5,060
 Guess?, Inc. .............................. 140 5,359
 O'Reilly Automotive, Inc.*................. 300 8,661
 Pacific Sunwear of California, Inc.*....... 180 2,414
 Petsmart, Inc. ............................ 330 7,385
 Rent-A-Center, Inc.*....................... 170 3,660
 Ross Stores, Inc. ......................... 350 11,721
 Urban Outfitters, Inc.*.................... 290 9,933
 Williams-Sonoma, Inc. ..................... 230 6,072
 ---------
TOTAL SPECIALTY RETAIL 118,508
 ---------

 TEXTILES, APPAREL & LUXURY GOODS 0.7%
 Hanesbrands, Inc.*......................... 250 8,755
 Phillips-Van Heusen Corp. ................. 130 5,487
 Timberland Co. -- Class A*................. 130 1,898
 Warnaco Group, Inc.*....................... 120 5,537
 ---------
TOTAL TEXTILES, APPAREL & LUXURY GOODS 21,677
 ---------

 THRIFTS & MORTGAGE FINANCE 1.0%
 Astoria Financial Corp. ................... 210 4,977
 First Niagara Financial Group, Inc. ....... 270 3,896
 IndyMac Bancorp, Inc. ..................... 210 683
 New York Community Bancorp, Inc. .......... 840 15,683
 PMI Group, Inc. ........................... 210 1,182
 Radian Group, Inc. ........................ 210 1,134
 Washington Federal, Inc. .................. 230 5,476
 ---------
TOTAL THRIFTS & MORTGAGE FINANCE 33,031
 ---------

 TOBACCO 0.1%
 Universal Corp. ........................... 70 4,493
 ---------
TOTAL TOBACCO 4,493
 ---------

 TRADING COMPANIES & DISTRIBUTORS 0.9%
 Fastenal Co. .............................. 320 15,619
 GATX Corp. ................................ 120 5,280
 MSC Industrial Direct Co. ................. 120 5,851
 United Rentals, Inc.*...................... 200 3,768
 ---------
TOTAL TRADING COMPANIES & DISTRIBUTORS 30,518
 ---------

 WATER UTILITIES 0.2%
 Aqua America, Inc. ........................ 340 6,266
 ---------
TOTAL WATER UTILITIES 6,266
 ---------

 WIRELESS TELECOMMUNICATION SERVICES 0.3%
 Telephone & Data Systems, Inc. ............ 270 10,341
 ---------
TOTAL WIRELESS TELECOMMUNICATION SERVICES 10,341
 ---------
TOTAL COMMON STOCKS (Cost $2,867,790) 2,824,167
 ---------

 FACE
 AMOUNT
-------------------------------------------------------------------
REPURCHASE AGREEMENTS 12.6%
 State Street Bank & Trust Co., 1.850%,
 dated 04/30/08, to be repurchased at
 $412,021 on 05/01/08 collateralized by
 $420,000 FHLB at 5.700% due 04/03/28
 with a value of $423,675................ 412,000 $412,000
 -----------
TOTAL REPURCHASE AGREEMENTS
 (Cost $412,000) 412,000
 -----------
TOTAL INVESTMENTS 98.6%
 (Cost $3,279,790) 3,236,167
 -----------
OTHER ASSETS IN EXCESS OF LIABILITIES--1.4% 43,309
 -----------
NET ASSETS--100.0% $3,279,476
-------------------------------------------------------------------

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 22

RYDEX 2x S&P MIDCAP 400 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 UNREALIZED
 CONTRACTS GAIN
---------------------------------------------------------------------
FUTURES CONTRACTS PURCHASED
 June 2008 S&P MidCap 400 Index Mini Futures
 Contracts (Aggregate Market Value of
 Contracts $2,436,290)................... 29 $169,652
---------------------------------------------------------------------

 UNREALIZED
 UNITS GAIN
---------------------------------------------------------------------
EQUITY INDEX SWAP AGREEMENTS PURCHASED
 May 2008 S&P MidCap 400 Index Swap,
 Terminating 05/20/08** (Notional Market
 Value $1,300,353)....................... 1,550 $60,059
---------------------------------------------------------------------

* Non-Income Producing Security.

** Price return based on S&P MidCap 400 Index +/- financing at a variable rate.

FHLB--Federal Home Loan Bank

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 23

RYDEX INVERSE 2x S&P MIDCAP 400 ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 FACE MARKET
 AMOUNT VALUE
---------------------------------------------------------------------
REPURCHASE AGREEMENTS 86.3%
 State Street Bank & Trust Co., 1.850%,
 dated 04/30/08 to be repurchased at
 $6,727,346 on 05/01/08 collateralized by
 $6,805,000 FHLB at 5.700% due 04/03/28
 with a value of $6,864,544.............. 6,727,000 $6,727,000
 ----------
TOTAL REPURCHASE AGREEMENTS
 (Cost $6,727,000) 6,727,000
 ----------
TOTAL INVESTMENTS 86.3%
 (Cost $6,727,000) 6,727,000
 ----------
OTHER ASSETS IN EXCESS OF LIABILITIES--13.7% 1,071,073
 ----------
NET ASSETS--100.0% $7,798,073
---------------------------------------------------------------------

 UNREALIZED
 CONTRACTS LOSS
---------------------------------------------------------------------
FUTURES CONTRACTS SOLD SHORT
 June 2008 S&P MidCap 400 Index Mini Futures
 Contracts (Aggregate Market Value of
 Contracts $1,008,120)................... 12 $(39,508)
 ---------



 Units
---------------------------------------------------------------------
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT
 May 2008 S&P MidCap 400 Index Swap,
 Terminating 05/20/08* (Notional Market
 Value $14,613,390)...................... 17,421 $(294,916)
---------------------------------------------------------------------

* Price return based on S&P MidCap 400 Index +/- financing at a variable rate.

FHLB --Federal Home Loan Bank

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 24

RYDEX 2x RUSSELL 2000(R) ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 MARKET
 SHARES VALUE
----------------------------------------------------------------------
COMMON STOCKS 85.8%
 AEROSPACE & DEFENSE 1.4%
 AAR Corp.*................................. 320 $7,488
 Aerovironment, Inc.*....................... 60 1,435
 American Science & Engineering, Inc. ...... 80 3,898
 Applied Energetics, Inc.*.................. 270 578
 Argon ST, Inc.*............................ 110 2,025
 Ceradyne, Inc.*............................ 230 8,961
 Cubic Corp. ............................... 130 3,524
 Curtiss-Wright Corp. ...................... 380 18,046
 DynCorp International, Inc.*............... 220 3,949
 Esterline Technologies Corp.*.............. 250 13,915
 GenCorp, Inc.*............................. 480 4,114
 Heico Corp. ............................... 220 11,332
 Hexcel Corp.*.............................. 810 18,128
 Innovative Solutions & Support, Inc.*...... 110 1,018
 Ladish Co., Inc.*.......................... 120 3,607
 Moog, Inc.*................................ 330 14,226
 MTC Technologies, Inc.*.................... 80 1,909
 Orbital Sciences Corp.*.................... 510 13,724
 Stanley, Inc.*............................. 70 1,766
 Taser International, Inc.*................. 530 3,954
 Teledyne Technologies, Inc.*............... 300 17,619
 TransDigm Group, Inc.*..................... 90 3,417
 Triumph Group, Inc. ....................... 140 8,242
 -----------
TOTAL AEROSPACE & DEFENSE 166,875
 -----------

 AIR FREIGHT & LOGISTICS 0.3%
 ABX Air, Inc.*............................. 540 1,447
 Atlas Air Worldwide Holdings, Inc.*........ 110 6,675
 Dynamex, Inc.*............................. 90 2,262
 Forward Air Corp. ......................... 260 8,863
 HUB Group, Inc. -- Class A*................ 330 10,788
 Pacer International, Inc. ................. 300 5,568
 Park-Ohio Holdings Corp.*.................. 70 1,167
 -----------
TOTAL AIR FREIGHT & LOGISTICS 36,770
 -----------

 AIRLINES 0.3%
 Airtran Holdings, Inc.*.................... 790 2,694
 Alaska Air Group, Inc.*.................... 330 7,088
 Allegiant Travel Co.*...................... 50 1,362
 ExpressJet Holdings, Inc.*................. 470 1,424
 JetBlue Airways Corp.*..................... 1,540 7,762
 Pinnacle Airlines Corp.*................... 160 1,331
 Republic Airways Holdings, Inc.*........... 280 4,721
 SkyWest, Inc. ............................. 520 9,896
 -----------
TOTAL AIRLINES 36,278
 -----------

 AUTO COMPONENTS 0.9%
 Aftermarket Technology Corp.*.............. 190 4,353
 American Axle & Manufacturing Holdings,
 Inc. ................................... 390 7,855
 Amerigon, Inc.*............................ 190 2,789
 ArvinMeritor, Inc. ........................ 620 9,263
 Cooper Tire & Rubber Co. .................. 530 6,964
 Drew Industries, Inc.*..................... 160 3,903
 Exide Technologies*........................ 640 9,338
 Hayes Lemmerz International, Inc.*......... 860 2,580
 Lear Corp.*................................ 660 18,856
 Modine Manufacturing Co. .................. 280 4,920
 Noble International, Ltd. ................. 100 625
 Raser Technologies, Inc.*.................. 270 2,932
 Sauer-Danfoss, Inc. ....................... 90 2,598
 Spartan Motors, Inc. ...................... 280 2,629
 Standard Motor Products, Inc. ............. 140 851
 Stoneridge, Inc.*.......................... 120 1,748
 Superior Industries International, Inc. ... 200 4,062
 Tenneco, Inc.*............................. 400 10,232
 Visteon Corp.*............................. 1,120 4,861
 -----------
TOTAL AUTO COMPONENTS 101,359
 -----------

 AUTOMOBILES 0.1%
 Fleetwood Enterprises, Inc.*............... 550 1,898
 Monaco Coach Corp. ........................ 260 1,646
 Winnebago Industries, Inc. ................ 250 4,022
 -----------
TOTAL AUTOMOBILES 7,566
 -----------

 BEVERAGES 0.2%
 Boston Beer Co., Inc. -- Class A*.......... 80 3,544
 Central European Distribution Corp.*....... 300 18,276
 Coca-Cola Bottling Co. Consolidated........ 50 2,861
 Jones Soda Co.*............................ 220 713
 MGP Ingredients, Inc. ..................... 90 659
 National Beverage Corp. ................... 90 725
 -----------
TOTAL BEVERAGES 26,778
 -----------

 BIOTECHNOLOGY 3.0%
 Acadia Pharmaceuticals, Inc.*.............. 270 2,160
 Acorda Therapeutics, Inc.*................. 250 5,262
 Affymax, Inc.*............................. 40 618
 Alexion Pharmaceuticals, Inc.*............. 310 21,818
 Alkermes, Inc.*............................ 870 10,814
 Allos Therapeutics, Inc.*.................. 360 2,030
 Alnylam Pharmaceuticals, Inc.*............. 300 7,524
 Altus Pharmaceuticals, Inc.*............... 180 742
 Amicus Therapeutics, Inc.*................. 40 422
 Applera Corp. -- Celera Group*............. 680 9,098
 Arena Pharmaceuticals, Inc.*............... 620 3,466
 Ariad Pharmaceuticals, Inc.*............... 590 1,746
 ArQule, Inc.*.............................. 340 1,309
 Array BioPharma, Inc.*..................... 400 2,488
 BioMarin Pharmaceutical, Inc.*............. 830 30,262
 Bionovo, Inc.*............................. 450 508
 Cell Genesys, Inc.*........................ 670 2,573
 Cepheid, Inc.*............................. 470 9,198
 Cubist Pharmaceuticals, Inc.*.............. 480 9,293
 CV Therapeutics, Inc.*..................... 510 4,666
 Cytokinetics, Inc.*........................ 300 1,035
 CytRx Corp.*............................... 750 637
 Dendreon Corp.*............................ 720 3,794
 Emergent Biosolutions, Inc.*............... 50 471
 Encysive Pharmaceuticals, Inc.*............ 590 1,381
 Enzon Pharmaceuticals, Inc.*............... 380 3,314
 Genomic Health, Inc.*...................... 120 2,582
 GenVec, Inc.*.............................. 570 1,146
 Geron Corp.*............................... 630 2,974
 GTx, Inc.*................................. 150 2,557
 Halozyme Therapeutics, Inc.*............... 550 2,717
 Human Genome Sciences, Inc.*............... 1,160 7,598
 Idenix Pharmaceuticals, Inc.*.............. 210 1,361
 Immunomedics, Inc.*........................ 500 1,215
 Incyte Corp.*.............................. 720 7,812
 Indevus Pharmaceuticals, Inc.*............. 530 2,549
 InterMune, Inc.*........................... 260 4,121
 Isis Pharmaceuticals, Inc.*................ 800 9,424

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 25

RYDEX 2x RUSSELL 2000(R) ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Keryx Biopharmaceuticals, Inc.*............ 380 $198
 Kosan Biosciences, Inc.*................... 370 614
 LifeCell Corp.*............................ 290 14,726
 Ligand Pharmaceuticals, Inc. -- Class B*... 730 2,956
 MannKind Corp.*............................ 450 1,170
 Martek Biosciences Corp.*.................. 280 9,873
 Maxygen, Inc.*............................. 210 1,245
 Medarex, Inc.*............................. 1,080 7,744
 Metabolix, Inc.*........................... 120 1,321
 Molecular Insight Pharmaceuticals, Inc.*... 40 313
 Momenta Pharmaceuticals, Inc.*............. 200 2,796
 Myriad Genetics, Inc.*..................... 370 15,370
 Nabi Biopharmaceuticals*................... 450 1,813
 Nanosphere, Inc.*.......................... 60 400
 Neurocrine Biosciences, Inc.*.............. 330 1,792
 Neurogen Corp.*............................ 270 265
 Novacea, Inc.*............................. 60 175
 Omrix Biopharmaceuticals, Inc.*............ 120 1,782
 Onyx Pharmaceuticals, Inc.*................ 470 16,525
 Orexigen Therapeutics, Inc.*............... 80 850
 OSI Pharmaceuticals, Inc.*................. 500 17,325
 Osiris Therapeutics, Inc.*................. 130 1,504
 Poniard Pharmaceuticals, Inc.*............. 200 734
 Progenics Pharmaceuticals, Inc.*........... 220 2,963
 Protalix BioTherapeutics, Inc.*............ 20 55
 Regeneron Pharmaceuticals, Inc.*........... 550 10,791
 Rigel Pharmaceuticals, Inc.*............... 310 6,975
 Savient Pharmaceuticals, Inc.*............. 460 10,046
 Seattle Genetics, Inc.*.................... 500 5,080
 Senomyx, Inc.*............................. 260 1,560
 Synta Pharmaceuticals Corp.*............... 40 268
 Telik, Inc.*............................... 450 949
 Tercica, Inc.*............................. 280 1,392
 Trubion Pharmaceuticals, Inc.*............. 70 494
 United Therapeutics Corp.*................. 190 16,055
 Vanda Pharmaceuticals, Inc.*............... 230 812
 XOMA, Ltd.*................................ 1,130 2,735
 Zymogenetics, Inc.*........................ 340 3,026
 -----------
TOTAL BIOTECHNOLOGY 347,377
 -----------

 BUILDING PRODUCTS 0.4%
 AAON, Inc. ................................ 120 2,170
 American Woodmark Corp. ................... 90 1,698
 Ameron International Corp. ................ 80 7,904
 Apogee Enterprises, Inc. .................. 250 5,577
 Builders FirstSource, Inc.*................ 130 857
 China Architectural Engineering, Inc.*..... 40 218
 Gibraltar Industries, Inc. ................ 220 2,299
 Griffon Corp.*............................. 260 2,431
 Insteel Industries, Inc. .................. 160 1,994
 NCI Building Systems, Inc.*................ 170 4,104
 PGT, Inc.*................................. 90 287
 Quanex Building Products Corp.*............ 320 5,440
 Simpson Manufacturing Co., Inc. ........... 320 8,445
 Trex Co., Inc.*............................ 100 910
 Universal Forest Products, Inc. ........... 140 4,859
 -----------
TOTAL BUILDING PRODUCTS 49,193
 -----------

 CAPITAL MARKETS 1.5%
 Apollo Investment Corp. ................... 1,031 16,674
 Ares Capital Corp. ........................ 801 9,014
 BGC Partners, Inc. -- Class A*............. 170 1,639
 BlackRock Kelso Capital Corp. ............. 91 1,114
 Calamos Asset Management, Inc. ............ 170 3,051
 Capital Southwest Corp. ................... 30 3,568
 Cohen & Steers, Inc. ...................... 150 4,188
 Cowen Group, Inc.*......................... 130 865
 Epoch Holding Corp. ....................... 70 832
 Evercore Partners, Inc. -- Class A......... 80 1,349
 FBR Capital Markets Corp.*................. 270 1,755
 FCStone Group, Inc.*....................... 80 3,314
 GAMCO Investors, Inc. ..................... 50 2,301
 GFI Group, Inc. ........................... 550 6,462
 Gladstone Capital Corp. ................... 180 3,380
 Greenhill & Co., Inc. ..................... 150 9,757
 Hercules Technology Growth Capital, Inc. .. 280 2,842
 HFF, Inc. -- Class A*...................... 140 881
 Kayne Anderson Energy Development Co. ..... 90 1,996
 KBW, Inc.*................................. 250 5,935
 Knight Capital Group, Inc.*................ 840 15,716
 Kohlberg Capital Corp. .................... 145 1,455
 LaBranche & Co., Inc.*..................... 460 2,939
 Ladenburg Thalmann Financial Services,
 Inc.*................................... 840 1,638
 MCG Capital Corp. ......................... 620 4,749
 MVC Capital, Inc. ......................... 210 3,268
 NGP Capital Resources Co. ................. 150 2,420
 optionsXpress Holdings, Inc. .............. 380 8,159
 Patriot Capital Funding, Inc. ............. 180 1,832
 PennantPark Investment Corp. .............. 170 1,260
 Penson Worldwide, Inc.*.................... 110 1,197
 Piper Jaffray Cos., Inc.*.................. 150 5,589
 Prospect Capital Corp. .................... 200 2,968
 Pzena Investment Management, Inc. ......... 50 608
 Riskmetrics Group, Inc.*................... 180 3,177
 Sanders Morris Harris Group, Inc. ......... 160 1,317
 Stifel Financial Corp.*.................... 130 6,145
 SWS Group, Inc. ........................... 190 2,493
 Thomas Weisel Partners Group, Inc.*........ 190 1,252
 TICC Capital Corp. ........................ 181 1,316
 TradeStation Group, Inc.*.................. 250 2,333
 U.S. Global Investors, Inc. -- Class A..... 100 1,297
 W.P. Stewart & Co., Ltd. .................. 190 287
 Waddell & Reed Financial, Inc. -- Class A.. 720 24,379
 -----------
TOTAL CAPITAL MARKETS 178,711
 -----------

 CHEMICALS 2.5%
 A. Schulman, Inc. ......................... 230 4,876
 American Vanguard Corp. ................... 160 2,768
 Arch Chemicals, Inc. ...................... 210 7,155
 Balchem Corp. ............................. 150 3,429
 Calgon Carbon Corp.*....................... 350 4,987
 CF Industries Holdings, Inc. .............. 480 64,176
 Ferro Corp. ............................... 370 6,505
 Flotek Industries, Inc.*................... 200 3,744
 GenTek, Inc.*.............................. 70 2,174
 Georgia Gulf Corp. ........................ 300 1,803
 H.B. Fuller Co. ........................... 500 11,540
 Hercules, Inc. ............................ 1,000 18,800
 Innophos Holdings, Inc. ................... 180 3,224
 Innospec, Inc. ............................ 210 4,282
 Koppers Holdings, Inc. .................... 150 7,266
 Kronos Worldwide, Inc. .................... 20 585
 Landec Corp.*.............................. 190 1,541
 LSB Industries, Inc.*...................... 130 1,990

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 26

RYDEX 2x RUSSELL 2000(R) ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Minerals Technologies, Inc. ............... 160 $10,838
 NewMarket Corp. ........................... 120 7,792
 NL Industries, Inc. ....................... 60 665
 Olin Corp. ................................ 640 12,909
 OM Group, Inc.*............................ 260 14,237
 PolyOne Corp.*............................. 800 5,904
 Rockwood Holdings, Inc.*................... 300 11,073
 Sensient Technologies Corp. ............... 400 11,908
 ShengdaTech, Inc.*......................... 250 1,930
 Spartech Corp. ............................ 260 2,324
 Stepan Co. ................................ 50 1,967
 Terra Industries, Inc.*.................... 800 30,288
 Tronox, Inc. .............................. 360 1,076
 Valhi, Inc. ............................... 60 1,597
 WR Grace & Co.*............................ 600 15,216
 Zep, Inc. ................................. 190 2,816
 Zoltek Cos., Inc.*......................... 210 5,601
 -----------
TOTAL CHEMICALS 288,986
 -----------

 COMMERCIAL BANKS 4.7%
 1st Source Corp. .......................... 120 2,378
 AMCORE Financial, Inc. .................... 190 2,364
 AmericanWest Bancorp....................... 150 547
 Ameris Bancorp............................. 120 1,798
 Bancfirst Corp. ........................... 70 3,061
 Banco Latinoamericano de Exportaciones,
 S.A. -- Class E......................... 230 4,324
 Bancorp, Inc.*............................. 100 1,106
 Bank of the Ozarks, Inc. .................. 110 2,744
 Banner Corp. .............................. 130 2,808
 Boston Private Financial Holdings, Inc. ... 320 2,976
 Capital City Bank Group, Inc. ............. 100 2,625
 Capital Corp. of the West.................. 80 548
 Capitol Bancorp, Ltd. ..................... 120 2,063
 Cascade Bancorp............................ 190 1,733
 Cathay General Bancorp..................... 440 7,502
 Centennial Bank Holdings, Inc.*............ 440 2,754
 Center Financial Corp. .................... 90 937
 Central Pacific Financial Corp. ........... 250 4,590
 Chemical Financial Corp. .................. 210 5,099
 Citizens Republic Bancorp, Inc. ........... 650 5,362
 City Bank.................................. 120 2,174
 City Holding Co. .......................... 140 5,821
 CoBiz, Inc. ............................... 160 1,778
 Columbia Banking System, Inc. ............. 150 4,062
 Community Bancorp*......................... 90 999
 Community Bank System, Inc. ............... 260 6,627
 Community Trust Bancorp, Inc. ............. 130 3,908
 CVB Financial Corp. ....................... 570 6,544
 Enterprise Financial Services Corp. ....... 90 1,930
 F.N.B. Corp. .............................. 740 11,440
 First BanCorp. ............................ 800 8,232
 First Bancorp.............................. 100 1,882
 First Charter Corp. ....................... 300 9,114
 First Commonwealth Financial Corp. ........ 640 7,968
 First Community Bancorp.................... 210 4,513
 First Community Bancshares, Inc. .......... 90 3,008
 First Financial Bancorp.................... 290 3,805
 First Financial Bankshares, Inc. .......... 180 8,098
 First Financial Corp. ..................... 110 3,498
 First Merchants Corp. ..................... 160 4,091
 First Midwest Bancorp, Inc. ............... 430 10,978
 First Regional Bancorp*.................... 70 1,039
 First South Bancorp, Inc. ................. 70 1,564
 First State Bancorp........................ 180 1,674
 FirstMerit Corp. .......................... 690 14,159
 Frontier Financial Corp. .................. 360 5,760
 Glacier Bancorp, Inc. ..................... 450 9,261
 Great Southern Bancorp, Inc. .............. 90 1,357
 Greene Bankshares, Inc. ................... 100 2,003
 Hancock Holding Co. ....................... 230 9,492
 Hanmi Financial Corp. ..................... 330 2,307
 Harleysville National Corp. ............... 260 3,760
 Heartland Financial USA, Inc. ............. 110 2,475
 Heritage Commerce Corp. ................... 120 2,122
 Home Bancshares, Inc. ..................... 110 2,555
 Horizon Financial Corp. ................... 110 1,351
 IBERIABANK Corp. .......................... 100 4,820
 Independent Bank Corp. .................... 120 3,508
 Independent Bank Corp. .................... 190 1,516
 Integra Bank Corp. ........................ 180 2,630
 International Bancshares Corp. ............ 440 10,996
 Investors Bancorp, Inc.*................... 440 6,455
 Irwin Financial Corp. ..................... 160 934
 Lakeland Bancorp, Inc. .................... 170 2,633
 Lakeland Financial Corp. .................. 100 2,329
 Macatawa Bank Corp. ....................... 130 1,478
 MainSource Financial Group, Inc. .......... 160 2,370
 MB Financial, Inc. ........................ 300 8,610
 Midwest Banc Holdings, Inc. ............... 190 1,953
 Nara Bancorp, Inc. ........................ 190 2,495
 National Penn Bancshares, Inc. ............ 670 11,182
 NBT Bancorp, Inc. ......................... 280 6,378
 Northfield Bancorp, Inc.*.................. 170 1,773
 Old National Bancorp....................... 570 9,753
 Old Second Bancorp, Inc. .................. 120 2,944
 Oriental Financial Group................... 180 3,384
 Pacific Capital Bancorp.................... 410 8,356
 Park National Corp. ....................... 100 7,601
 Peoples Bancorp, Inc. ..................... 90 2,184
 Pinnacle Financial Partners, Inc.*......... 190 5,149
 Preferred Bank............................. 80 937
 PrivateBancorp, Inc. ...................... 160 5,438
 Prosperity Bancshares, Inc. ............... 310 9,601
 Provident Bankshares Corp. ................ 280 3,587
 Renasant Corp. ............................ 180 4,171
 Republic Bancorp, Inc. .................... 80 1,850
 Royal Bancshares of Pennsylvania,
 Inc. -- Class A......................... 50 543
 S&T Bancorp, Inc. ......................... 210 7,155
 S.Y. Bancorp, Inc. ........................ 100 2,463
 Sandy Spring Bancorp, Inc. ................ 140 3,570
 Santander Bancorp.......................... 40 452
 SCBT Financial Corp. ...................... 90 3,057
 Seacoast Banking Corp. of Florida.......... 130 1,366
 Security Bank Corp. ....................... 180 1,382
 Sierra Bancorp............................. 70 1,513
 Signature Bank*............................ 260 6,859
 Simmons First National Corp. .............. 120 3,841
 South Financial Group, Inc. ............... 640 3,866
 Southside Bancshares, Inc. ................ 101 2,425
 Southwest Bancorp, Inc. ................... 120 2,112
 Sterling Bancorp........................... 160 2,626
 Sterling Bancshares, Inc. ................. 640 6,650
 Sterling Financial Corp. .................. 440 5,372

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 27

RYDEX 2x RUSSELL 2000(R) ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Suffolk Bancorp............................ 90 $2,914
 Sun Bancorp, Inc.*......................... 140 1,623
 Superior Bancorp*.......................... 90 1,597
 Susquehanna Bancshares, Inc. .............. 730 14,520
 SVB Financial Group*....................... 280 13,625
 Taylor Capital Group, Inc. ................ 50 746
 Texas Capital Bancshares, Inc.*............ 200 3,690
 Tompkins Financial Corp. .................. 60 2,902
 Trico Bancshares........................... 120 2,041
 Trustmark Corp. ........................... 420 9,148
 UCBH Holdings, Inc. ....................... 860 6,261
 UMB Financial Corp. ....................... 270 13,403
 Umpqua Holdings Corp. ..................... 530 7,817
 Union Bankshares Corp. .................... 110 2,108
 United Bankshares, Inc. ................... 330 9,600
 United Community Banks, Inc. .............. 360 4,943
 United Security Bancshares Co. ............ 70 998
 Univest Corp. of Pennsylvania.............. 110 2,818
 Virginia Commerce Bancorp, Inc.*........... 160 1,128
 W Holding Co., Inc. ....................... 980 1,029
 Washington Trust Bancorp, Inc. ............ 100 2,418
 WesBanco, Inc. ............................ 220 4,732
 West Coast Bancorp......................... 140 1,807
 Westamerica Bancorp........................ 260 15,194
 Western Alliance Bancorp*.................. 140 1,788
 Wilshire Bancorp, Inc. .................... 150 1,236
 Wintrust Financial Corp. .................. 210 6,661
 -----------
TOTAL COMMERCIAL BANKS 557,682
 -----------

 COMMERCIAL SERVICES & SUPPLIES 3.7%
 ABM Industries, Inc. ...................... 370 7,748
 ACCO Brands Corp.*......................... 460 6,403
 Administaff, Inc. ......................... 190 4,976
 Advisory Board Co.*........................ 160 7,459
 American Ecology Corp. .................... 140 3,721
 American Reprographics Co.*................ 260 4,126
 AMREP Corp. ............................... 10 522
 Arrowhead Research Corp.*.................. 290 777
 Barrett Business Services, Inc. ........... 60 720
 Bowne & Co., Inc. ......................... 240 3,994
 Casella Waste Systems, Inc. -- Class A*.... 200 2,132
 CBIZ, Inc.*................................ 410 3,637
 CDI Corp. ................................. 110 2,992
 Cenveo, Inc.*.............................. 460 4,724
 Clean Harbors, Inc.*....................... 140 9,236
 Comfort Systems USA, Inc. ................. 350 4,760
 CompX International, Inc. ................. 10 63
 COMSYS IT Partners, Inc.*.................. 150 1,227
 Consolidated Graphics, Inc.*............... 70 4,072
 Cornell Cos., Inc.*........................ 90 2,045
 CoStar Group, Inc.*........................ 170 8,151
 Courier Corp. ............................. 90 2,119
 CRA International, Inc.*................... 90 3,103
 Deluxe Corp. .............................. 450 9,567
 Diamond Management & Technology
 Consultants, Inc. ...................... 230 1,415
 Duff & Phelps Corp.*....................... 80 1,446
 EnergySolutions, Inc. ..................... 260 5,681
 EnerNOC, Inc.*............................. 40 617
 Ennis, Inc. ............................... 220 3,727
 Exponent, Inc.*............................ 130 4,386
 First Advantage Corp.*..................... 60 1,231
 FTI Consulting, Inc.*...................... 410 26,240
 Fuel Tech, Inc.*........................... 150 3,855
 G&K Services, Inc. ........................ 170 5,360
 Geo Group, Inc.*........................... 430 11,373
 GeoEye, Inc.*.............................. 150 3,454
 Healthcare Services Group, Inc. ........... 360 5,494
 Heidrick & Struggles International, Inc. .. 150 4,489
 Herman Miller, Inc. ....................... 490 11,432
 Hudson Highland Group, Inc.*............... 220 1,951
 Huron Consulting Group, Inc.*.............. 160 6,698
 ICT Group, Inc.*........................... 70 765
 IHS, Inc.*................................. 290 19,154
 IKON Office Solutions, Inc. ............... 690 7,555
 Innerworkings, Inc.*....................... 200 2,688
 Interface, Inc. ........................... 470 6,035
 Kelly Services, Inc. ...................... 200 4,450
 Kenexa Corp.*.............................. 200 3,498
 Kforce, Inc.*.............................. 280 2,304
 Kimball International, Inc. ............... 230 2,362
 Knoll, Inc. ............................... 430 5,599
 Korn/Ferry International*.................. 410 7,651
 Layne Christensen Co.*..................... 140 5,974
 LECG Corp.*................................ 220 2,286
 M&F Worldwide Corp.*....................... 100 3,440
 McGrath Rentcorp........................... 220 5,683
 Mine Safety Appliances Co. ................ 240 8,921
 Mobile Mini, Inc.*......................... 310 6,587
 Multi-Color Corp. ......................... 70 1,436
 Navigant Consulting, Inc.*................. 410 8,249
 Odyssey Marine Exploration, Inc.*.......... 350 1,691
 On Assignment, Inc.*....................... 300 2,109
 PeopleSupport, Inc.*....................... 190 1,879
 PHH Corp.*................................. 460 9,030
 Pike Electric Corp.*....................... 150 2,406
 Protection One, Inc.*...................... 60 618
 Resources Connection, Inc. ................ 390 7,882
 Rollins, Inc. ............................. 370 5,894
 RSC Holdings, Inc.*........................ 180 1,663
 Schawk, Inc. .............................. 130 2,084
 School Specialty, Inc.*.................... 170 5,005
 Spherion Corp.*............................ 490 2,421
 Standard Parking Corp.*.................... 80 1,714
 Standard Register Co. ..................... 150 1,422
 Team, Inc.*................................ 140 4,162
 TeleTech Holdings, Inc.*................... 360 8,255
 Tetra Tech, Inc.*.......................... 500 10,565
 TrueBlue, Inc.*............................ 380 4,837
 United Stationers, Inc.*................... 200 8,818
 Viad Corp. ................................ 180 5,663
 Volt Information Sciences, Inc.*........... 110 1,467
 Waste Connections, Inc.*................... 590 18,921
 Waste Industries USA, Inc. ................ 40 1,510
 Waste Services, Inc.*...................... 170 1,328
 Watson Wyatt Worldwide, Inc. .............. 370 21,689
 -----------
TOTAL COMMERCIAL SERVICES & SUPPLIES 434,793
 -----------

 COMMUNICATIONS EQUIPMENT 1.8%
 3Com Corp.*................................ 3,350 8,006
 Acme Packet, Inc.*......................... 190 1,739
 Adtran, Inc. .............................. 470 11,120
 Airvana, Inc.*............................. 70 452
 Anaren, Inc.*.............................. 130 1,751

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 28

RYDEX 2x RUSSELL 2000(R) ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Arris Group, Inc.*......................... 1,150 $9,315
 Aruba Networks, Inc.*...................... 70 417
 Avanex Corp.*.............................. 1,680 1,445
 Avocent Corp.*............................. 390 7,609
 Bel Fuse, Inc. ............................ 100 2,607
 BigBand Networks, Inc.*.................... 110 810
 Black Box Corp. ........................... 150 4,459
 Blue Coat Systems, Inc.*................... 280 5,911
 Comtech Group, Inc.*....................... 170 2,213
 Comtech Telecommunications Corp.*.......... 200 7,746
 Digi International, Inc.*.................. 220 1,813
 Ditech Networks, Inc.*..................... 220 627
 Dycom Industries, Inc.*.................... 350 5,033
 EMS Technologies, Inc.*.................... 130 3,362
 Extreme Networks*.......................... 1,020 3,091
 Finisar Corp.*............................. 2,310 3,118
 Foundry Networks, Inc.*.................... 1,260 16,040
 Harmonic, Inc.*............................ 800 6,616
 Harris Stratex Networks, Inc.*............. 220 2,088
 Hughes Communications, Inc.*............... 60 3,240
 Infinera Corp.*............................ 150 1,899
 InterDigital, Inc.*........................ 400 8,108
 Ixia*...................................... 380 2,694
 Loral Space & Communications, Ltd.*........ 100 2,159
 MasTec, Inc.*.............................. 370 3,030
 MRV Communications, Inc.*.................. 1,360 2,135
 NETGEAR, Inc.*............................. 300 4,863
 Network Equipment Technologies, Inc.*...... 250 1,625
 Neutral Tandem, Inc.*...................... 60 1,154
 Nextwave Wireless, Inc.*................... 260 1,661
 Oplink Communications, Inc.*............... 180 1,730
 OpNext, Inc.*.............................. 160 944
 Optium Corp.*.............................. 110 855
 Orbcomm, Inc.*............................. 230 1,355
 Packeteer, Inc.*........................... 310 2,186
 Plantronics, Inc. ......................... 410 10,213
 Polycom, Inc.*............................. 790 17,696
 Powerwave Technologies, Inc.*.............. 1,120 3,058
 SeaChange International, Inc.*............. 250 1,790
 ShoreTel, Inc.*............................ 80 370
 Sonus Networks, Inc.*...................... 2,300 9,223
 Starent Networks Corp.*.................... 110 1,740
 Sycamore Networks, Inc.*................... 1,590 5,120
 Symmetricom, Inc.*......................... 400 1,716
 Tekelec*................................... 520 7,654
 Utstarcom, Inc.*........................... 910 2,958
 ViaSat, Inc.*.............................. 210 4,641
 -----------
TOTAL COMMUNICATIONS EQUIPMENT 213,205
 -----------

 COMPUTERS & PERIPHERALS 0.8%
 3PAR, Inc.*................................ 60 482
 Adaptec, Inc.*............................. 1,020 2,846
 Avid Technology, Inc.*..................... 330 6,887
 Compellent Technologies, Inc.*............. 60 765
 Cray, Inc.*................................ 280 1,744
 Data Domain, Inc.*......................... 80 1,740
 Electronics for Imaging, Inc.*............. 460 6,633
 Emulex Corp.*.............................. 740 9,687
 Hutchinson Technology, Inc.*............... 220 3,111
 Hypercom Corp.*............................ 460 1,964
 Imation Corp. ............................. 280 6,563
 Immersion Corp.*........................... 260 2,935
 Intermec, Inc.*............................ 520 10,983
 Intevac, Inc.*............................. 180 2,390
 Isilon Systems, Inc.*...................... 70 339
 Netezza Corp.*............................. 90 954
 Novatel Wireless, Inc.*.................... 280 2,498
 Palm, Inc. ................................ 890 5,126
 Quantum Corp.*............................. 1,690 2,958
 Rackable Systems, Inc.*.................... 250 2,750
 Rimage Corp.*.............................. 90 1,608
 Silicon Graphics, Inc.*.................... 60 648
 STEC, Inc.*................................ 280 2,570
 Stratasys, Inc.*........................... 180 3,499
 Super Micro Computer, Inc.*................ 80 597
 Synaptics, Inc.*........................... 210 7,128
 -----------
TOTAL COMPUTERS & PERIPHERALS 89,405
 -----------

 CONSTRUCTION & ENGINEERING 0.5%
 Aecom Technology Corp.*.................... 370 10,160
 EMCOR Group, Inc.*......................... 550 13,783
 Granite Construction, Inc. ................ 290 9,947
 Great Lakes Dredge & Dock Corp. ........... 100 598
 Insituform Technologies, Inc. -- Class A*.. 230 3,891
 Integrated Electrical Services, Inc.*...... 120 2,008
 Michael Baker Corp.*....................... 60 1,264
 Northwest Pipe Co.*........................ 80 3,402
 Perini Corp.*.............................. 230 8,321
 -----------
TOTAL CONSTRUCTION & ENGINEERING 53,374
 -----------

 CONSTRUCTION MATERIALS 0.2%
 Headwaters, Inc.*.......................... 340 3,886
 Texas Industries, Inc. .................... 240 18,579
 U.S. Concrete, Inc.*....................... 290 957
 -----------
TOTAL CONSTRUCTION MATERIALS 23,422
 -----------

 CONSUMER FINANCE 0.3%
 Advance America, Cash Advance Centers,
 Inc. ................................... 530 4,669
 Advanta Corp. ............................. 320 2,810
 Cardtronics, Inc.*......................... 100 829
 Cash America International, Inc. .......... 260 10,605
 CompuCredit Corp.*......................... 160 1,293
 Credit Acceptance Corp.*................... 40 770
 Dollar Financial Corp.*.................... 140 3,021
 Ezcorp, Inc.*.............................. 320 3,885
 First Cash Financial Services, Inc.*....... 210 3,116
 Nelnet, Inc. -- Class A.................... 150 1,919
 QC Holdings, Inc. ......................... 70 614
 World Acceptance Corp.*.................... 150 5,907
 -----------
TOTAL CONSUMER FINANCE 39,438
 -----------

 CONTAINERS & PACKAGING 0.6%
 AEP Industries, Inc.*...................... 50 1,411
 AptarGroup, Inc. .......................... 600 26,490
 Boise, Inc.*............................... 360 1,505
 Chesapeake Corp.*.......................... 170 745
 Graphic Packaging Holding Co.*............. 590 1,652
 Greif, Inc. ............................... 290 18,734
 Myers Industries, Inc. .................... 240 3,019
 Rock-Tenn Co. ............................. 290 9,840
 Silgan Holdings, Inc. ..................... 210 11,189
 -----------
TOTAL CONTAINERS & PACKAGING 74,585
 -----------

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 29

RYDEX 2x RUSSELL 2000(R) ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)


 DISTRIBUTORS 0.2%
 Audiovox Corp. -- Class A*................. 140 $1,529
 Building Materials Holding Corp. .......... 250 1,165
 Core-Mark Holding Co., Inc.*............... 80 2,293
 LKQ Corp.*................................. 970 21,107
 Source Interlink Cos., Inc.*............... 300 423
 -----------
TOTAL DISTRIBUTORS 26,517
 -----------

 DIVERSIFIED CONSUMER SERVICES 1.3%
 American Public Education, Inc.*........... 50 1,611
 Bright Horizons Family Solutions, Inc.*.... 230 10,904
 Capella Education Co.*..................... 90 5,804
 Coinstar, Inc.*............................ 240 7,654
 Corinthian Colleges, Inc.*................. 750 8,512
 CPI Corp. ................................. 40 754
 DeVry, Inc. ............................... 520 29,640
 INVESTools, Inc.*.......................... 450 5,215
 Jackson Hewitt Tax Service, Inc. .......... 240 3,578
 K12, Inc.*................................. 50 1,274
 Lincoln Educational Services Corp.*........ 40 467
 Matthews International Corp. -- Class A.... 270 13,349
 Pre-Paid Legal Services, Inc.*............. 70 3,062
 Regis Corp. ............................... 380 11,096
 Sotheby's.................................. 570 15,789
 Steiner Leisure, Ltd.*..................... 140 4,633
 Stewart Enterprises, Inc. ................. 820 5,601
 Strayer Education, Inc. ................... 130 24,140
 Universal Technical Institute, Inc.*....... 180 2,041
 -----------
TOTAL DIVERSIFIED CONSUMER SERVICES 155,124
 -----------

 DIVERSIFIED FINANCIAL SERVICES 0.3%
 Ampal-American Israel Corp. -- Class A*.... 180 1,111
 Asset Acceptance Capital Corp. ............ 130 1,566
 Asta Funding, Inc. ........................ 100 1,427
 Compass Diversified Holdings............... 180 2,207
 Encore Capital Group, Inc.*................ 140 938
 Financial Federal Corp. ................... 220 5,137
 Interactive Brokers Group, Inc.*........... 340 10,734
 MarketAxess Holdings, Inc.*................ 270 2,373
 NewStar Financial, Inc.*................... 160 861
 Pico Holdings, Inc.*....................... 130 4,592
 Portfolio Recovery Associates, Inc. ....... 130 5,721
 Primus Guaranty, Ltd.*..................... 390 1,739
 Resource America, Inc. .................... 110 958
 -----------
TOTAL DIVERSIFIED FINANCIAL SERVICES 39,364
 -----------

 DIVERSIFIED TELECOMMUNICATION SERVICES 0.9%
 Alaska Communications Systems Group,
 Inc. ................................... 370 4,137
 Atlantic Tele-Network, Inc. ............... 80 2,490
 Cbeyond, Inc.*............................. 180 3,553
 Cincinnati Bell, Inc.*..................... 2,130 9,883
 Cogent Communications Group, Inc.*......... 400 8,404
 Consolidated Communications Holdings,
 Inc. ................................... 200 2,860
 Fairpoint Communications, Inc. ............ 780 7,184
 General Communication, Inc. -- Class A*.... 460 2,857
 Global Crossing Ltd.*...................... 310 5,183
 Globalstar, Inc.*.......................... 170 551
 Hungarian Telephone & Cable Corp.*......... 30 484
 iBasis, Inc. .............................. 290 925
 IDT Corp. -- Class B*...................... 390 1,494
 Iowa Telecommunications Services, Inc. .... 270 4,676
 NTELOS Holdings Corp. ..................... 240 6,211
 PAETEC Holding Corp.*...................... 640 4,934
 Premiere Global Services, Inc.*............ 530 7,696
 Shenandoah Telecom Co. .................... 200 2,712
 SureWest Communications.................... 120 1,669
 Time Warner Telecom, Inc.*................. 1,250 24,500
 Vonage Holdings Corp.*..................... 560 1,103
 -----------
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES 103,506
 -----------

 ELECTRIC UTILITIES 1.3%
 Allete, Inc. .............................. 220 9,189
 Aquila, Inc.*.............................. 3,230 11,628
 Central Vermont Public Service Corp. ...... 90 2,097
 Cleco Corp. ............................... 510 12,245
 El Paso Electric Co.*...................... 390 8,802
 Empire District Electric Co. .............. 290 6,041
 IDACORP, Inc. ............................. 380 12,327
 ITC Holdings Corp. ........................ 420 23,428
 MGE Energy, Inc. .......................... 180 6,262
 NorthWestern Corp. ........................ 340 8,439
 Otter Tail Corp. .......................... 260 9,641
 Portland General Electric Co. ............. 260 6,240
 UIL Holdings Corp. ........................ 220 6,886
 Unisource Energy Corp. .................... 300 9,372
 Westar Energy, Inc. ....................... 860 19,943
 -----------
TOTAL ELECTRIC UTILITIES 152,540
 -----------

 ELECTRICAL EQUIPMENT 1.6%
 Acuity Brands, Inc. ....................... 350 16,744
 American Superconductor Corp.*............. 350 8,848
 AO Smith Corp. ............................ 180 5,569
 AZZ, Inc.*................................. 100 2,668
 Baldor Electric Co. ....................... 390 12,636
 Belden CDT, Inc. .......................... 390 13,159
 Brady Corp. ............................... 430 14,599
 Coleman Cable, Inc.*....................... 70 844
 Encore Wire Corp. ......................... 200 4,520
 Energy Conversion Devices, Inc.*........... 340 11,081
 EnerSys*................................... 180 4,212
 Evergreen Solar, Inc.*..................... 870 7,473
 Franklin Electric Co., Inc. ............... 170 6,582
 FuelCell Energy, Inc.*..................... 570 5,033
 GrafTech International, Ltd.*.............. 900 17,685
 II-VI, Inc.*............................... 200 7,428
 LSI Industries, Inc. ...................... 160 1,754
 Medis Technologies, Ltd.*.................. 210 1,762
 Orion Energy Systems, Inc.*................ 80 894
 Polypore International, Inc.*.............. 130 3,043
 Powell Industries, Inc.*................... 70 2,945
 Power-One, Inc.*........................... 600 1,794
 Preformed Line Products Co. ............... 20 986
 Regal-Beloit Corp. ........................ 280 10,385
 Superior Essex, Inc.*...................... 180 5,351
 Vicor Corp. ............................... 170 2,050
 Woodward Governor Co. ..................... 520 18,268
 -----------
TOTAL ELECTRICAL EQUIPMENT 188,313
 -----------

 ELECTRONIC EQUIPMENT & INSTRUMENTS 2.2%
 Acacia Research -- Acacia Technologies*.... 260 1,383
 Agilysys, Inc. ............................ 200 2,192
 Anixter International, Inc.*............... 270 15,382
 Benchmark Electronics, Inc.*............... 630 11,201

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 30

RYDEX 2x RUSSELL 2000(R) ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Brightpoint, Inc.*......................... 440 $4,030
 Checkpoint Systems, Inc.*.................. 340 8,816
 Cogent, Inc.*.............................. 380 3,545
 Cognex Corp. .............................. 380 9,576
 Comverge, Inc.*............................ 60 787
 CPI International, Inc.*................... 60 687
 CTS Corp. ................................. 290 3,263
 Daktronics, Inc. .......................... 270 3,993
 DTS, Inc.*................................. 160 4,720
 Echelon Corp.*............................. 260 2,928
 Electro Scientific Industries, Inc.*....... 250 4,102
 Excel Technology, Inc.*.................... 100 2,359
 FARO Technologies, Inc.*................... 140 4,934
 FLIR Systems, Inc.*........................ 1,140 39,136
 Gerber Scientific, Inc.*................... 200 1,854
 ICx Technologies, Inc.*.................... 40 242
 Insight Enterprises, Inc.*................. 420 5,065
 IPG Photonics Corp.*....................... 90 1,506
 Itron, Inc.*............................... 260 24,201
 KEMET Corp.*............................... 720 2,930
 L-1 Identity Solutions, Inc.*.............. 550 7,925
 Littelfuse, Inc.*.......................... 190 6,984
 LoJack Corp.*.............................. 160 1,582
 Measurement Specialties, Inc.*............. 120 1,943
 Mercury Computer Systems, Inc.*............ 190 1,524
 Methode Electronics, Inc. ................. 310 3,360
 MTS Systems Corp. ......................... 150 5,157
 Multi-Fineline Electronix, Inc.*........... 70 1,323
 Newport Corp.*............................. 280 3,223
 OSI Systems, Inc.*......................... 130 3,179
 Park Electrochemical Corp. ................ 170 4,607
 PC Connection, Inc.*....................... 80 598
 Plexus Corp.*.............................. 400 9,636
 Radisys Corp.*............................. 190 1,792
 Rofin-Sinar Technologies, Inc.*............ 270 10,282
 Rogers Corp.*.............................. 150 5,136
 Scansource, Inc.*.......................... 220 5,493
 Smart Modular Technologies WWH, Inc.*...... 430 2,593
 SYNNEX Corp.*.............................. 140 3,343
 Technitrol, Inc. .......................... 350 7,350
 TTM Technologies, Inc.*.................... 360 4,792
 Universal Display Corp.*................... 230 3,402
 X-Rite, Inc.*.............................. 250 630
 Zygo Corp.*................................ 130 1,516
 -----------
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS 256,202
 -----------

 ENERGY EQUIPMENT & SERVICES 2.6%
 Allis-Chalmers Energy, Inc.*............... 220 3,527
 Atwood Oceanics, Inc.*..................... 240 24,166
 Basic Energy Services, Inc.*............... 350 8,120
 Bristow Group, Inc.*....................... 170 8,968
 Bronco Drilling Co., Inc.*................. 220 3,784
 Cal Dive International, Inc.*.............. 370 4,510
 CARBO Ceramics, Inc. ...................... 170 8,080
 Complete Production Services, Inc.*........ 370 9,994
 Dawson Geophysical Co.*.................... 70 5,064
 Dril-Quip, Inc.*........................... 230 13,147
 ENGlobal Corp.*............................ 140 1,407
 Exterran Holdings, Inc.*................... 520 34,731
 Geokinetics, Inc.*......................... 60 1,139
 Grey Wolf, Inc.*........................... 1,590 9,969
 Gulf Island Fabrication, Inc. ............. 90 3,559
 Gulfmark Offshore, Inc.*................... 200 11,960
 Hercules Offshore, Inc.*................... 720 18,979
 Hornbeck Offshore Services, Inc.*.......... 200 9,974
 ION Geophysical Corp.*..................... 710 11,310
 Lufkin Industries, Inc. ................... 130 9,809
 Matrix Service Co.*........................ 230 4,625
 NATCO Group, Inc.*......................... 160 8,096
 Newpark Resources, Inc.*................... 770 4,227
 Oil States International, Inc.*............ 420 21,025
 OYO Geospace Corp.*........................ 30 1,452
 Parker Drilling Co.*....................... 960 7,699
 PHI, Inc.*................................. 120 4,508
 Pioneer Drilling Co.*...................... 430 7,022
 RPC, Inc. ................................. 280 3,576
 SulphCo, Inc.*............................. 400 1,408
 Superior Well Services, Inc.*.............. 140 3,333
 T-3 Energy Services, Inc.*................. 50 2,640
 Trico Marine Services, Inc.*............... 100 3,769
 Union Drilling, Inc.*...................... 120 2,029
 W-H Energy Services, Inc.*................. 260 20,095
 Willbros Group, Inc.*...................... 320 11,549
 -----------
TOTAL ENERGY EQUIPMENT & SERVICES 309,250
 -----------

 FOOD & STAPLES RETAILING 0.8%
 Andersons, Inc. ........................... 130 5,908
 Arden Group, Inc. -- Class A............... 10 1,340
 Casey's General Stores, Inc. .............. 440 9,737
 Great Atlantic & Pacific Tea Co., Inc.*.... 240 6,605
 Ingles Markets, Inc. ...................... 110 2,510
 Longs Drug Stores Corp. ................... 280 11,217
 Nash Finch Co. ............................ 120 4,390
 Pantry, Inc.*.............................. 200 2,170
 Performance Food Group Co.*................ 300 10,038
 PriceSmart, Inc. .......................... 120 3,426
 Ruddick Corp. ............................. 350 13,545
 Spartan Stores, Inc. ...................... 190 3,967
 United Natural Foods, Inc.*................ 370 7,326
 Village Super Market -- Class A............ 30 1,413
 Weis Markets, Inc. ........................ 110 3,378
 Winn-Dixie Stores, Inc.*................... 290 5,142
 -----------
TOTAL FOOD & STAPLES RETAILING 92,112
 -----------

 FOOD PRODUCTS 1.1%
 Alico, Inc. ............................... 30 1,198
 American Dairy, Inc.*...................... 60 696
 Cal-Maine Foods, Inc. ..................... 110 3,251
 Chiquita Brands International, Inc.*....... 370 8,417
 Darling International, Inc.*............... 700 10,689
 Farmer Brothers Co. ....................... 60 1,483
 Flowers Foods, Inc. ....................... 660 17,087
 Fresh Del Monte Produce, Inc.*............. 260 8,239
 Green Mountain Coffee Roasters, Inc.*...... 150 4,830
 Hain Celestial Group, Inc.*................ 340 8,391
 Imperial Sugar Co. ........................ 100 1,577
 J&J Snack Foods Corp. ..................... 120 3,437
 Lancaster Colony Corp. .................... 180 6,874
 Lance, Inc. ............................... 270 5,659
 Maui Land & Pineapple Co., Inc.*........... 40 1,260
 Pilgrim's Pride Corp. ..................... 350 8,459
 Ralcorp Holdings, Inc.*.................... 220 13,429
 Reddy Ice Holdings, Inc. .................. 190 2,516
 Sanderson Farms, Inc. ..................... 150 6,251

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 31

RYDEX 2x RUSSELL 2000(R) ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Synutra International, Inc.*............... 40 $1,328
 Tootsie Roll Industries, Inc. ............. 320 7,786
 TreeHouse Foods, Inc.*..................... 270 6,121
 -----------
TOTAL FOOD PRODUCTS 128,978
 -----------

 GAS UTILITIES 0.8%
 EnergySouth, Inc. ......................... 60 3,243
 Laclede Group, Inc. ....................... 190 7,186
 New Jersey Resources Corp. ................ 360 11,466
 Nicor, Inc. ............................... 390 13,697
 Northwest Natural Gas Co. ................. 230 10,320
 Piedmont Natural Gas Co., Inc. ............ 640 16,826
 South Jersey Industries, Inc. ............. 250 9,127
 Southwest Gas Corp. ....................... 360 10,393
 WGL Holdings, Inc. ........................ 420 13,776
 -----------
TOTAL GAS UTILITIES 96,034
 -----------

 HEALTH CARE EQUIPMENT & SUPPLIES 3.1%
 Abaxis, Inc.*.............................. 180 4,586
 Abiomed, Inc.*............................. 250 3,648
 Accuray, Inc.*............................. 140 1,096
 Align Technology, Inc.*.................... 510 6,263
 American Medical Systems Holdings, Inc.*... 620 8,742
 Analogic Corp. ............................ 110 6,335
 Angiodynamics, Inc.*....................... 180 2,660
 Arthrocare Corp.*.......................... 240 10,815
 Aspect Medical Systems, Inc.*.............. 130 868
 Cantel Medical Corp.*...................... 100 955
 Conceptus, Inc.*........................... 250 4,505
 CONMED Corp.*.............................. 240 6,125
 CryoLife, Inc.*............................ 210 2,230
 Cutera, Inc.*.............................. 110 1,463
 Cyberonics, Inc.*.......................... 200 3,160
 Cynosure, Inc. -- Class A*................. 70 1,821
 Datascope Corp. ........................... 110 4,121
 ev3, Inc.*................................. 400 3,324
 Greatbatch, Inc.*.......................... 190 3,454
 Haemonetics Corp.*......................... 230 13,163
 Hansen Medical, Inc.*...................... 80 1,396
 Hologic, Inc.*............................. 2,110 61,591
 I-Flow Corp.*.............................. 180 2,403
 ICU Medical, Inc.*......................... 110 2,763
 Immucor, Inc.*............................. 590 15,918
 Insulet Corp.*............................. 70 1,282
 Integra LifeSciences Holdings Corp.*....... 160 6,779
 Invacare Corp. ............................ 250 4,510
 Inverness Medical Innovations, Inc.*....... 650 24,050
 Kensey Nash Corp.*......................... 100 2,916
 Masimo Corp.*.............................. 120 3,498
 Medical Action Industries, Inc.*........... 120 1,967
 Mentor Corp. .............................. 290 8,488
 Meridian Bioscience, Inc. ................. 340 9,156
 Merit Medical Systems, Inc.*............... 240 3,530
 Micrus Endovascular Corp.*................. 130 1,479
 Minrad International, Inc.*................ 410 951
 Natus Medical, Inc.*....................... 190 3,737
 Northstar Neuroscience, Inc.*.............. 170 306
 NuVasive, Inc.*............................ 300 11,445
 NxStage Medical, Inc.*..................... 170 983
 OraSure Technologies, Inc.*................ 400 2,584
 Orthofix International NV*................. 140 4,306
 Palomar Medical Technologies, Inc.*........ 160 2,256
 Quidel Corp.*.............................. 250 4,003
 RTI Biologics, Inc.*....................... 390 3,955
 Sirona Dental Systems, Inc.*............... 140 3,748
 Sonic Innovations, Inc.*................... 230 984
 SonoSite, Inc.*............................ 140 4,465
 Spectranetics Corp.*....................... 270 2,905
 Stereotaxis, Inc.*......................... 230 1,566
 STERIS Corp. .............................. 560 15,518
 SurModics, Inc.*........................... 130 5,781
 Symmetry Medical, Inc.*.................... 300 4,209
 Thoratec Corp.*............................ 460 7,356
 TomoTherapy, Inc.*......................... 100 976
 Trans1, Inc.*.............................. 60 783
 Vital Signs, Inc. ......................... 90 4,710
 Volcano Corp.*............................. 250 2,958
 West Pharmaceutical Services, Inc. ........ 280 13,135
 Wright Medical Group, Inc.*................ 310 8,655
 Zoll Medical Corp.*........................ 180 6,008
 -----------
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES 359,343
 -----------

 HEALTH CARE PROVIDERS & SERVICES 2.3%
 Air Methods Corp.*......................... 90 3,609
 Alliance Imaging, Inc.*.................... 220 1,793
 Amedisys, Inc.*............................ 220 11,396
 American Dental Partners, Inc.*............ 110 1,276
 AMERIGROUP Corp.*.......................... 450 11,695
 AMN Healthcare Services, Inc.*............. 300 4,377
 Amsurg Corp.*.............................. 260 6,640
 Animal Health International, Inc.*......... 100 879
 Apria Healthcare Group, Inc.*.............. 380 6,696
 Assisted Living Concepts, Inc.*............ 480 3,509
 athenahealth, Inc.*........................ 60 1,500
 Bio-Reference Labs, Inc.*.................. 100 2,518
 BMP Sunstone Corp.*........................ 260 1,843
 Capital Senior Living Corp.*............... 200 1,702
 Centene Corp.*............................. 380 6,981
 Chemed Corp. .............................. 210 7,161
 Corvel Corp.*.............................. 70 2,303
 Cross Country Healthcare, Inc.*............ 280 3,349
 Emergency Medical Services Corp. -- Class
 A*...................................... 80 1,806
 Emeritus Corp.*............................ 110 2,711
 Ensign Group, Inc. ........................ 40 384
 Genoptix, Inc.*............................ 50 1,372
 Gentiva Health Services, Inc.*............. 240 5,218
 HealthExtras, Inc.*........................ 270 7,619
 HEALTHSOUTH Corp.*......................... 680 13,376
 Healthspring, Inc.*........................ 410 6,904
 Healthways, Inc.*.......................... 300 10,959
 HMS Holdings Corp.*........................ 190 4,896
 Hythiam, Inc.*............................. 320 867
 inVentiv Health, Inc.*..................... 270 8,027
 IPC The Hospitalist Co., Inc.*............. 50 1,174
 Kindred Healthcare, Inc.*.................. 250 5,932
 Landauer, Inc. ............................ 80 4,260
 LCA-Vision, Inc. .......................... 160 1,618
 LHC Group, Inc.*........................... 120 1,872
 Magellan Health Services, Inc.*............ 340 13,121
 Matria Healthcare, Inc.*................... 180 4,590
 MedCath Corp.*............................. 90 1,670
 Molina Healthcare, Inc.*................... 120 2,980
 MWI Veterinary Supply, Inc.*............... 70 2,413
 National Healthcare Corp. ................. 60 3,005

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 32

RYDEX 2x RUSSELL 2000(R) ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Nighthawk Radiology Holdings, Inc.*........ 180 $1,350
 Odyssey HealthCare, Inc.*.................. 290 2,654
 Owens & Minor, Inc. ....................... 350 15,862
 PharMerica Corp.*.......................... 230 3,917
 Providence Service Corp.*.................. 100 2,814
 PSS World Medical, Inc.*................... 550 9,058
 Psychiatric Solutions, Inc.*............... 470 16,314
 RehabCare Group, Inc.*..................... 150 2,550
 Res-Care, Inc.*............................ 210 3,421
 Skilled Healthcare Group, Inc.*............ 190 2,299
 Sun Healthcare Group, Inc.*................ 370 4,865
 Sunrise Senior Living, Inc.*............... 390 8,365
 Triple-S Management Corp. -- Class B*...... 120 2,189
 Universal American Corp.*.................. 420 4,507
 Virtual Radiologic Corp.*.................. 40 559
 -----------
TOTAL HEALTH CARE PROVIDERS & SERVICES 266,725
 -----------

 HEALTH CARE TECHNOLOGY 0.3%
 Allscripts Healthcare Solutions, Inc.*..... 480 5,357
 Computer Programs & Systems, Inc. ......... 80 1,522
 Eclipsys Corp.*............................ 390 8,100
 MedAssets, Inc.*........................... 130 1,951
 Omnicell, Inc.*............................ 290 3,486
 Phase Forward, Inc.*....................... 350 6,440
 TriZetto Group, Inc.*...................... 370 7,788
 Vital Images, Inc.*........................ 150 2,265
 -----------
TOTAL HEALTH CARE TECHNOLOGY 36,909
 -----------

 HOLDING COMPANIES 0.2%
 Alternative Asset Management Acquisition
 Corp.*.................................. 360 3,323
 Energy Infrastructure Acquisition Corp.*... 190 1,898
 Heckmann Corp.*............................ 460 3,395
 Hicks Acquisition Co. I, Inc.*............. 480 4,382
 Marathon Acquisition Corp.*................ 330 2,554
 NRDC Acquisition Corp.*.................... 360 3,312
 NTR Acquisition Co.*....................... 210 2,018
 Triplecrown Acquisition Corp.*............. 410 3,711
 -----------
TOTAL HOLDING COMPANIES 24,593
 -----------

 HOTELS, RESTAURANTS & LEISURE 2.2%
 AFC Enterprises, Inc.*..................... 240 2,484
 Ambassadors Group, Inc. ................... 140 2,724
 Ambassadors International, Inc. ........... 80 403
 Ameristar Casinos, Inc. ................... 220 3,777
 Bally Technologies, Inc.*.................. 460 15,497
 Benihana, Inc. -- Class A*................. 110 1,142
 BJ's Restaurants, Inc.*.................... 150 2,091
 Bluegreen Corp.*........................... 180 1,265
 Bob Evans Farms, Inc. ..................... 270 7,579
 Buffalo Wild Wings, Inc.*.................. 130 3,997
 California Pizza Kitchen, Inc.*............ 220 3,430
 Carrols Restaurant Group, Inc.*............ 90 725
 CBRL Group, Inc. .......................... 190 7,019
 CEC Entertainment, Inc.*................... 200 7,440
 Chipotle Mexican Grill, Inc.*.............. 280 23,792
 Churchill Downs, Inc. ..................... 80 4,084
 CKE Restaurants, Inc. ..................... 490 5,140
 Denny's Corp.*............................. 810 2,552
 Domino's Pizza, Inc. ...................... 380 5,046
 Dover Downs Gaming & Entertainment, Inc. .. 130 1,050
 Gaylord Entertainment Co.*................. 350 10,367
 Great Wolf Resorts, Inc.*.................. 260 1,589
 IHOP Corp. ................................ 150 6,996
 Isle of Capri Casinos, Inc.*............... 140 944
 Jack in the Box, Inc.*..................... 510 13,642
 Jamba, Inc.*............................... 450 1,130
 Krispy Kreme Doughnuts, Inc.*.............. 560 1,730
 Landry's Restaurants, Inc. ................ 110 1,757
 Life Time Fitness, Inc.*................... 290 10,541
 Lodgian, Inc.*............................. 150 1,457
 Magna Entertainment Corp. -- Class A*...... 350 123
 Marcus Corp. .............................. 180 2,986
 McCormick & Schmick's Seafood Restaurants,
 Inc.*................................... 130 1,564
 Monarch Casino & Resort, Inc.*............. 100 1,324
 Morgans Hotel Group Co.*................... 180 2,518
 Morton's Restaurant Group, Inc.*........... 90 719
 MTR Gaming Group, Inc.*.................... 180 1,103
 Multimedia Games, Inc.*.................... 200 852
 O'Charleys, Inc. .......................... 190 2,204
 P.F. Chang's China Bistro, Inc.*........... 210 6,516
 Papa John's International, Inc.*........... 190 5,130
 Peet's Coffee & Tea, Inc.*................. 120 2,788
 Pinnacle Entertainment, Inc.*.............. 510 7,915
 Premier Exhibitions, Inc.*................. 250 1,453
 Red Robin Gourmet Burgers, Inc.*........... 140 5,751
 Riviera Holdings Corp.*.................... 90 1,486
 Ruby Tuesday, Inc. ........................ 470 4,000
 Ruth's Chris Steak House*.................. 160 1,176
 Shuffle Master, Inc.*...................... 300 1,473
 Six Flags, Inc.*........................... 610 1,098
 Sonic Corp.*............................... 520 11,435
 Speedway Motorsports, Inc. ................ 120 3,125
 Steak n Shake Co.*......................... 250 1,980
 Texas Roadhouse, Inc. -- Class A*.......... 450 5,310
 Town Sports International Holdings, Inc.*.. 140 1,039
 Triarc Cos., Inc. -- Class A............... 540 3,834
 Trump Entertainment Resorts, Inc.*......... 270 753
 Vail Resorts, Inc.*........................ 270 13,184
 WMS Industries, Inc.*...................... 350 12,666
 -----------
TOTAL HOTELS, RESTAURANTS & LEISURE 256,895
 -----------

 HOUSEHOLD DURABLES 0.9%
 American Greetings Corp. -- Class A........ 450 8,055
 Avatar Holdings, Inc.*..................... 50 2,043
 Beazer Homes USA, Inc. .................... 340 3,764
 Blyth, Inc. ............................... 210 3,536
 Brookfield Homes Corp. .................... 100 1,574
 Champion Enterprises, Inc.*................ 660 6,811
 CSS Industries, Inc. ...................... 70 2,189
 Ethan Allen Interiors, Inc. ............... 210 5,769
 Furniture Brands International, Inc. ...... 420 5,691
 Helen of Troy, Ltd.*....................... 260 4,396
 Hooker Furniture Corp. .................... 100 2,097
 Hovnanian Enterprises, Inc. -- Class A*.... 320 3,782
 iRobot Corp.*.............................. 130 2,085
 La-Z-Boy, Inc. ............................ 440 2,803
 Libbey, Inc. .............................. 120 1,704
 Lifetime Brands, Inc. ..................... 90 767
 M/I Homes, Inc. ........................... 100 1,715
 Meritage Homes Corp.*...................... 230 4,363
 National Presto Industries, Inc. .......... 40 2,168
 Palm Harbor Homes, Inc.*................... 80 689
 Russ Berrie & Co., Inc.*................... 140 1,963

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 33

RYDEX 2x RUSSELL 2000(R) ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Sealy Corp. ............................... 390 $2,379
 Skyline Corp. ............................. 60 1,651
 Standard Pacific Corp. .................... 560 2,834
 Syntax-Brillian Corp.*..................... 490 598
 Tarragon Corp.*............................ 120 293
 Tempur-Pedic International, Inc. .......... 650 7,221
 Tupperware Brands Corp. ................... 530 20,882
 Universal Electronics, Inc.*............... 120 3,084
 WCI Communities, Inc.*..................... 270 888
 -----------
TOTAL HOUSEHOLD DURABLES 107,794
 -----------

 HOUSEHOLD PRODUCTS 0.1%
 Central Garden & Pet Co.*.................. 600 3,012
 Spectrum Brands, Inc.*..................... 340 1,527
 WD-40 Co. ................................. 150 4,668
 -----------
TOTAL HOUSEHOLD PRODUCTS 9,207
 -----------

 INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 0.2%
 Black Hills Corp. ......................... 320 12,483
 Ormat Technologies, Inc. .................. 120 5,916
 -----------
TOTAL INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 18,399
 -----------

 INDUSTRIAL CONGLOMERATES 0.4%
 Raven Industries, Inc. .................... 140 4,289
 Standex International Corp. ............... 110 2,319
 Tredegar Corp. ............................ 240 3,922
 Walter Industries, Inc. ................... 450 31,212
 -----------
TOTAL INDUSTRIAL CONGLOMERATES 41,742
 -----------

 INSURANCE 3.0%
 American Equity Investment Life Holding
 Co. .................................... 490 4,728
 American Physicians Capital, Inc. ......... 70 3,245
 Amerisafe, Inc.*........................... 160 2,282
 Amtrust Financial Services, Inc. .......... 220 3,421
 Argo Group International Holdings, Ltd.*... 250 8,955
 Aspen Insurance Holdings, Ltd. ............ 760 19,752
 Assured Guaranty, Ltd. .................... 690 17,450
 Baldwin & Lyons, Inc. ..................... 70 1,664
 Castlepoint Holdings, Ltd. ................ 70 644
 Citizens, Inc.*............................ 320 2,256
 CNA Surety Corp.*.......................... 140 1,852
 Commerce Group, Inc. ...................... 420 15,305
 Crawford & Co. -- Class B*................. 220 1,142
 Darwin Professional Underwriters, Inc.*.... 70 1,733
 Delphi Financial Group..................... 370 10,071
 Donegal Group, Inc. -- Class A............. 110 1,869
 eHealth, Inc.*............................. 110 2,976
 EMC Insurance Group, Inc. ................. 50 1,460
 Employers Holdings, Inc. .................. 430 8,204
 Enstar Group, Ltd.*........................ 60 6,524
 FBL Financial Group, Inc. ................. 120 3,323
 First Acceptance Corp.*.................... 150 467
 First Mercury Financial Corp.*............. 110 1,738
 Flagstone Reinsurance Holdings, Ltd. ...... 120 1,468
 FPIC Insurance Group, Inc.*................ 80 3,722
 Greenlight Capital Re, Ltd.*............... 90 1,577
 Hallmark Financial Services*............... 40 433
 Harleysville Group, Inc. .................. 130 4,738
 Hilb Rogal & Hobbs Co. .................... 320 9,258
 Hilltop Holdings, Inc.*.................... 410 4,330
 Horace Mann Educators Corp. ............... 350 5,922
 Independence Holding Co. .................. 50 670
 Infinity Property & Casualty Corp. ........ 140 5,426
 IPC Holdings, Ltd. ........................ 520 15,137
 Kansas City Life Insurance Co. ............ 40 2,000
 LandAmerica Financial Group, Inc. ......... 130 3,731
 Max Capital Group, Ltd. ................... 480 11,237
 Meadowbrook Insurance Group, Inc. ......... 280 2,027
 Montpelier Re Holdings, Ltd. .............. 830 13,695
 National Financial Partners Corp. ......... 320 8,614
 National Interstate Corp. ................. 50 1,138
 National Western Life Insurance Co. ....... 20 5,072
 Navigators Group, Inc.*.................... 110 5,390
 NYMAGIC, Inc. ............................. 50 1,138
 Odyssey Re Holdings Corp. ................. 230 8,229
 Phoenix Cos., Inc. ........................ 980 12,740
 Platinum Underwriters Holdings, Ltd. ...... 460 16,500
 PMA Capital Corp. -- Class A*.............. 280 2,598
 Presidential Life Corp. ................... 190 3,222
 ProAssurance Corp.*........................ 290 15,350
 RAM Holdings, Ltd.*........................ 160 275
 RLI Corp. ................................. 170 8,160
 Safety Insurance Group, Inc. .............. 140 5,026
 SeaBright Insurance Holdings, Inc.*........ 180 2,794
 Security Capital Assurance, Ltd. .......... 210 206
 Selective Insurance Group, Inc. ........... 470 10,020
 State Auto Financial Corp. ................ 120 3,306
 Stewart Information Services Corp. ........ 150 3,674
 Tower Group, Inc. ......................... 170 3,993
 United America Indemnity, Ltd.*............ 210 3,247
 United Fire & Casualty Co. ................ 190 6,260
 Validus Holdings, Ltd. .................... 140 3,185
 Zenith National Insurance Corp. ........... 320 11,885
 -----------
TOTAL INSURANCE 348,454
 -----------

 INTERNET & CATALOG RETAIL 0.7%
 1-800-FLOWERS.COM, Inc. -- Class A*........ 210 1,852
 Blue Nile, Inc.*........................... 120 5,960
 FTD Group, Inc. ........................... 160 2,200
 Gaiam, Inc. -- Class A*.................... 150 2,640
 GSI Commerce, Inc.*........................ 170 2,366
 NetFlix, Inc.*............................. 360 11,513
 Orbitz Worldwide, Inc.*.................... 290 2,306
 Overstock.com, Inc.*....................... 140 2,691
 PetMed Express, Inc.*...................... 180 2,020
 Priceline.com, Inc.*....................... 330 42,121
 Shutterfly, Inc.*.......................... 130 2,126
 Stamps.com, Inc.*.......................... 140 1,919
 Systemax, Inc. ............................ 90 1,440
 ValueVision Media, Inc.- Class A*.......... 260 1,453
 -----------
TOTAL INTERNET & CATALOG RETAIL 82,607
 -----------

 INTERNET SOFTWARE & SERVICES 2.1%
 Ariba, Inc.*............................... 730 8,665
 Art Technology Group, Inc.*................ 1,100 3,938
 AsiaInfo Holdings, Inc.*................... 270 3,286
 Bankrate, Inc.*............................ 100 5,224
 Chordiant Software, Inc.*.................. 280 1,277
 CMGI, Inc.*................................ 420 5,809
 CNET Networks, Inc.*....................... 1,300 10,075
 comScore, Inc.*............................ 50 944
 Constant Contact, Inc.*.................... 60 1,071
 DealerTrack Holdings, Inc.*................ 310 5,964
 Dice Holdings, Inc.*....................... 150 1,023

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 34

RYDEX 2x RUSSELL 2000(R) ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Digital River, Inc.*....................... 360 $11,826
 DivX, Inc.*................................ 200 1,496
 EarthLink, Inc.*........................... 950 8,673
 Equinix, Inc.*............................. 310 28,030
 Greenfield Online, Inc.*................... 190 2,168
 HSW International, Inc.*................... 130 521
 Imergent, Inc. ............................ 100 1,141
 InfoSpace, Inc. ........................... 280 3,377
 Internap Network Services Corp.*........... 420 2,020
 Internet Brands, Inc. -- Class A*.......... 50 326
 Internet Capital Group, Inc.*.............. 330 3,316
 Interwoven, Inc.*.......................... 380 4,279
 Ipass, Inc.*............................... 430 1,225
 j2 Global Communications, Inc.*............ 430 9,202
 Keynote Systems, Inc.*..................... 140 1,617
 Knot, Inc.*................................ 240 2,818
 Limelight Networks, Inc.*.................. 160 445
 Liquidity Services, Inc.*.................. 90 734
 LivePerson, Inc.*.......................... 350 1,180
 LoopNet, Inc.*............................. 230 2,597
 Marchex, Inc. ............................. 240 2,479
 Mercadolibre, Inc.*........................ 140 7,081
 Move, Inc.*................................ 900 2,835
 NIC, Inc. ................................. 340 2,203
 Omniture, Inc.*............................ 380 8,672
 On2 Technologies, Inc.*.................... 1,380 1,201
 Openwave Systems, Inc. .................... 710 1,519
 Perficient, Inc.*.......................... 270 2,479
 RealNetworks, Inc.*........................ 830 5,113
 S1 Corp.*.................................. 440 2,974
 SAVVIS, Inc.*.............................. 240 3,516
 Sohu.com, Inc.*............................ 240 16,591
 SonicWALL, Inc.*........................... 520 3,999
 Switch & Data Facilities Co., Inc.*........ 110 1,665
 TechTarget, Inc.*.......................... 70 939
 Terremark Worldwide, Inc.*................. 440 2,649
 TheStreet.com, Inc. ....................... 190 1,484
 Travelzoo, Inc.*........................... 60 668
 United Online, Inc. ....................... 570 6,088
 ValueClick, Inc.*.......................... 860 17,157
 Vignette Corp.*............................ 210 2,425
 VistaPrint, Ltd.*.......................... 370 12,591
 Vocus, Inc.*............................... 110 3,057
 Websense, Inc.*............................ 390 7,585
 -----------
TOTAL INTERNET SOFTWARE & SERVICES 251,237
 -----------

 IT SERVICES 1.6%
 BearingPoint, Inc.*........................ 1,850 3,423
 CACI International, Inc. -- Class A*....... 270 13,532
 Cass Information Systems, Inc. ............ 60 2,023
 Ciber, Inc.*............................... 470 2,942
 CSG Systems International, Inc.*........... 290 3,509
 Cybersource Corp.*......................... 550 9,983
 Euronet Worldwide, Inc.*................... 390 6,895
 ExlService Holdings, Inc.*................. 190 4,773
 Forrester Research, Inc.*.................. 130 3,749
 Gartner, Inc.*............................. 560 12,835
 Gevity HR, Inc. ........................... 210 1,432
 Global Cash Access Holdings, Inc.*......... 380 2,348
 Heartland Payment Systems, Inc. ........... 140 3,066
 iGate Corp.*............................... 190 1,545
 Information Services Group, Inc.*.......... 210 1,088
 infoUSA, Inc. ............................. 280 1,588
 Integral Systems, Inc. .................... 80 2,759
 Lionbridge Technologies, Inc.*............. 520 1,534
 Mantech International Corp. -- Class A*.... 170 8,121
 MAXIMUS, Inc. ............................. 160 6,067
 MPS Group, Inc.*........................... 820 8,799
 Ness Technologies, Inc.*................... 290 2,630
 Online Resources Corp.*.................... 250 2,528
 Perot Systems Corp.*....................... 750 11,730
 RightNow Technologies, Inc.*............... 160 1,915
 Safeguard Scientifics, Inc.*............... 1,040 1,664
 SAIC, Inc.*................................ 1,440 27,360
 Sapient Corp.*............................. 700 4,984
 SI International, Inc.*.................... 110 2,523
 SRA International, Inc. -- Class A*........ 360 9,457
 SYKES Enterprises, Inc.*................... 280 4,654
 Syntel, Inc. .............................. 110 3,642
 TNS, Inc.*................................. 210 4,830
 Virtusa Corp.*............................. 40 444
 Wright Express Corp.*...................... 340 11,220
 -----------
TOTAL IT SERVICES 191,592
 -----------

 LEISURE EQUIPMENT & PRODUCTS 0.4%
 Arctic Cat, Inc. .......................... 100 758
 Callaway Golf Co. ......................... 570 7,832
 JAKKS Pacific, Inc.*....................... 240 5,637
 Leapfrog Enterprises, Inc.*................ 300 2,493
 Marine Products Corp. ..................... 100 736
 MarineMax, Inc.*........................... 140 1,596
 Nautilus, Inc. ............................ 270 975
 Polaris Industries, Inc. .................. 290 13,499
 RC2 Corp.*................................. 150 2,775
 Smith & Wesson Holding Corp.*.............. 260 1,950
 Steinway Musical Instruments, Inc.*........ 70 2,030
 Sturm Ruger & Co., Inc.*................... 180 1,354
 -----------
TOTAL LEISURE EQUIPMENT & PRODUCTS 41,635
 -----------

 LIFE SCIENCES TOOLS & SERVICES 1.2%
 Affymetrix, Inc.*.......................... 590 6,437
 Albany Molecular Research, Inc.*........... 210 2,440
 AMAG Pharmaceuticals, Inc.*................ 140 5,744
 Bio-Rad Laboratories, Inc. -- Class A*..... 160 13,336
 Bruker BioSciences Corp.*.................. 560 6,787
 Cambrex Corp. ............................. 250 1,463
 Dionex Corp.*.............................. 160 12,515
 Enzo Biochem, Inc.*........................ 270 2,209
 eResearchTechnology, Inc.*................. 340 4,141
 Exelixis, Inc.*............................ 900 6,849
 Illumina, Inc.*............................ 460 35,829
 Kendle International, Inc.*................ 110 4,696
 Luminex Corp.*............................. 310 6,048
 Medivation, Inc.*.......................... 180 2,754
 Nektar Therapeutics*....................... 790 3,808
 Parexel International Corp.*............... 480 12,192
 PharmaNet Development Group, Inc.*......... 160 3,818
 Varian, Inc.*.............................. 260 13,242
 -----------
TOTAL LIFE SCIENCES TOOLS & SERVICES 144,308
 -----------

 MACHINERY 3.1%
 3D Systems Corp.*.......................... 150 2,278
 Accuride Corp.*............................ 200 1,594

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 35

RYDEX 2x RUSSELL 2000(R) ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Actuant Corp. ............................. 470 $15,919
 Albany International Corp. -- Class A...... 250 9,075
 Altra Holdings, Inc.*...................... 100 1,523
 American Railcar Industries, Inc. ......... 80 1,650
 Ampco-Pittsburgh Corp. .................... 60 2,713
 Astec Industries, Inc.*.................... 160 5,864
 Badger Meter, Inc. ........................ 120 6,248
 Barnes Group, Inc. ........................ 400 10,432
 Blount International, Inc.*................ 330 4,082
 Briggs & Stratton Corp. ................... 430 6,545
 Bucyrus International, Inc. -- Class A..... 320 40,298
 Cascade Corp. ............................. 100 4,325
 Chart Industries, Inc.*.................... 120 4,877
 CIRCOR International, Inc. ................ 140 6,744
 CLARCOR, Inc. ............................. 440 18,462
 Columbus McKinnon Corp.*................... 160 4,530
 Commercial Vehicle Group, Inc.*............ 180 2,169
 Dynamic Materials Corp. ................... 100 4,703
 EnPro Industries, Inc.*.................... 180 6,534
 ESCO Technologies, Inc.*................... 220 10,243
 Federal Signal Corp. ...................... 410 5,691
 Flow International Corp.*.................. 320 3,210
 Force Protection, Inc.*.................... 590 1,764
 FreightCar America, Inc. .................. 110 4,224
 Gehl Co.*.................................. 90 1,389
 Gorman-Rupp Co. ........................... 120 4,204
 Greenbrier Cos., Inc. ..................... 140 3,185
 Hardinge, Inc. ............................ 100 1,668
 Hurco Cos., Inc.*.......................... 50 2,289
 Kadant, Inc.*.............................. 120 3,130
 Kaydon Corp. .............................. 240 12,569
 LB Foster Co. -- Class A*.................. 90 2,889
 Lindsay Corp. ............................. 100 10,412
 Middleby Corp.*............................ 120 7,530
 Miller Industries, Inc.*................... 90 1,015
 Mueller Industries, Inc. .................. 320 10,358
 Mueller Water Products, Inc. .............. 990 7,969
 NACCO Industries, Inc. .................... 50 4,495
 Nordson Corp. ............................. 290 17,119
 RBC Bearings, Inc.*........................ 180 7,195
 Robbins & Myers, Inc. ..................... 240 9,566
 Sun Hydraulics Corp. ...................... 100 3,018
 Tecumseh Products Co. -- Class A*.......... 130 4,073
 Tennant Co. ............................... 150 5,119
 Titan International, Inc. ................. 210 7,482
 Titan Machinery, Inc.*..................... 50 911
 Trimas Corp.*.............................. 120 740
 TurboChef Technologies, Inc.*.............. 170 1,472
 Twin Disc, Inc. ........................... 80 1,442
 Valmont Industries, Inc. .................. 160 15,754
 Wabash National Corp. ..................... 260 2,179
 Wabtec Corp. .............................. 420 18,010
 Watts Water Technologies, Inc. ............ 260 6,986
 Xerium Technologies, Inc. ................. 170 287
 -----------
TOTAL MACHINERY 360,152
 -----------

 MARINE 0.3%
 American Commercial Lines, Inc.*........... 430 6,803
 Eagle Bulk Shipping, Inc. ................. 400 11,772
 Genco Shipping & Trading, Ltd. ............ 170 11,501
 Horizon Lines, Inc. ....................... 260 2,743
 TBS International, Ltd.*................... 40 1,607
 Ultrapetrol Bahamas, Ltd.*................. 130 1,249
 -----------
TOTAL MARINE 35,675
 -----------

 MEDIA 1.4%
 AH Belo Corp. -- Class A*.................. 150 1,462
 Arbitron, Inc. ............................ 240 11,482
 Belo Corp. -- Class A...................... 730 7,373
 Carmike Cinemas, Inc. ..................... 110 902
 Charter Communications, Inc. -- Class A*... 3,520 3,766
 Cinemark Holdings, Inc. ................... 240 3,554
 Citadel Broadcasting Corp. ................ 1,570 2,135
 CKX, Inc.*................................. 330 2,970
 Cox Radio, Inc. -- Class A*................ 270 3,140
 Crown Media Holdings, Inc. -- Class A*..... 140 638
 Cumulus Media, Inc.*....................... 240 1,416
 DG FastChannel, Inc.*...................... 130 2,424
 Dolan Media Co.*........................... 100 1,734
 Emmis Communications Corp.*................ 260 809
 Entercom Communications Corp. -- Class A... 260 2,756
 Entravision Communications Corp.*.......... 540 3,775
 Fisher Communications, Inc.*............... 50 1,638
 GateHouse Media, Inc. ..................... 190 1,007
 Gemstar-TV Guide International, Inc.*...... 2,160 8,705
 Global Sources, Ltd.*...................... 150 2,083
 Gray Television, Inc. ..................... 360 1,692
 Harris Interactive, Inc.*.................. 450 1,125
 Interactive Data Corp. .................... 310 8,364
 Journal Communications, Inc. .............. 350 2,016
 Knology, Inc.*............................. 220 2,820
 Lakes Entertainment, Inc.*................. 150 696
 Lee Enterprises, Inc. ..................... 400 3,092
 Lin TV Corp. -- Class A*................... 230 2,305
 Live Nation, Inc.*......................... 630 8,688
 Lodgenet Entertainment Corp.*.............. 200 1,224
 Martha Stewart Living Omnimedia, Inc.*..... 230 1,819
 Marvel Entertainment, Inc.*................ 430 12,337
 Media General, Inc. -- Class A............. 190 2,789
 Mediacom Communications Corp.*............. 410 1,759
 Morningstar, Inc.*......................... 110 6,378
 National CineMedia, Inc. .................. 360 6,898
 Nexstar Broadcasting Group, Inc.*.......... 90 508
 Playboy Enterprises, Inc. -- Class B*...... 190 1,588
 Primedia, Inc. ............................ 380 2,573
 Radio One, Inc.*........................... 660 660
 RCN Corp.*................................. 260 2,980
 Salem Communications Corp. -- Class A...... 80 272
 Scholastic Corp.*.......................... 260 7,319
 Sinclair Broadcast Group, Inc. ............ 420 3,692
 Spanish Broadcasting System, Inc.*......... 350 577
 Sun-Times Media Group, Inc.*............... 560 392
 Valassis Communications, Inc.*............. 410 5,822
 Value Line, Inc. .......................... 10 448
 Westwood One, Inc.*........................ 610 1,019
 World Wrestling Entertainment,
 Inc. -- Class A......................... 190 3,353
 -----------
TOTAL MEDIA 158,974
 -----------

 METALS & MINING 1.3%
 AM Castle & Co. ........................... 120 3,709
 AMCOL International Corp. ................. 220 6,534
 Apex Silver Mines, Ltd.*................... 510 5,125
 Brush Engineered Materials, Inc.*.......... 170 5,272
 Century Aluminum Co.*...................... 250 17,322

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 36

RYDEX 2x RUSSELL 2000(R) ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Coeur d'Alene Mines Corp.*................. 4,230 $12,986
 Compass Minerals International, Inc. ...... 280 17,640
 Esmark, Inc.*.............................. 110 1,836
 General Moly, Inc.*........................ 420 3,797
 Haynes International, Inc.*................ 100 6,265
 Hecla Mining Co.*.......................... 1,040 10,670
 Horsehead Holding Corp.*................... 50 701
 Kaiser Aluminum Corp. ..................... 130 8,922
 Olympic Steel, Inc. ....................... 80 4,096
 Royal Gold, Inc. .......................... 220 6,224
 RTI International Metals, Inc.*............ 200 8,238
 Schnitzer Steel Industries, Inc. .......... 190 16,720
 Stillwater Mining Co.*..................... 360 5,105
 Universal Stainless & Alloy*............... 60 2,296
 US Gold Corp.*............................. 480 984
 Worthington Industries, Inc. .............. 560 10,086
 -----------
TOTAL METALS & MINING 154,528
 -----------

 MULTI-UTILITIES 0.2%
 Avista Corp. .............................. 450 9,239
 CH Energy Group, Inc. ..................... 140 4,950
 PNM Resources, Inc. ....................... 660 9,563
 -----------
TOTAL MULTI-UTILITIES 23,752
 -----------

 MULTILINE RETAIL 0.1%
 99 Cents Only Stores*...................... 400 3,804
 Bon-Ton Stores, Inc. ...................... 90 789
 Fred's, Inc. -- Class A.................... 350 3,878
 Retail Ventures, Inc.*..................... 240 1,231
 Tuesday Morning Corp.*..................... 260 1,415
 -----------
TOTAL MULTILINE RETAIL 11,117
 -----------

 OIL, GAS & CONSUMABLE FUELS 4.5%
 Alon USA Energy, Inc. ..................... 110 1,535
 Alpha Natural Resources, Inc.*............. 560 27,244
 APCO Argentina, Inc. ...................... 80 1,970
 Approach Resources, Inc.*.................. 70 1,327
 Arena Resources, Inc.*..................... 260 11,674
 Arlington Tankers, Ltd. ................... 110 2,461
 Atlas America, Inc. ....................... 200 13,912
 ATP Oil & Gas Corp.*....................... 220 6,323
 Aventine Renewable Energy Holdings, Inc.*.. 260 1,141
 Berry Petroleum Co. -- Class A............. 340 16,837
 Bill Barrett Corp.*........................ 270 13,886
 Bois d'Arc Energy, Inc.*................... 160 3,824
 BPZ Resources, Inc.*....................... 530 10,324
 Brigham Exploration Co.*................... 390 3,682
 Callon Petroleum Co.*...................... 180 3,600
 Carrizo Oil & Gas, Inc.*................... 230 14,603
 Clayton Williams Energy, Inc.*............. 50 3,159
 Clean Energy Fuels Corp.*.................. 90 1,172
 Comstock Resources, Inc.*.................. 380 17,286
 Concho Resources, Inc.*.................... 200 5,514
 Contango Oil & Gas Co.*.................... 110 8,429
 Crosstex Energy, Inc. ..................... 320 11,075
 CVR Energy, Inc.*.......................... 170 3,660
 Delek US Holdings, Inc. ................... 100 1,103
 Delta Petroleum Corp.*..................... 570 13,988
 Double Hull Tankers, Inc. ................. 180 1,845
 Edge Petroleum Corp.*...................... 250 1,305
 Encore Acquisition Co.*.................... 460 20,990
 Energy Partners, Ltd.*..................... 240 2,916
 Evergreen Energy, Inc.*.................... 720 1,058
 EXCO Resources, Inc.*...................... 530 11,830
 FX Energy, Inc.*........................... 350 1,743
 General Maritime Corp. .................... 250 6,532
 GeoGlobal Resources, Inc.*................. 280 647
 GeoMet, Inc.*.............................. 160 1,080
 GMX Resources, Inc.*....................... 120 4,361
 Golar LNG, Ltd. ........................... 300 6,018
 Goodrich Petroleum Corp.*.................. 160 5,405
 Gulfport Energy Corp.*..................... 200 2,318
 Harvest Natural Resources, Inc.*........... 300 2,847
 International Coal Group, Inc.*............ 1,090 8,676
 Knightsbridge Tankers, Ltd. ............... 150 4,329
 Mariner Energy, Inc.*...................... 750 20,670
 McMoRan Exploration Co.*................... 390 10,694
 Meridian Resource Corp.*................... 770 1,632
 Nordic American Tanker Shipping, Ltd. ..... 260 8,767
 Nova Biosource Fuels, Inc.*................ 270 308
 Oilsands Quest, Inc.*...................... 1,200 5,220
 Pacific Ethanol, Inc.*..................... 310 1,063
 Parallel Petroleum Corp.*.................. 360 7,628
 Penn Virginia Corp. ....................... 350 18,375
 PetroHawk Energy Corp.*.................... 1,660 39,242
 Petroleum Development Corp.*............... 130 9,780
 PetroQuest Energy, Inc.*................... 360 7,481
 Rentech, Inc.*............................. 1,400 1,764
 Rex Energy Corp.*.......................... 80 1,736
 Rosetta Resources, Inc.*................... 440 9,588
 Ship Finance International, Ltd. .......... 270 8,186
 Stone Energy Corp.*........................ 240 14,626
 Swift Energy Co.*.......................... 260 13,556
 Teekay Tankers, Ltd. ...................... 120 2,422
 Toreador Resources Corp.*.................. 130 1,067
 TXCO Resources, Inc.*...................... 290 3,706
 Uranium Resources, Inc.*................... 450 2,682
 USEC, Inc.*................................ 930 4,315
 VAALCO Energy, Inc.*....................... 510 3,305
 Venoco, Inc.*.............................. 120 1,804
 VeraSun Energy Corp.*...................... 440 2,746
 Verenium Corp.*............................ 350 1,050
 Warren Resources, Inc.*.................... 500 6,140
 Whiting Petroleum Corp.*................... 360 27,547
 World Fuel Services Corp. ................. 250 6,140
 -----------
TOTAL OIL, GAS & CONSUMABLE FUELS 526,869
 -----------

 PAPER & FOREST PRODUCTS 0.2%
 AbitibiBowater, Inc. ...................... 460 4,540
 Buckeye Technologies, Inc.*................ 330 2,848
 Deltic Timber Corp. ....................... 90 4,748
 Glatfelter................................. 390 5,690
 Mercer International, Inc.*................ 270 1,812
 Neenah Paper, Inc. ........................ 130 2,987
 Schweitzer-Mauduit International, Inc. .... 140 3,098
 Wausau Paper Corp. ........................ 380 2,941
 -----------
TOTAL PAPER & FOREST PRODUCTS 28,664
 -----------

 PERSONAL PRODUCTS 0.3%
 American Oriental Bioengineering, Inc.*.... 480 4,618
 Chattem, Inc.*............................. 150 10,482
 Elizabeth Arden, Inc.*..................... 210 3,887
 Inter Parfums, Inc. ....................... 70 2,027
 Mannatech, Inc. ........................... 130 849

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 37

RYDEX 2x RUSSELL 2000(R) ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Nu Skin Enterprises, Inc. -- Class A....... 430 $7,710
 Prestige Brands Holdings, Inc.*............ 290 2,604
 Revlon, Inc. -- Class A*................... 1,690 1,572
 Tiens Biotech Group USA, Inc.*............. 30 58
 USANA Health Sciences, Inc.*............... 70 1,365
 -----------
TOTAL PERSONAL PRODUCTS 35,172
 -----------

 PHARMACEUTICALS 1.2%
 Akorn, Inc.*............................... 470 2,115
 Alexza Pharmaceuticals, Inc.*.............. 170 1,127
 Alpharma, Inc. -- Class A*................. 370 9,106
 Auxilium Pharmaceuticals, Inc.*............ 270 8,302
 Bentley Pharmaceuticals, Inc.*............. 160 2,464
 Biodel, Inc.*.............................. 50 692
 BioForm Medical, Inc.*..................... 100 508
 BioMimetic Therapeutics, Inc.*............. 90 884
 Cadence Pharmaceuticals, Inc.*............. 180 1,181
 Caraco Pharmaceutical Laboratories, Ltd.*.. 90 1,483
 Cypress Bioscience, Inc.*.................. 320 2,106
 Discovery Laboratories, Inc.*.............. 830 2,382
 Durect Corp.*.............................. 640 2,906
 Javelin Pharmaceuticals, Inc.*............. 370 977
 Jazz Pharmaceuticals, Inc.*................ 50 451
 KV Pharmaceutical Co. -- Class A*.......... 300 7,332
 MAP Pharmaceuticals, Inc.*................. 50 668
 Medicines Co.*............................. 450 8,887
 Medicis Pharmaceutical Corp. -- Class A.... 480 9,888
 Nastech Pharmaceutical Co., Inc.*.......... 230 315
 Noven Pharmaceuticals, Inc.*............... 210 1,911
 Obagi Medical Products, Inc.*.............. 50 401
 Pain Therapeutics, Inc.*................... 310 2,151
 Par Pharmaceutical Cos., Inc.*............. 290 4,944
 Penwest Pharmaceuticals, Co.*.............. 200 598
 Perrigo Co. ............................... 660 27,053
 Pozen, Inc.*............................... 220 2,911
 Salix Pharmaceuticals, Ltd.*............... 410 2,878
 Santarus, Inc.*............................ 440 1,179
 Sciele Pharma, Inc.*....................... 300 5,781
 Sirtris Pharmaceuticals, Inc.*............. 50 1,117
 Somaxon Pharmaceuticals, Inc.*............. 90 415
 Sucampo Pharmaceuticals, Inc. -- Class A*.. 40 573
 SuperGen, Inc.*............................ 460 1,293
 Valeant Pharmaceuticals International*..... 770 10,226
 ViroPharma, Inc.*.......................... 600 5,496
 Vivus, Inc.*............................... 500 2,835
 XenoPort, Inc.*............................ 190 8,128
 -----------
TOTAL PHARMACEUTICALS 143,664
 -----------

 REAL ESTATE INVESTMENT TRUSTS (REITS) 5.5%
 Acadia Realty Trust........................ 280 7,179
 Agree Realty Corp. ........................ 70 1,865
 Alesco Financial, Inc. .................... 530 1,829
 Alexander's, Inc.*......................... 20 7,126
 Alexandria Real Estate Equities, Inc. ..... 270 28,358
 American Campus Communities, Inc. ......... 230 7,022
 Anthracite Capital, Inc. .................. 550 4,290
 Anworth Mortgage Asset Corp. .............. 650 4,342
 Arbor Realty Trust, Inc. .................. 120 2,072
 Ashford Hospitality Trust, Inc. ........... 910 5,269
 Associated Estates Realty Corp. ........... 130 1,573
 BioMed Realty Trust, Inc. ................. 560 14,560
 BRT Realty Trust........................... 60 905
 Capital Trust, Inc. -- Class A............. 120 3,210
 CapLease, Inc. ............................ 370 3,075
 CBRE Realty Finance, Inc. ................. 250 970
 Cedar Shopping Centers, Inc. .............. 380 4,750
 Chimera Investment Corp. .................. 290 4,022
 Corporate Office Properties Trust.......... 340 12,682
 Cousins Properties, Inc. .................. 350 8,894
 Crystal River Capital, Inc. ............... 220 1,815
 DCT Industrial Trust, Inc. ................ 1,450 14,500
 Deerfield Capital Corp. ................... 570 798
 DiamondRock Hospitality Co. ............... 810 10,328
 Digital Realty Trust, Inc. ................ 490 18,987
 DuPont Fabros Technology, Inc. ............ 300 5,400
 EastGroup Properties, Inc. ................ 200 9,542
 Education Realty Trust, Inc. .............. 240 3,202
 Entertainment Properties Trust............. 240 12,806
 Equity Lifestyle Properties, Inc. ......... 170 8,405
 Equity One, Inc. .......................... 310 7,657
 Extra Space Storage, Inc. ................. 550 9,257
 FelCor Lodging Trust, Inc. ................ 540 6,799
 First Industrial Realty Trust, Inc. ....... 390 11,782
 First Potomac Realty Trust................. 210 3,568
 Franklin Street Properties Corp. .......... 510 7,533
 Friedman, Billings, Ramsey Group, Inc. .... 1,210 3,013
 Getty Realty Corp. ........................ 150 2,717
 Glimcher Realty Trust...................... 320 3,840
 GMH Communities Trust...................... 270 2,549
 Gramercy Capital Corp. .................... 350 6,650
 Healthcare Realty Trust, Inc. ............. 440 12,465
 Hersha Hospitality Trust................... 350 3,332
 Highwoods Properties, Inc. ................ 490 17,170
 Home Properties, Inc. ..................... 290 15,245
 IMPAC Mortgage Holdings, Inc.*............. 660 779
 Inland Real Estate Corp. .................. 500 8,075
 Investors Real Estate Trust................ 490 4,998
 JER Investors Trust, Inc. ................. 220 1,694
 Kite Realty Group Trust.................... 180 2,444
 LaSalle Hotel Properties................... 350 11,224
 Lexington Corporate Properties Trust....... 530 7,632
 LTC Properties, Inc. ...................... 200 5,446
 Luminent Mortgage Capital, Inc.*........... 360 86
 Maguire Properties, Inc. .................. 320 5,152
 Medical Properties Trust, Inc. ............ 560 6,804
 MFA Mortgage Investments, Inc. ............ 1,310 9,157
 Mid-America Apartment Communities, Inc. ... 220 11,550
 Mission West Properties, Inc. ............. 170 2,021
 National Health Investors, Inc. ........... 200 6,118
 National Retail Properties, Inc. .......... 620 14,204
 Nationwide Health Properties, Inc. ........ 820 29,536
 Newcastle Investment Corp. ................ 360 3,560
 NorthStar Realty Finance Corp. ............ 530 5,496
 Omega Healthcare Investors, Inc. .......... 580 10,150
 Parkway Properties, Inc. .................. 140 5,552
 Pennsylvania Real Estate Investment Trust.. 280 7,050
 Post Properties, Inc. ..................... 380 13,946
 Potlatch Corp. ............................ 340 15,235
 PS Business Parks, Inc. ................... 140 8,014
 RAIT Financial Trust....................... 550 4,180
 Ramco-Gershenson Properties Trust.......... 160 3,595
 Realty Income Corp. ....................... 870 22,890
 Redwood Trust, Inc. ....................... 210 6,991
 Resource Capital Corp. .................... 190 1,651

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 38

RYDEX 2x RUSSELL 2000(R) ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Saul Centers, Inc. ........................ 90 $4,491
 Senior Housing Properties Trust............ 820 19,639
 Sovran Self Storage, Inc. ................. 190 8,493
 Strategic Hotels & Resorts, Inc. .......... 640 9,222
 Sun Communities, Inc. ..................... 140 2,723
 Sunstone Hotel Investors, Inc. ............ 540 10,087
 Tanger Factory Outlet Centers, Inc. ....... 270 10,892
 U-Store-It Trust........................... 400 4,828
 Universal Health Realty Income Trust....... 100 3,354
 Urstadt Biddle Properties, Inc. ........... 180 3,037
 Washington Real Estate Investment Trust.... 390 13,857
 Winthrop Realty Trust...................... 440 1,914
 -----------
TOTAL REAL ESTATE INVESTMENT TRUSTS (REITS) 651,120
 -----------

 REAL ESTATE MANAGEMENT & DEVELOPMENT 0.1%
 Consolidated-Tomoka Land Co. .............. 50 2,609
 FX Real Estate and Entertainment, Inc.*.... 70 337
 Grubb & Ellis Co. ......................... 340 2,087
 Meruelo Maddux Properties, Inc.*........... 390 983
 Stratus Properties, Inc.*.................. 40 1,116
 Tejon Ranch Co.*........................... 100 4,226
 Thomas Properties Group, Inc. ............. 200 1,666
 -----------
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT 13,024
 -----------

 ROAD & RAIL 0.5%
 Amerco, Inc.*.............................. 90 5,169
 Arkansas Best Corp. ....................... 190 7,501
 Celadon Group, Inc.*....................... 190 1,955
 Dollar Thrifty Automotive Group, Inc.*..... 180 2,374
 Genesee & Wyoming, Inc. -- Class A*........ 270 9,634
 Heartland Express, Inc. ................... 500 7,735
 Knight Transportation, Inc. ............... 490 8,325
 Marten Transport, Ltd.*.................... 130 2,119
 Old Dominion Freight Line, Inc.*........... 260 7,982
 Patriot Transportation Holding, Inc.*...... 10 814
 Saia, Inc.*................................ 120 1,657
 Universal Truckload Services, Inc.*........ 50 1,048
 Werner Enterprises, Inc. .................. 400 7,780
 -----------
TOTAL ROAD & RAIL 64,093
 -----------

 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 2.9%
 Actel Corp.*............................... 220 3,626
 Advanced Analogic Technologies, Inc.*...... 330 2,284
 Advanced Energy Industries, Inc.*.......... 310 4,340
 Amkor Technology, Inc.*.................... 900 8,595
 Anadigics, Inc.*........................... 540 6,026
 Applied Micro Circuits Corp.*.............. 560 4,906
 Asyst Technologies, Inc.*.................. 420 1,504
 Atheros Communications, Inc.*.............. 510 13,576
 ATMI, Inc.*................................ 300 8,832
 AuthenTec, Inc.*........................... 70 939
 Axcelis Technologies, Inc.*................ 880 4,752
 Brooks Automation, Inc.*................... 560 5,802
 Cabot Microelectronics Corp.*.............. 200 6,810
 Cavium Networks, Inc.*..................... 60 1,233
 Cirrus Logic, Inc.*........................ 760 5,434
 Cohu, Inc. ................................ 200 3,474
 Conexant Systems, Inc.*.................... 4,230 2,094
 Credence Systems Corp.*.................... 870 905
 Cymer, Inc.*............................... 260 6,757
 Diodes, Inc.*.............................. 260 7,030
 DSP Group, Inc.*........................... 260 3,414
 Eagle Test Systems, Inc.*.................. 110 1,328
 Entegris, Inc.*............................ 1,000 7,540
 Entropic Communications, Inc.*............. 80 342
 Exar Corp.*................................ 350 2,950
 FEI Co.*................................... 310 6,780
 FormFactor, Inc.*.......................... 410 7,901
 Hittite Microwave Corp.*................... 140 5,558
 IXYS Corp.*................................ 210 1,506
 Kulicke & Soffa Industries, Inc.*.......... 460 3,031
 Lattice Semiconductor Corp.*............... 990 3,356
 LTX Corp.*................................. 540 1,566
 Mattson Technology, Inc.*.................. 430 2,085
 Micrel, Inc. .............................. 440 4,321
 Microsemi Corp.*........................... 660 16,170
 Microtune, Inc.*........................... 460 1,624
 MIPS Technologies, Inc.*................... 370 1,680
 MKS Instruments, Inc.*..................... 390 8,911
 Monolithic Power Systems, Inc.*............ 220 5,038
 Netlogic Microsystems, Inc.*............... 140 4,591
 OmniVision Technologies, Inc.*............. 470 7,539
 ON Semiconductor Corp.*.................... 2,750 20,542
 PDF Solutions, Inc.*....................... 200 956
 Pericom Semiconductor Corp.*............... 220 3,749
 Photronics, Inc.*.......................... 360 3,816
 PLX Technology, Inc.*...................... 250 2,157
 PMC-Sierra, Inc.*.......................... 1,840 14,297
 RF Micro Devices, Inc.*.................... 2,280 7,684
 Rubicon Technology, Inc.*.................. 60 1,324
 Rudolph Technologies, Inc.*................ 250 2,540
 Semitool, Inc.*............................ 190 1,678
 Semtech Corp.*............................. 540 8,769
 Sigma Designs, Inc.*....................... 250 4,470
 Silicon Image, Inc.*....................... 760 4,537
 Silicon Storage Technology, Inc.*.......... 780 2,395
 Sirf Technology Holdings, Inc.*............ 520 3,073
 Skyworks Solutions, Inc.*.................. 1,380 11,992
 Spansion, Inc.*............................ 870 2,871
 Standard Microsystems Corp.*............... 200 5,930
 Supertex, Inc.*............................ 90 1,931
 Techwell, Inc.*............................ 130 1,365
 Tessera Technologies, Inc.*................ 410 8,298
 Trident Microsystems, Inc.*................ 520 2,257
 TriQuint Semiconductor, Inc.*.............. 1,200 7,908
 Ultra Clean Holdings, Inc.*................ 160 1,710
 Ultratech, Inc.*........................... 200 2,852
 Veeco Instruments, Inc.*................... 270 5,084
 Volterra Semiconductor Corp.*.............. 180 2,711
 Zoran Corp.*............................... 430 5,659
 -----------
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 338,705
 -----------

 SOFTWARE 3.5%
 ACI Worldwide, Inc.*....................... 320 7,072
 Actuate Corp.*............................. 520 2,116
 Advent Software, Inc.*..................... 150 5,979
 Ansoft Corp.*.............................. 150 4,974
 Ansys, Inc.*............................... 670 26,954
 ArcSight, Inc.*............................ 60 461
 Blackbaud, Inc. ........................... 380 8,926
 Blackboard, Inc.*.......................... 250 8,635
 Borland Software Corp.*.................... 630 1,115
 Bottomline Technologies, Inc.*............. 190 2,024
 Commvault Systems, Inc.*................... 310 3,813

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 39

RYDEX 2x RUSSELL 2000(R) ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Concur Technologies, Inc.*................. 370 $12,262
 Deltek, Inc.*.............................. 80 982
 Double-Take Software, Inc.*................ 70 1,042
 Epicor Software Corp.*..................... 500 4,000
 EPIQ Systems, Inc.*........................ 270 4,169
 FalconStor Software, Inc.*................. 280 2,282
 Glu Mobile, Inc.*.......................... 60 281
 Guidance Software, Inc.*................... 30 305
 i2 Technologies, Inc.*..................... 130 1,365
 Informatica Corp.*......................... 750 11,970
 Interactive Intelligence, Inc.*............ 110 1,396
 Intervoice, Inc.*.......................... 330 2,069
 Jack Henry & Associates, Inc. ............. 680 17,871
 JDA Software Group, Inc.*.................. 220 4,158
 Lawson Software, Inc.*..................... 1,060 8,469
 Macrovision Solutions Corp.*............... 460 7,259
 Magma Design Automation, Inc.*............. 350 3,266
 Manhattan Associates, Inc.*................ 220 5,722
 Mentor Graphics Corp.*..................... 770 7,754
 MICROS Systems, Inc.*...................... 700 24,955
 MicroStrategy, Inc.*....................... 80 7,098
 Midway Games, Inc.*........................ 200 514
 Monotype Imaging Holdings, Inc.*........... 90 1,319
 MSC.Software Corp.*........................ 380 4,628
 Net 1 UEPS Technologies, Inc.*............. 360 8,438
 NetSuite, Inc.*............................ 60 1,184
 Nuance Communications, Inc.*............... 1,290 26,161
 OpenTV Corp. -- Class A*................... 810 915
 Parametric Technology Corp.*............... 990 17,256
 Pegasystems, Inc. ......................... 120 1,268
 Progress Software Corp.*................... 350 10,581
 PROS Holdings, Inc.*....................... 70 818
 QAD, Inc. ................................. 120 912
 Quality Systems, Inc. ..................... 150 4,818
 Quest Software, Inc.*...................... 590 7,859
 Radiant Systems, Inc.*..................... 230 3,103
 Renaissance Learning, Inc. ................ 70 984
 Secure Computing Corp.*.................... 400 2,648
 Smith Micro Software, Inc.*................ 260 2,244
 Solera Holdings, Inc.*..................... 230 5,936
 Sonic Solutions, Inc.*..................... 190 1,746
 Sourcefire, Inc.*.......................... 60 411
 SourceForge, Inc.*......................... 580 1,038
 SPSS, Inc.*................................ 160 6,758
 SuccessFactors, Inc.*...................... 100 1,104
 Sybase, Inc.*.............................. 790 23,242
 Symyx Technologies, Inc.*.................. 290 2,178
 Synchronoss Technologies, Inc.*............ 160 3,339
 Take-Two Interactive Software, Inc.*....... 660 17,319
 Taleo Corp.*............................... 140 2,730
 THQ, Inc.*................................. 580 12,342
 TIBCO Software, Inc.*...................... 1,640 12,579
 TiVo, Inc.*................................ 840 6,913
 Tyler Technologies, Inc.*.................. 340 4,920
 Ultimate Software Group, Inc.*............. 210 6,886
 Unica Corp.*............................... 80 559
 Vasco Data Security International, Inc.*... 230 2,321
 Veraz Networks, Inc.*...................... 80 206
 Wind River Systems, Inc.*.................. 640 5,274
 -----------
TOTAL SOFTWARE 414,195
 -----------

 SPECIALTY RETAIL 2.2%
 Aaron Rents, Inc. -- Class B............... 400 9,960
 AC Moore Arts & Crafts, Inc.*.............. 170 1,124
 Aeropostale, Inc.*......................... 580 18,438
 Asbury Automotive Group, Inc. ............. 220 3,663
 Bebe Stores, Inc. ......................... 220 2,198
 Big 5 Sporting Goods Corp. ................ 200 1,838
 Blockbuster, Inc. -- Class A*.............. 1,650 4,818
 Books-A-Million, Inc. ..................... 120 972
 Borders Group, Inc. ....................... 500 3,150
 Brown Shoe Co., Inc. ...................... 380 6,338
 Buckle, Inc. .............................. 120 5,830
 Build-A-Bear Workshop, Inc.*............... 140 1,526
 Cabela's, Inc.*............................ 330 4,465
 Cache, Inc.*............................... 90 1,103
 Casual Male Retail Group, Inc.*............ 310 1,339
 Cato Corp. -- Class A...................... 260 4,485
 Charlotte Russe Holding, Inc.*............. 220 3,494
 Charming Shoppes, Inc.*.................... 1,010 5,212
 Children's Place Retail Stores, Inc.*...... 190 4,417
 Christopher & Banks Corp. ................. 310 3,673
 Citi Trends, Inc.*......................... 120 2,537
 Collective Brands, Inc.*................... 560 6,927
 Conn's, Inc.*.............................. 100 1,763
 CSK Auto Corp.*............................ 380 4,533
 Dress Barn, Inc.*.......................... 410 5,519
 DSW, Inc. -- Class A*...................... 140 2,146
 Eddie Bauer Holdings, Inc.*................ 260 1,035
 Finish Line, Inc. -- Class A............... 370 2,431
 Gander Mountain Co.*....................... 40 196
 Genesco, Inc.*............................. 200 4,432
 Group 1 Automotive, Inc. .................. 200 5,336
 Gymboree Corp.*............................ 250 10,805
 Haverty Furniture Cos., Inc. .............. 160 1,461
 hhgregg, Inc.*............................. 80 822
 Hibbett Sports, Inc.*...................... 270 4,930
 Hot Topic, Inc.*........................... 380 2,018
 J. Crew Group, Inc.*....................... 340 16,150
 Jo-Ann Stores, Inc.*....................... 210 3,977
 Jos. A. Bank Clothiers, Inc.*.............. 160 3,906
 Lithia Motors, Inc. -- Class A............. 140 1,260
 Men's Wearhouse, Inc. ..................... 470 12,516
 Midas, Inc.*............................... 120 1,864
 Monro Muffler, Inc. ....................... 140 2,310
 New York & Co., Inc.*...................... 190 1,206
 NexCen Brands, Inc.*....................... 390 1,193
 Pacific Sunwear of California, Inc.*....... 600 8,046
 PEP Boys-Manny Moe & Jack.................. 340 3,033
 Pier 1 Imports, Inc.*...................... 760 5,928
 Rent-A-Center, Inc.*....................... 570 12,272
 Sally Beauty Holdings, Inc.*............... 810 4,909
 Select Comfort Corp.*...................... 400 1,208
 Shoe Carnival, Inc.*....................... 80 1,118
 Sonic Automotive, Inc. -- Class A.......... 250 5,072
 Stage Stores, Inc. ........................ 370 5,824
 Stein Mart, Inc. .......................... 230 1,226
 Talbots, Inc. ............................. 200 1,606
 Tween Brands, Inc.*........................ 210 3,990
 Ulta Salon Cosmetics & Fragrance, Inc.*.... 70 990
 West Marine, Inc.*......................... 130 650
 Wet Seal, Inc.*............................ 730 2,533

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 40

RYDEX 2x RUSSELL 2000(R) ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 Zale Corp.*................................ 380 $7,874
 Zumiez, Inc.*.............................. 150 3,142
 -----------
TOTAL SPECIALTY RETAIL 258,737
 -----------

 TEXTILES, APPAREL & LUXURY GOODS 1.2%
 Carter's, Inc.*............................ 500 7,070
 Cherokee, Inc. ............................ 60 1,740
 Columbia Sportswear Co. ................... 120 5,035
 Deckers Outdoor Corp.*..................... 110 15,188
 FGX International Holdings, Ltd.*.......... 100 1,305
 Fossil, Inc.*.............................. 380 13,600
 G-III Apparel Group, Ltd.*................. 110 1,622
 Heelys, Inc.*.............................. 60 261
 Iconix Brand Group, Inc.*.................. 440 7,005
 K-Swiss, Inc. -- Class A................... 220 3,223
 Kenneth Cole Productions, Inc. -- Class A.. 90 1,732
 Lululemon Athletica, Inc.*................. 110 3,407
 Maidenform Brands, Inc.*................... 200 2,980
 Movado Group, Inc. ........................ 150 3,276
 Oxford Industries, Inc. ................... 120 3,335
 Perry Ellis International, Inc.*........... 100 2,284
 Quiksilver, Inc.*.......................... 1,070 10,411
 Skechers U.S.A., Inc. -- Class A*.......... 180 4,257
 Steven Madden, Ltd.*....................... 180 3,404
 Timberland Co. -- Class A*................. 410 5,986
 True Religion Apparel, Inc.*............... 120 2,203
 Under Armour, Inc. -- Class A*............. 210 6,999
 UniFirst Corp. ............................ 120 5,617
 Volcom, Inc.*.............................. 130 2,469
 Warnaco Group, Inc.*....................... 400 18,456
 Weyco Group, Inc. ......................... 60 1,639
 Wolverine World Wide, Inc. ................ 430 12,358
 -----------
TOTAL TEXTILES, APPAREL & LUXURY GOODS 146,862
 -----------

 THRIFTS & MORTGAGE FINANCE 1.1%
 Abington Bancorp, Inc. .................... 90 941
 Anchor BanCorp Wisconsin, Inc. ............ 170 2,582
 Bank Mutual Corp. ......................... 430 4,812
 BankAtlantic Bancorp, Inc. -- Class A...... 360 1,109
 BankFinancial Corp. ....................... 200 3,208
 BankUnited Financial Corp. -- Class A...... 280 1,100
 Beneficial Mutual Bancorp, Inc.*........... 310 3,165
 Berkshire Hills Bancorp, Inc. ............. 90 2,303
 Brookline Bancorp, Inc. ................... 500 5,400
 Centerline Holding Co. .................... 440 1,500
 Clayton Holdings, Inc.*.................... 100 578
 Clifton Savings Bancorp, Inc. ............. 100 1,000
 Corus Bankshares, Inc. .................... 340 2,492
 Dime Community Bancshares.................. 210 3,921
 Downey Financial Corp. .................... 180 2,545
 Federal Agricultural Mortgage Corp. ....... 90 2,880
 First Busey Corp. ......................... 220 4,363
 First Financial Holdings, Inc. ............ 100 2,401
 First Niagara Financial Group, Inc. ....... 910 13,131
 First Place Financial Corp. ............... 140 1,750
 FirstFed Financial Corp.*.................. 120 1,834
 Flagstar Bancorp, Inc. .................... 380 2,326
 Flushing Financial Corp. .................. 180 3,514
 Franklin Bank Corp.*....................... 220 341
 Imperial Capital Bancorp, Inc. ............ 50 754
 K-Fed Bancorp.............................. 40 446
 Kearny Financial Corp. .................... 180 1,958
 NASB Financial, Inc. ...................... 30 854
 NewAlliance Bancshares, Inc. .............. 980 13,191
 Northwest Bancorp, Inc. ................... 160 4,128
 Ocwen Financial Corp.*..................... 310 1,531
 Oritani Financial Corp.*................... 100 1,517
 PFF Bancorp, Inc. ......................... 190 718
 Provident Financial Services, Inc. ........ 530 8,178
 Provident New York Bancorp................. 350 4,676
 Rockville Financial, Inc. ................. 80 1,086
 Roma Financial Corp. ...................... 90 1,397
 TierOne Corp. ............................. 160 1,434
 Triad Guaranty, Inc.*...................... 100 228
 TrustCo Bank Corp. ........................ 650 5,674
 United Community Financial Corp. .......... 230 1,888
 ViewPoint Financial Group.................. 100 1,625
 Wauwatosa Holdings, Inc.*.................. 80 975
 Westfield Financial, Inc. ................. 90 875
 WSFS Financial Corp. ...................... 50 2,541
 -----------
TOTAL THRIFTS & MORTGAGE FINANCE 124,870
 -----------

 TOBACCO 0.2%
 Alliance One International, Inc.*.......... 820 5,043
 Universal Corp. ........................... 230 14,764
 Vector Group, Ltd. ........................ 270 4,652
 -----------
TOTAL TOBACCO 24,459
 -----------

 TRADING COMPANIES & DISTRIBUTORS 0.6%
 Applied Industrial Technologies, Inc. ..... 370 8,939
 Beacon Roofing Supply, Inc.*............... 380 4,047
 BlueLinx Holdings, Inc. ................... 100 518
 Electro Rent Corp. ........................ 150 2,027
 H&E Equipment Services, Inc.*.............. 150 1,967
 Houston Wire & Cable Co. .................. 130 2,432
 Interline Brands, Inc.*.................... 240 4,644
 Kaman Corp. -- Class A..................... 210 5,691
 Lawson Products, Inc. ..................... 40 1,015
 Nuco2, Inc.*............................... 130 3,596
 Rush Enterprises, Inc.*.................... 290 4,675
 TAL International Group, Inc. ............. 140 3,389
 Textainer Group Holdings, Ltd. ............ 60 1,026
 UAP Holding Corp. ......................... 440 17,120
 Watsco, Inc. .............................. 200 9,074
 -----------
TOTAL TRADING COMPANIES & DISTRIBUTORS 70,160
 -----------

 WATER UTILITIES 0.2%
 American States Water Co. ................. 150 5,253
 Cadiz, Inc.*............................... 100 1,896
 California Water Service Group............. 170 6,579
 Consolidated Water Co., Ltd. .............. 120 2,844
 SJW Corp. ................................. 130 3,909
 Southwest Water Co. ....................... 210 2,339
 -----------
TOTAL WATER UTILITIES 22,820
 -----------

 WIRELESS TELECOMMUNICATION SERVICES 0.2%
 Centennial Communications Corp.*........... 210 1,273
 FiberTower Corp.*.......................... 890 1,353
 ICO Global Communications Holdings, Ltd.*.. 890 3,320
 iPCS, Inc. ................................ 150 4,563
 Rural Cellular Corp.*...................... 110 4,888
 Syniverse Holdings, Inc.*.................. 240 3,770

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 41

RYDEX 2x RUSSELL 2000(R) ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) April 30, 2008

 MARKET
 SHARES VALUE
----------------------------------------------------------------------
COMMON STOCKS (CONTINUED)

 USA Mobility, Inc.*........................ 200 $1,428
 Virgin Mobile USA, Inc. -- Class A*........ 240 996
 -----------
TOTAL WIRELESS TELECOMMUNICATION SERVICES 21,591
 -----------
TOTAL COMMON STOCKS
 (Cost $10,413,954) 10,084,380
 -----------


 FACE MARKET
 AMOUNT VALUE
----------------------------------------------------------------------
REPURCHASE AGREEMENTS 6.8%
 State Street Bank & Trust Co., 1.850%,
 dated 04/30/08, at 1.850% to be
 repurchased at $804,041 on 05/01/08
 collateralized by $815,000 FHLB at
 5.700% due 04/03/28 with a value of
 $822,131................................ 804,000 $804,000
 -----------
TOTAL REPURCHASE AGREEMENTS
 (Cost $804,000) 804,000
 -----------

UNITED STATES TREASURY BILLS 4.7%
 United States Treasury Bill 0.757%, due
 05/01/08(a)+............................ 550,000 550,000
 -----------
TOTAL UNITED STATES TREASURY BILLS
 (Cost $550,000) 550,000
 -----------
TOTAL INVESTMENTS 97.3%
 (Cost $11,767,954) 11,438,380
 -----------
OTHER ASSETS IN EXCESS OF LIABILITIES--2.7% 305,618
 -----------
NET ASSETS--100.0% $11,743,998
----------------------------------------------------------------------

 UNREALIZED
 CONTRACTS GAIN
----------------------------------------------------------------------
FUTURES CONTRACTS PURCHASED
 June 2008 Russell 2000(R) Index Mini
 Futures Contracts (Aggregate Market
 Value of Contracts $6,385,750).......... 89 $137,605
 -----------


 UNITS
----------------------------------------------------------------------
EQUITY INDEX SWAP AGREEMENTS PURCHASED
 July 2008 Russell 2000(R) Index Swap,
 Terminating 07/01/08* (Notional Market
 Value $7,216,480)....................... 10,076 $331,089
----------------------------------------------------------------------

* Non-Income Producing Security.

** Price return based on S&P Russell 2000(R) Index +/- financing at a variable rate.

(a) Zero coupon bond--Interest rate represents current yield to maturity.

+ Security or portions of the security was pledged as collateral for a swap agreement.

FHLB--Federal Home Loan Bank

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 42

RYDEX INVERSE 2X RUSSELL 2000(R) ETF
SCHEDULE OF INVESTMENTS (Unaudited) April 30, 2008

 FACE MARKET
 AMOUNT VALUE
---------------------------------------------------------------------------
REPURCHASE AGREEMENTS 85.2%
 State Street Bank & Trust Co., 1.850%, dated
 04/30/08, to be repurchased at $17,774,913 on
 05/01/08 collateralized by $17,975,000 FHLB at
 5.70% due 04/03/08 with a value of $18,132,281.. 17,774,000 $17,774,000
 -----------
TOTAL REPURCHASE AGREEMENTS
 (Cost $17,774,000) 17,774,000
 -----------

UNITED STATES TREASURY BILLS 4.8%
 United States Treasury Bill
 0.757%, due 05/01/08(a)+..................... 1,000,000 1,000,000
 -----------
TOTAL UNITED STATES TREASURY BILLS
 (Cost $1,000,000) 1,000,000
 -----------
TOTAL INVESTMENTS 100.0%
 (Cost $18,774,000) 18,774,000
 -----------
OTHER ASSETS IN EXCESS OF LIABILITIES--10.0% 2,091,191
 -----------
NET ASSETS--100.0% $20,865,191
---------------------------------------------------------------------------

 UNREALIZED
 CONTRACTS LOSS
-------------------------------------------------------------------------
FUTURES CONTRACTS SOLD SHORT
 June 2008 Russell 2000 Index Mini Futures
 Contracts (Aggregate Market Value of Contracts
 $5,453,000)..................................... 76 $(171,398)
 ---------

 UNITS
------------------------------------------------------------------------

EQUITY INDEX SWAP AGREEMENTS SOLD SHORT
 July 2008 Russell 2000(R) Index Swap,
 Terminating 07/01/08* (Notional Market Value
 $7,178,000)..................................... 10,023 $(551,849)
 -----------
 May 2008 Russell 2000(R) Index Swap, Terminating
 05/20/08* (Notional Market Value $28,864,238)... 40,303 (1,346,905)
 -----------
 (Total Notional Market Value $36,042,238) $(1,898,754)
------------------------------------------------------------------------

* Price return based on S&P Russell 2000(R) Index +/- financing at a variable rate.

(a) Zero coupon bond--Interest rate represents current yield to maturity.

+ Security or portions of the security was pledged as collateral for a swap agreement sold short.

FHLB--Federal Home Loan Bank

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 43

STATEMENTS OF ASSETS AND LIABILITIES April 30, 2008 (Unaudited)

 RYDEX 2X RYDEX RYDEX 2X
 S&P 500 INVERSE 2X S&P MIDCAP
 ETF S&P 500 ETF 400 ETF
 ----------- ----------- -----------
ASSETS
Investment Securities at Market Value*....... $29,760,380 $ 6,548,947 $ 2,824,167
Repurchase Agreements* (Note 2).............. 3,597,000 42,844,000 412,000
Cash......................................... 848 922 214
Segregated Cash for Swaps.................... 1,466,000 8,565,000 100,000
Margin Deposit for Futures Contracts......... 1,263,600 518,400 92,800
Receivables:
 Dividends.................................. 21,755 -- 1,563
 Interest................................... 185 2,202 21
 Fund Shares Sold........................... 3,151,657 -- --
 Equity Index Swap Settlement (Note 2)...... -- 407,614 56,191
 Variation Margin on Futures Contracts (Note
 2)...................................... -- 47,160 --
 ----------- ----------- -----------
 TOTAL ASSETS............................ 39,261,425 58,934,245 3,486,956
 ----------- ----------- -----------
LIABILITIES
Payables:
 Investments Purchased...................... 4,978,615 -- 199,853
 Equity Index Swap Settlement (Note 2)...... 57,967 -- --
 Variation Margin on Futures Contracts (Note
 2)...................................... 114,953 -- 5,800
 Accrued Management Fees.................... 16,540 34,689 1,795
 Accrued Trustee Fees....................... 271 797 32
 ----------- ----------- -----------
 TOTAL LIABILITIES....................... 5,168,346 35,486 207,480
 ----------- ----------- -----------
NET ASSETS................................... $34,093,079 $58,898,759 $ 3,279,476
 =========== =========== ===========
NET ASSETS CONSIST OF:
Paid-in Capital.............................. $34,504,474 $61,458,864 $ 5,622,478
Undistributed Net Investment Income.......... 19,235 84,772 1,687
Accumulated Net Realized Gain/(Loss) on
 Investment Securities, Futures and Swaps... (1,516,818) (2,731,338) (2,530,777)
Net Unrealized Appreciation/(Depreciation) on
 Investment Securities, Futures and Swaps... 1,086,188 86,461 186,088
 ----------- ----------- -----------
NET ASSETS................................... $34,093,079 $58,898,759 $ 3,279,476
 =========== =========== ===========
Shares Outstanding (Unlimited Shares
 Authorized), No Par Value.................. 550,000 700,000 50,000
 =========== =========== ===========
Net Asset Value, Offering Price and
 Repurchase Price Per Share................. $ 61.99 $ 84.14 $ 65.59
 =========== =========== ===========
*Total Cost of Investments................... $33,284,140 $49,392,947 $ 3,279,790
 =========== =========== ===========

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 44

STATEMENTS OF ASSETS AND LIABILITIES April 30, 2008 (Unaudited)

 RYDEX INVERSE RYDEX 2X RYDEX INVERSE
 2X S&P MIDCAP RUSSELL 2X RUSSELL
 400 ETF 2000(R) ETF 2000(R) ETF
 ------------- ----------- -------------
ASSETS
Investment Securities at Market Value*............ $ -- $10,634,380 $ 1,000,000
Repurchase Agreements* (Note 2)................... 6,727,000 804,000 17,774,000
Cash.............................................. 74 495 750
Segregated Cash for Swaps......................... 1,285,000 140,000 3,572,000
Margin Deposit for Futures Contracts.............. 35,200 373,800 319,200
Receivables:
 Dividends....................................... -- 5,425 --
 Interest........................................ 346 41 913
 Equity Index Swap Settlement (Note 2)........... -- 322,436 --
 Variation Margin on Futures Contracts (Note 2).. 2,200 -- 29,640
 ---------- ----------- -----------
 TOTAL ASSETS................................. 8,049,820 12,280,577 22,696,503
 ---------- ----------- -----------
LIABILITIES
Payables:
 Investments Purchased........................... -- 495,124 --
 Equity Index Swap Settlement (Note 2)........... 246,876 -- 1,816,781
 Variation Margin on Futures Contracts (Note 2).. -- 34,710 --
 Accrued Management Fees......................... 4,714 6,627 14,067
 Accrued Trustee Fees............................ 157 118 464
 ---------- ----------- -----------
 TOTAL LIABILITIES............................ 251,747 536,579 1,831,312
 ---------- ----------- -----------
NET ASSETS........................................ $7,798,073 $11,743,998 $20,865,191
 ========== =========== ===========
NET ASSETS CONSIST OF:
Paid-in Capital................................... $5,656,548 $14,088,507 $20,848,655
Undistributed Net Investment Income............... 10,489 8,628 37,923
Accumulated Net Realized Gain/(Loss) on Investment
 Securities, Futures and Swaps................... 2,465,460 (2,492,257) 2,048,765
Net Unrealized Appreciation/(Depreciation) on
 Investment Securities, Futures and Swaps........ (334,424) 139,120 (2,070,152)
 ---------- ----------- -----------
NET ASSETS........................................ $7,798,073 $11,743,998 $20,865,191
 ========== =========== ===========
Shares Outstanding (Unlimited Shares Authorized),
 No Par Value.................................... 100,000 200,000 250,000
 ========== =========== ===========
Net Asset Value, Offering Price and Repurchase
 Price Per Share................................. $ 77.98 $ 58.72 $ 83.46
 ========== =========== ===========
*Total Cost of Investments........................ $6,727,000 $11,767,954 $18,774,000
 ========== =========== ===========

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 45

STATEMENTS OF OPERATIONS For the Period Ended April 30, 2008 (Unaudited)

 RYDEX 2X RYDEX INVERSE RYDEX 2X
 S&P 500 2X S&P 500 S&P MIDCAP
 ETF* ETF* 400 ETF*
 ----------- ------------- -----------
INVESTMENT INCOME
 Dividends....................................... $ 106,436 $ -- $ 34,930
 Interest........................................ 31,410 396,345 17,884
 ----------- ----------- -----------
 Total Income................................. 137,846 396,345 52,814
 ----------- ----------- -----------
EXPENSES
 Management Fee.................................. 46,318 109,541 21,212
 Trustee Fee..................................... 443 1,048 203
 ----------- ----------- -----------
 Total Expenses............................... 46,761 110,589 21,415
 ----------- ----------- -----------
Net Investment Income............................. 91,085 285,756 31,399
 ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Net Realized Gain/(Loss) From:
 Investment Securities........................... (476,928) -- (904,043)
 Futures Contracts............................... (522,815) 1,051,533 (107,458)
 Swap Contracts.................................. (517,075) (3,782,871) (1,519,276)
 ----------- ----------- -----------
 Net Realized Loss............................ (1,516,818) (2,731,338) (2,530,777)
Net Change in Unrealized
 Appreciation/(Depreciation) On:
 Investment Securities........................... 73,240 -- (43,623)
 Futures Contracts............................... 1,070,403 (317,848) 169,652
 Swap Contracts.................................. (57,455) 404,309 60,059
 ----------- ----------- -----------
Net Change in Unrealized Appreciation on
 Investments..................................... 1,086,188 86,461 186,088
 ----------- ----------- -----------
Net Realized and Unrealized Loss on Investments... (430,630) (2,644,877) (2,344,689)
 ----------- ----------- -----------
 NET DECREASE IN NET ASSETS RESULTING FROM
 OPERATIONS................................... $ (339,545) $(2,359,121) $(2,313,290)
 =========== =========== ===========

* The Fund commenced operations on November 5, 2007.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 46

STATEMENTS OF OPERATIONS For the Period Ended April 30, 2008 (Unaudited)

 RYDEX INVERSE RYDEX 2X RYDEX INVERSE
 2X S&P MIDCAP RUSSELL 2000(R) 2X RUSSELL
 400 ETF* ETF* 2000(R) ETF*
 ------------- --------------- -------------
INVESTMENT INCOME
 Dividends..................................... $ -- $ 54,259 $ --
 Interest...................................... 170,682 24,677 268,283
 Foreign Taxes Withheld........................ -- (16) --
 ---------- ----------- -----------
 Total Income............................... 170,682 78,920 268,283
 ---------- ----------- -----------
EXPENSES
 Management Fee................................ 36,304 29,863 68,232
 Trustee Fees.................................. 348 285 653
 ---------- ----------- -----------
 Total Expenses............................. 36,652 30,148 68,885
 ---------- ----------- -----------
Net Investment Income........................... 134,030 48,772 199,398
 ---------- ----------- -----------
REALIZED AND UNREALIZED GAIN/(LOSS) ON
 INVESTMENTS
Net Realized Gain/(Loss) From:
 Investment Securities......................... -- (587,153) --
 Futures Contracts............................. 1,294,033 (227,579) 214,480
 Swap Contracts................................ 1,171,427 (1,677,525) 1,834,285
 ---------- ----------- -----------
 Net Realized Gain/(Loss)................... 2,465,460 (2,492,257) 2,048,765
Net Change in Unrealized
 Appreciation/(Depreciation) On:
 Investment Securities......................... -- (329,574) --
 Futures Contracts............................. (39,508) 137,605 (171,398)
 Swap Contracts................................ (294,916) 331,089 (1,898,754)
 ---------- ----------- -----------
Net change in Unrealized
 Appreciation/(Depreciation) on Investments.... (334,424) 139,120 (2,070,152)
 ---------- ----------- -----------
Net Realized and Unrealized Gain/(Loss) on
 Investments................................... 2,131,036 (2,353,137) (21,387)
 ---------- ----------- -----------
 NET INCREASE/DECREASE IN NET ASSETS
 RESULTING
 FROM OPERATIONS.......................... $2,265,066 $(2,304,365) $ 178,011
 ========== =========== ===========

* The Fund commenced operations on November 5, 2007.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 47

STATEMENTS OF CHANGES IN NET ASSETS

 RYDEX 2X RYDEX INVERSE 2X
 S&P 500 ETF S&P 500 ETF
 ----------------- -----------------
 FOR THE PERIOD FOR THE PERIOD
 NOVEMBER 5, 2007* NOVEMBER 5, 2007*
 THROUGH THROUGH
 APRIL 30, 2008 APRIL 30, 2008
 (UNAUDITED) (UNAUDITED)
 ----------------- -----------------
OPERATIONS
 Net Investment Income.............................. $ 91,085 $ 285,756
 Net Realized Loss.................................. (1,516,818) (2,731,338)
 Net Change in Unrealized Appreciation on
 Investments..................................... 1,086,188 86,461
 ----------- -----------
 Net Decrease in Net Assets Resulting From
 Operations...................................... (339,545) (2,359,121)
 ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM
 Net Investment Income.............................. (71,850) (200,984)
 ----------- -----------
SHAREHOLDER TRANSACTIONS
 Proceeds From Shares Sold.......................... 34,504,474 61,458,864
 Value of Shares Reinvested......................... -- --
 Value of Shares Repurchased........................ -- --
 ----------- -----------
 Net Increase in Net Assets Resulting From Share
 Transactions.................................... 34,504,474 61,458,864
 ----------- -----------
 Increase in Net Assets.......................... 34,093,079 58,898,759
NET ASSETS--BEGINNING OF PERIOD...................... -- --
 ----------- -----------
NET ASSETS--END OF PERIOD(1)......................... $34,093,079 $58,898,759
 =========== ===========
(1) Including Undistributed Net Investment Income.... $ 19,235 $ 84,772
 =========== ===========
CHANGES IN SHARES OUTSTANDING:
 Shares Sold........................................ 550,000 700,000
 Shares Reinvested.................................. -- --
 Shares Repurchased................................. -- --
 Shares Outstanding, Beginning of Period............ -- --
 ----------- -----------
 Shares Outstanding, End of Period.................. 550,000 700,000
 =========== ===========

* The Fund commenced operations on November 5, 2007.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 48

STATEMENTS OF CHANGES IN NET ASSETS

 RYDEX 2X RYDEX INVERSE 2X
 S&P MIDCAP S&P MIDCAP
 400 ETF 400 ETF
 ----------------- -----------------
 FOR THE PERIOD FOR THE PERIOD
 NOVEMBER 5, 2007* NOVEMBER 5, 2007*
 THROUGH THROUGH
 APRIL 30, 2008 APRIL 30, 2008
 (UNAUDITED) (UNAUDITED)
 ----------------- -----------------
OPERATIONS
 Net Investment Income.............................. $ 31,399 $ 134,030
 Net Realized Gain/(Loss)........................... (2,530,777) 2,465,460
 Net Change in Unrealized
 Appreciation/(Depreciation) on Investments...... 186,088 (334,424)
 ----------- -----------
 Net Increase/(Decrease) in Net Assets Resulting
 From Operations................................. (2,313,290) 2,265,066
 ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM
 Net Investment Income.............................. (29,712) (123,541)
 ----------- -----------
SHAREHOLDER TRANSACTIONS
 Proceeds From Shares Sold.......................... 11,250,000 15,406,205
 Value of Shares Reinvested......................... -- --
 Value of Shares Repurchased........................ (5,627,522) (9,897,697)
 ----------- -----------
 Net Increase in Net Assets Resulting From Share
 Transactions.................................... 5,622,478 5,508,508
 ----------- -----------
VOLUNTARY CONTRIBUTION FROM ADVISOR (Note 3)......... -- 148,040
 ----------- -----------
 Increase in Net Assets.......................... 3,279,476 7,798,073
NET ASSETS--BEGINNING OF PERIOD...................... -- --
 ----------- -----------
NET ASSETS--END OF PERIOD(1)......................... $ 3,279,476 $ 7,798,073
 =========== ===========
(1) Including Undistributed Net Investment Income.... $ 1,687 $ 10,489
 =========== ===========
CHANGES IN SHARES OUTSTANDING:
 Shares Sold........................................ 150,000 200,000
 Shares Reinvested.................................. -- --
 Shares Repurchased................................. (100,000) (100,000)
 Shares Outstanding, Beginning of Period............ -- --
 ----------- -----------
 Shares Outstanding, End of Period.................. 50,000 100,000
 =========== ===========

* The Fund commenced operations on November 5, 2007.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 49

STATEMENTS OF CHANGES IN NET ASSETS

 RYDEX 2X RYDEX INVERSE 2X
 RUSSELL 2000(R) ETF RUSSELL 2000(R) ETF
 ------------------- -------------------
 FOR THE PERIOD FOR THE PERIOD
 NOVEMBER 5, 2007* NOVEMBER 5, 2007*
 THROUGH THROUGH
 APRIL 30, 2008 APRIL 30, 2008
 (UNAUDITED) (UNAUDITED)
 ------------------- -------------------
OPERATIONS
 Net Investment Income.............................. $ 48,772 $ 199,398
 Net Realized Gain/(Loss)........................... (2,492,257) 2,048,765
 Net Change in Unrealized
 Appreciation/(Depreciation) on Investments...... 139,120 (2,070,152)
 ----------- -----------
 Net Increase/(Decrease) in Net Assets Resulting
 From Operations................................. (2,304,365) 178,011
 ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM
 Net Investment Income.............................. (40,144) (161,475)
 ----------- -----------
SHAREHOLDER TRANSACTIONS
 Proceeds From Shares Sold.......................... 16,906,096 29,402,741
 Value of Shares Reinvested......................... -- --
 Value of Shares Repurchased........................ (2,817,589) (8,554,086)
 ----------- -----------
 Net Increase in Net Assets Resulting From Share
 Transactions.................................... 14,088,507 20,848,655
 ----------- -----------
 Increase in Net Assets.......................... 11,743,998 20,865,191
NET ASSETS--BEGINNING OF PERIOD...................... -- --
 ----------- -----------
NET ASSETS--END OF PERIOD(1)......................... $11,743,998 $20,865,191
 =========== ===========
(1) Including Undistributed Net Investment Income.... $ 8,628 $ 37,923
 =========== ===========
CHANGES IN SHARES OUTSTANDING:
 Shares Sold........................................ 250,000 350,000
 Shares Reinvested.................................. -- --
 Shares Repurchased................................. (50,000) (100,000)
 Shares Outstanding, Beginning of Period............ -- --
 ----------- -----------
 Shares Outstanding, End of Period.................. 200,000 250,000
 =========== ===========

* The Fund commenced operations on November 5, 2007.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 50

FINANCIAL HIGHLIGHTS

 RYDEX INVERSE
 RYDEX 2X 2X
 S&P 500 ETF S&P 500 ETF
 --------------- ---------------
 FOR THE PERIOD FOR THE PERIOD
 NOVEMBER 5, NOVEMBER 5,
 2007* 2007*
 THROUGH THROUGH
 APRIL 30, 2008 APRIL 30, 2008
 (UNAUDITED) (UNAUDITED)
 --------------- ---------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE AT BEGINNING OF PERIOD.............. $75.00 $75.00
 ------- -------
Net Investment Income**............................. 0.41 0.77
Net Realized and Unrealized Gain/(Loss) on
 Investments***.................................... (13.04) 8.91
 ------- -------
TOTAL FROM INVESTMENT OPERATIONS.................... (12.63) 9.68
 ------- -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income............................... (0.38) (0.54)
 ------- -------
NET ASSET VALUE AT END OF PERIOD.................... $61.99 $84.14
 ======= =======
TOTAL RETURN****.................................... (16.85)% 12.92%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at End of Period (000's Omitted)......... $34,093 $58,899
RATIO TO AVERAGE NET ASSETS OF:
Expenses............................................ 0.70%***** 0.70%*****
Net Investment Income............................... 1.37%***** 1.82%*****
Portfolio Turnover Ratio+........................... 14% --%

* The Fund commenced operations on November 5, 2007. ** Based on average shares outstanding. *** The amounts shown at this caption for a share outstanding may not accord with the change in aggregate gains and losses on investments for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. **** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. ***** Annualized.
+ Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the sales and purchases of fund shares during the period.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 51

FINANCIAL HIGHLIGHTS

 RYDEX 2X S&P RYDEX INVERSE 2X
 MIDCAP 400 ETF S&P MIDCAP 400 ETF
 ----------------- ------------------
 FOR THE PERIOD FOR THE PERIOD
 NOVEMBER 5, 2007* NOVEMBER 5, 2007*
 THROUGH THROUGH
 APRIL 30, 2008 APRIL 30, 2008
 (UNAUDITED) (UNAUDITED)
 ----------------- ------------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE AT BEGINNING OF PERIOD........... $75.00 $75.00
 ------ ------
Net Investment Income**.......................... 0.33 1.06
Net Realized and Unrealized Gain/(Loss) on
 Investments***................................. (9.41) 1.46
 ------ ------
TOTAL FROM INVESTMENT OPERATIONS................. (9.08) 2.52
 ------ ------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income............................ (0.33) (1.02)
 ------ ------
VOLUNTARY CONTRIBUTION FROM ADVISOR (Note 3)..... -- 1.48
 ------ ------
NET ASSET VALUE AT END OF PERIOD................. $65.59 $77.98
 ====== ======
TOTAL RETURN****................................. (12.06)% 5.20%(1)
RATIOS/SUPPLEMENTAL DATA:
Net Assets at End of Period (000's Omitted)...... $3,279 $7,798
RATIO TO AVERAGE NET ASSETS OF:
Expenses......................................... 0.70%***** 0.70%*****
Net Investment Income............................ 1.03%***** 2.57%*****
Portfolio Turnover Ratio+........................ 98% --%

(1) If the Advisor had not made a voluntary capital contribution to the Fund, the total return would have been 3.21%.
* The Fund commenced operations on November 5, 2007. ** Based on average shares outstanding. *** The amounts shown at this caption for a share outstanding may not accord with the change in aggregate gains and losses on investments for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. **** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return. Total investment return calculated for a period of less than one year is not annualized. ***** Annualized.
+ Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions. Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the sales and purchases of fund shares during the period.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 52

FINANCIAL HIGHLIGHTS

 RYDEX 2X RYDEX INVERSE 2X
 RUSSELL 2000(R) ETF RUSSELL 2000(R) ETF
 ------------------- -------------------
 FOR THE PERIOD FOR THE PERIOD
 NOVEMBER 5, 2007* NOVEMBER 5, 2007*
 THROUGH THROUGH
 APRIL 30, 2008 APRIL 30, 2008
 (UNAUDITED) (UNAUDITED)
 ------------------- -------------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE AT BEGINNING OF PERIOD.............. $75.00 $75.00
 ------- -------
Net Investment Income**............................. 0.34 0.87
Net Realized and Unrealized Gain/(Loss) on
 Investments***.................................... (16.30) 8.27
 ------- -------
TOTAL FROM INVESTMENT OPERATIONS.................... (15.96) 9.14
 ------- -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income............................... (0.32) (0.68)
 ------- -------
NET ASSET VALUE AT END OF PERIOD.................... $58.72 $83.46
 ======= =======
TOTAL RETURN****.................................... (21.29)% 12.17%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at End of Period (000's Omitted)......... $11,744 $20,865
RATIO TO AVERAGE NET ASSETS OF:
Expenses............................................ 0.70%***** 0.70%*****
Net Investment Income............................... 1.14%***** 2.03%******
Portfolio Turnover Ratio+........................... 8% --%

See Notes to Financial Statements.

SEMI-ANNUAL REPORT 53

NOTES TO FINANCIAL STATEMENTS (Unaudited) April 30, 2008

1. ORGANIZATION

The Funds' investment objective is to provide investment results that match the performance of a specific benchmark, before fees and expenses, on a daily basis. For Rydex 2x S&P 500 ETF, Rydex 2x S&P MidCap 400 ETF, and Rydex 2x Russell 2000(R) ETF (each, a "Leveraged Fund" and collectively, the "Leveraged Funds"), each Fund's benchmark is 200% of the performance of an index representing publicly traded equity securities (the "Underlying Index"). For Rydex Inverse 2x S&P 500 ETF, Rydex Inverse 2x S&P MidCap 400 ETF, and Rydex Inverse 2x Russell 2000(R) ETF (each, a "Leveraged Inverse Fund" and collectively, the "Leveraged Inverse Funds"), each Fund's benchmark is 200% of the inverse (opposite) performance of its Underlying Index. The Underlying Index for Rydex 2x S&P 500 ETF and Rydex Inverse 2x S&P 500 ETF is the S&P 500 Index. The Underlying Index for the Rydex 2x S&P MidCap 400 ETF and the Rydex Inverse 2x S&P MidCap 400 ETF is the S&P MidCap 400 Index. The Underlying Index for the Rydex 2x Russell 2000(R) ETF and the Rydex Inverse 2x Russell 2000(R) ETF is the Russell 2000(R) Index.

The Leveraged Funds seek to achieve their objective by investing in equity securities contained in the Underlying Index, and leveraged derivative instruments, such as equity index swaps, futures contracts, and options on securities, futures contracts, and stock indices. The Leveraged Inverse Funds seek to achieve their objective by engaging in short sales of securities and investing in leveraged derivative instruments, such as equity index swaps, futures contracts, and options on securities, futures contracts, and stock indices.

2. SIGNIFICANT ACCOUNTING POLICIES

A. SECURITY VALUATION

Investments for which market quotations are not readily available are fair valued as determine in good faith by Rydex Investments under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees. These methods include, but are not limited to: (i) general information as to how these securities and assets trade, (ii) in connection with futures contracts and options thereupon, and other derivative investments, information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market, and (iii) other information and considerations, including current values in related-markets.

Financial futures contracts are valued based on the unrealized gain or loss on the contracts that is determined by the last quoted sales price, usually as of 4:00 PM on the valuation date on the exchange on which they trade.

Domestic equity index swap agreements entered into by a Fund are valued based on the unrealized gain or loss on the agreements that is determined by marking the agreements to the relevant index at the close of the NYSE, usually 4:00 PM or, if there is an afternoon trade, to the "fill". The swaps' market values are then adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreements.

Short-term securities are valued at amortized cost, which approximates market price. Certain U.S. Government and Agency Obligations are traded on a discount basis; the interest rates shown on the Schedule of Investments reflect the current yield to maturity based on amortized cost as of the date of this report. Other securities bear interest at the rates shown, payable at fixed dates through

SEMI-ANNUAL REPORT 54

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

maturity. The Funds may also purchase American Depository Receipts, U.S. Government securities, and enter into repurchase agreements.

B. SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are recorded as of trade date. Realized gains and losses from portfolio fund transactions are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date, net of foreign tax withholdings. Interest income is recorded on the accrual basis. Advisory fees, which are directly identifiable to a specific Fund, are applied to that Fund. Trustee fees which cannot be attributed to a Fund are allocated in such a manner as deemed equitable, taking into consideration the relative net assets of the Fund.

C. REPURCHASE AGREEMENTS

D. FUTURES CONTRACTS

The Funds may enter into stock index futures contracts and options on such futures contracts. Futures contracts are contracts for delayed delivery of securities at a specified futures delivery date and at a specific price. Upon entering into a contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. There are several risks in connection with the use of futures contracts. Risks may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying securities. In addition, there is the risk that a Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

E. SWAP AGREEMENTS

The Funds may enter into domestic equity index swap agreements, which are over- the-counter contracts in which one party agrees to make periodic payments based on the change in market value of a specified equity index, in return for periodic payment based on a fixed or variable interest rate. Swap agreements are used to obtain exposure to an equity or market without owning or taking physical custody of securities. The swap agreements are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as unrealized gain or loss. Payments received or made as a result of an agreement or termination of the agreement are recognized as realized gains or losses. There are several risks associated with the use of swap agreements that are different from those associated with ordinary portfolio securities transactions, due to the fact they could be considered illiquid. Although the Trust will not enter into any swap agreement unless the Advisor believes that the other party to the transaction is creditworthy, the Funds bear the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of the agreement counterparty.

F. COLLATERAL

In conjunction with the use of short sales, futures and swap agreements, the Funds are required to maintain collateral in various forms. The Funds use, where appropriate, depending on the financial instrument utilized and the broker involved, margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes, or the repurchase agreements allocated to each Fund.

SEMI-ANNUAL REPORT 55

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

G. FEDERAL INCOME TAXES

The Funds policy is to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of the taxable income and capital gains, if any to the shareholders within the allowable time limits. Therefore, no provision for Federal income taxes is required.

For the period ended April 30, 2008, the Funds realized no net capital gains resulting from in-kind redemptions and other transactions. Because gains from in-kind redemptions are not taxable to the Funds, and are not distributed to existing Fund shareholders, the gains are reclassified from accumulated net realized gains to paid-in-capital at the end of the Funds tax year. These reclassifications have no effect on net assets or net asset value per share. Had there been in-kind net capital gains for the period ended April 30, 2008 are disclosed in the Fund's Statement of Operations.

At April 30, 2008, the Funds had no capital loss carryforwards which may be utilized to offset any net realized capital gains as the Funds are in their first year of operation.

H. DIVIDENDS AND DISTRIBUTIONS

The Funds declare and pay dividends from net investment income and distribute from net realized capital gains at least annually.

I. RISK AND UNCERTAINTIES

The risks inherent in the use of futures contracts and swap agreements, include
i) adverse changes in the value of such instruments; ii) imperfect correlation between the price of the instruments and movements in the price of the underlying securities, indices, or futures contracts; III) the possible absence of a liquid secondary market for any particular instrument at any time; and iv) the potential of counterparty default. The Funds have established strict counterparty credit guidelines and enter into transactions only with financial institutions of investment grade or better.

J. NEW ACCOUNTING PRONOUNCEMENTS

3. ADVISORY, ADMINISTRATION AND OTHER TRANSACTIONS WITH AFFILIATES

SEMI-ANNUAL REPORT 56

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

index. For these services, the Advisor receives an advisory fee at the annual rate shown below of the average daily net assets of the Funds.

 ADVISORY FEE
 ------------
Rydex 2x S&P 500 ETF................................................. 0.70%
Rydex Inverse 2x S&P 500 ETF......................................... 0.70%
Rydex 2x S&P MidCap 400 ETF.......................................... 0.70%
Rydex Inverse 2x S&P MidCap 400 ETF.................................. 0.70%
Rydex 2x Russell 2000(R) ETF......................................... 0.70%
Rydex Inverse 2x Russell 2000(R) ETF................................. 0.70%

The Advisor made a voluntary capital contribution to the Fund during the period ended April 30, 2008 of $148,040 to offset a loss on a portfolio investment.

4. CAPITAL

 MINIMUM
 TRANSACTION FEE
 ---------------
Rydex 2x S&P 500 ETF............................................... $2,000
Rydex Inverse 2x S&P 500 ETF....................................... 50
Rydex 2x S&P MidCap 400 ETF........................................ 2,000
Rydex Inverse 2x S&P MidCap 400 ETF................................ 50
Rydex 2x Russell 2000(R) ETF....................................... 3,000
Rydex Inverse 2x Russell 2000(R) ETF............................... 50

The Administrator has waived the in-kind creation and redemption fees for the Funds for a period of six months from commencement. The Advisor will reimburse the Administrator for 50% of the waived creation and redemption fees.

5. INVESTMENT TRANSACTIONS

For the period ended April 30, 2008 the Funds had in-kind contributions and in- kind redemptions as follows:

 SUBSCRIPTIONS REDEMPTIONS
 ------------- -----------
Rydex 2x S&P 500 ETF......................................... 2,292,461 --
Rydex Inverse 2x S&P 500 ETF................................. -- --
Rydex 2x S&P MidCap 400 ETF.................................. -- --
Rydex Inverse 2x S&P MidCap 400 ETF.......................... -- --
Rydex 2x Russell 2000(R) ETF................................. -- --
Rydex Inverse 2x Russell 2000(R) ETF......................... -- --

SEMI-ANNUAL REPORT 57

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Purchases and sales of investment securities (excluding short-term investments, U.S. government and government agency obligations) for the Funds were as follows:

 PURCHASES SALES
 ---------- ---------
Rydex 2x S&P 500 ETF........................................... 56,937,380 2,313,537
Rydex Inverse 2x S&P 500 ETF................................... -- --
Rydex 2x S&P MidCap 400 ETF.................................... 11,424,434 7,602,977
Rydex Inverse 2x S&P MidCap 400 ETF............................ -- --
Rydex 2x Russell 2000(R) ETF................................... 27,915,618 863,719
Rydex Inverse 2x Russell 2000(R) ETF........................... -- --

There were no purchases or sales of U.S. government or government agency obligations for the period ended April 30, 2008.

 GROSS GROSS NET UNREALIZED
 IDENTIFIED UNREALIZED UNREALIZED APPRECIATION
 COST APPRECIATION DEPRECIATION (DEPRECIATION)
 ---------- ------------ ------------ --------------
Rydex 2x S&P 500 ETF............................ 33,284,140 870,582 797,342 73,240
Rydex Inverse 2x S&P 500 ETF.................... 49,392,947 -- -- --
Rydex 2x S&P MidCap 400 ETF..................... 3,279,790 185,788 229,411 (43,623)
Rydex Inverse 2x S&P MidCap 400 ETF............. 6,727,000 -- -- --
Rydex 2x Russell 2000(R) ETF.................... 11,767,954 506,431 836,005 (329,574)
Rydex Inverse 2x Russell 2000(R) ETF............ 18,774,000 -- -- --

6. ACQUISITION OF RYDEX INVESTMENTS AND THE DISTRIBUTOR

SEMI-ANNUAL REPORT 58

SUPPLEMENTAL INFORMATION

PROXY VOTING INFORMATION

QUARTERLY PORTFOLIO SCHEDULES INFORMATION

SEMI-ANNUAL REPORT 59

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS

All Trustees and Officers may be reached c/o Rydex Investments, 9601 Blackwell Rd., Suite 500, Rockville, MD 20850.

TRUSTEES AND OFFICERS

 NAME, POSITION LENGTH OF SERVICE
 AND AS TRUSTEE NUMBER OF FUNDS
 YEAR OF BIRTH (YEAR BEGAN) OVERSEEN
---------------- ----------------------------------------- ----------------
CARL G. Rydex Series Funds - 2004 149
VERBONCOEUR* Rydex Variable Trust - 2004
Trustee, Rydex Dynamic Funds - 2004
President (1952) Rydex ETF Trust - 2004

 ---------------------
MICHAEL P. Rydex Series Funds - 2005 149
BYRUM* Rydex Variable Trust - 2005
Trustee, Vice Rydex Dynamic Funds - 2005
President and Rydex ETF Trust - 2005
Secretary (1970)

INDEPENDENT TRUSTEES

 NAME, POSITION LENGTH OF SERVICE
 AND AS TRUSTEE NUMBER OF FUNDS
 YEAR OF BIRTH (YEAR BEGAN) OVERSEEN
---------------- ----------------------------------------- ----------------
JOHN O. DEMARET Rydex Series Funds - 1997 141
Trustee, Rydex Variable Trust - 1998
Chairman of the Rydex Dynamic Funds - 1999
Board (1940) Rydex ETF Trust - 2003

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: Retired

 ---------------------
COREY A. Rydex Series Funds - 1993 141
COLEHOUR Rydex Variable Trust - 1998
Trustee (1945) Rydex Dynamic Funds - 1999
 Rydex ETF Trust - 2003

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: Senior Vice President of
Marketing/Co-Owner, Schield Management Company

 ---------------------
J. KENNETH Rydex Series Funds - 1995 141
DALTON Rydex Variable Trust - 1998
Trustee (1941) Rydex Dynamic Funds - 1999
 Rydex ETF Trust - 2003

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: Mortgage Banking Consultant and Investor, The Dalton Group

 ---------------------
WERNER E. KELLER Rydex Series Funds - 2005 141
Trustee (1940) Rydex Variable Trust - 2005
 Rydex Dynamic Funds - 2005
 Rydex ETF Trust - 2005

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: Retired (2001 to present);
Chairman, Centurion Capital Management (1991 to 2001)

 ---------------------
THOMAS F. LYDON, Rydex Series Funds - 2005 141
JR. Rydex Variable Trust - 2005
Trustee (1960) Rydex Dynamic Funds - 2005
 Rydex ETF Trust - 2005

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: President, Global Trends
Investments

 ---------------------
PATRICK T. Rydex Series Funds - 1997 141
MCCARVILLE Rydex Variable Trust - 1998
Trustee (1942) Rydex Dynamic Funds - 1999
 Rydex ETF Trust - 2003

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: Founder and Chief Executive Officer, Par Industries, Inc.

 ---------------------
ROGER SOMERS Rydex Series Funds - 1993 141
Trustee (1944) Rydex Variable Trust - 1998
 Rydex Dynamic Funds - 1999
 Rydex ETF Trust - 2003

PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS: Owner, Arrow Limousine

SEMI-ANNUAL REPORT 60

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS

EXECUTIVE OFFICERS

 NAME, POSITION AND PRINCIPAL OCCUPATIONS DURING PAST FIVE
 YEAR OF BIRTH YEARS
----------------------------------------- -----------------------------------------
NICK BONOS* Chief Financial Officer of Rydex
Vice President and Treasurer (1963) Specialized Products, LLC (2005 to
 present); Vice President and Treasurer of
 Rydex Series Funds, Rydex Variable Trust,
 Rydex Dynamic Funds, and Rydex ETF Trust
 (2003 to present); Senior Vice President
 of Rydex Fund Services, Inc. (2003 to
 present); Vice President and Treasurer of
 Rydex Capital Partners SPhinX Fund (2003
 to 2006); Vice President of Accounting of
 Rydex Fund Services, Inc. (2000 to 2003)
JOANNA M. HAIGNEY* Chief Compliance Officer Rydex Series
Chief Compliance Officer and Secretary Funds, Rydex Assistant Variable Trust,
(1966) and Rydex Dynamic Funds (2004 to
 present); Assistant Secretary of Rydex
 Series Funds, Rydex Variable Trust, and
 Rydex Dynamic Funds (2000 to present);
 Assistant Secretary of Rydex ETF Trust
 (2002 to present); Vice President of
 Compliance of Rydex Fund Services, Inc.
 (2000 to present); Secretary of Rydex
 Capital Partners SphinX Fund (2003 to
 2006)
JOSEPH ARRUDA* Assistant Treasurer of Rydex Series
Assistant Treasurer (1966) Funds, Rydex Variable Trust, Rydex
 Dynamic Funds, Rydex ETF Trust (2006);
 Vice President of Rydex Fund Services,
 Inc. (2004 to present); Director of
 Accounting of Rydex Fund Services, Inc.
 (2003 to 2004); Vice President of Mutual
 Funds, State Street Bank & Trust (2000 to
 2003)
PAULA BILLOS* Controller of Rydex Series Funds, Rydex
Controller (1974) Variable Trust, Rydex Dynamic Funds,
 Rydex ETF Trust (2006); Director of Fund
 Administration of Rydex Fund Services,
 Inc. (2001 to present)

[RYDEX INVESTMENTS LOGO] [GRAPHIC]

9601 Blackwell Road o Suite 500 o Rockville, MD 20850 www.rydexinvestments.com o 800.820.0888

ETF-SEMI-ANN-0408X1008

ITEM 2. CODE OF ETHICS.

Not applicable at this time.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable at this time.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable at this time.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Based on their evaluation on July 2, 2008, the President (principal executive officer) and the Treasurer (principal financial officer) of the Rydex ETF Trust (the "Trust") believe that there were no significant deficiencies in the design or operation of the internal controls of the Trust or Rydex Global Advisors ("RGA"), the investment advisor and manager of the Trust, and State Street Bank and Trust Company (the "Administrator"), the administrator of the Trust, or Rydex Distributors, Inc. ("RD"), which acts as distributor for the Trust, including disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) which would have adversely affected the ability of the Trust, the Administrator or RGA on behalf of the Trust, to record, process, summarize, and report the subject matter contained in this Report, and the President and Treasurer of the Trust have identified no material weaknesses in such internal controls on behalf of the Trust.

There was no fraud, whether or not material, involving officers or employees of RGA, the Administrator, RD or the Trust who have a significant role in the Trust's internal controls, including disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) that has come to the attention of the advisor or the officers of the Trust, including its President and Treasurer.

(b) There were no significant changes in the Trust's and RGA's internal controls over financial reporting, including disclosure controls and procedures (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(2) Separate certifications by the President (principal executive officer) and Treasurer (principal financial officer) of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are attached.

(b) A certification by the registrant's President (principal executive officer) and Treasurer (principal financial officer) as required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Rydex ETF Trust


By (Signature and Title)* /s/ Carl G. Verboncoeur
 ----------------------------------------
 Carl G. Verboncoeur, President

Date July 2, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)* /s/ Carl G. Verboncoeur
 ----------------------------------------
 Carl G. Verboncoeur, President

Date July 2, 2008

By (Signature and Title)* /s/ Nick Bonos
 ----------------------------------------
 Nick Bonos, Vice President and Treasurer

Date July 2, 2008

* Print the name and title of each signing officer under his or her signature.

Invesco S&P 500 Equal We... (AMEX:RCD)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024

Click aqui para mais gráficos Invesco S&P 500 Equal We....

Invesco S&P 500 Equal We... (AMEX:RCD)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024

Dados

Notícias

Ferramentas

Mercados

Comunidade

Hot Features

Follow Feed

Fluxo de Opções

Monitor

RCD Invesco S&P 500 Equal Weight Consumer Discretionary ETF

Notícias Rydex Etf Trust

Seu Histórico Recente

Empresa

Negócios

Popular

Obter o aplicativo

Tendências Agora

Rankings

Dados

Notícias

Ferramentas

Mercados

Comunidade

Hot Features

Follow Feed

Fluxo de Opções

Monitor

RCD Invesco S&P 500 Equal Weight Consumer Discretionary ETF

Notícias Rydex Etf Trust

Seu Histórico Recente

Empresa

Negócios

Popular

Obter o aplicativo