UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number    811-21261

Rydex ETF Trust

(Exact name of registrant as specified in charter)

805 King Farm Boulevard, Suite 600, Rockville, Maryland 20850

(Address of principal executive offices)		(Zip code)
	Richard Goldman
	Rydex ETF Trust
	805 King Farm Boulevard, Suite 600
	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                     

Date of reporting period: January 31, 2011                     

     Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

     A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

 Attached hereto.

RYDEX S&P EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited)	January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 99.8%
Aerospace & Defense 2.5%
Boeing Co.(The)		100,253	$	6,965,578
General Dynamics Corp.		91,709		6,914,859
Goodrich Corp.		73,987		6,704,702
Honeywell International, Inc.		120,923		6,772,897
ITT Corp.		126,868		7,475,063
L-3 Communications Holdings, Inc.		91,175		7,134,444
Lockheed Martin Corp.		91,773		7,305,131
Northrop Grumman Corp.		100,012		6,930,832
Precision Castparts Corp.		46,437		6,640,027
Raytheon Co.		142,280		7,112,577
Rockwell Collins, Inc.		111,017		7,120,630
United Technologies Corp.		81,708		6,642,860
Total Aerospace & Defense				83,719,600
Air Freight & Logistics 0.7%
C.H. Robinson Worldwide, Inc.		81,518		6,284,223
Expeditors International of Washington, Inc.		113,431		5,747,549
FedEx Corp.		68,555		6,191,887
United Parcel Service, Inc. — Class B		87,549		6,270,259
Total Air Freight & Logistics				24,493,918
Airlines 0.2%
Southwest Airlines Co.		510,543		6,049,935
Total Airlines				6,049,935
Auto Components 0.4%
Goodyear Tire & Rubber Co.(The)*		549,244		6,525,019
Johnson Controls, Inc.		166,231		6,381,608
Total Auto Components				12,906,627
Automobiles 0.4%
Ford Motor Co.*		385,001		6,140,766
Harley-Davidson, Inc.		188,609		7,478,347
Total Automobiles				13,619,113
Beverages 1.3%
Brown-Forman Corp. — Class B		92,283		6,122,977
Coca-Cola Co.(The)		98,805		6,209,894
Coca-Cola Enterprises, Inc.		254,538		6,404,176
Constellation Brands, Inc. — Class A*		289,120		5,556,886
Dr Pepper Snapple Group, Inc.		173,874		6,160,356
Molson Coors Brewing Co. — Class B		126,946		5,949,959
PepsiCo, Inc.		98,205		6,315,564
Total Beverages				42,719,812
Biotechnology 1.1%
Amgen, Inc.*		113,975		6,277,743
Biogen Idec, Inc.*		95,089		6,225,477
Celgene Corp.*		109,849		5,660,519
Cephalon, Inc.*		102,232		6,039,866
Genzyme Corp.*		92,403		6,777,760
Gilead Sciences, Inc.*		170,692		6,551,159
Total Biotechnology				37,532,524
Building Products 0.2%
Masco Corp.		491,501		6,546,793
Total Building Products				6,546,793
Capital Markets 2.8%
Ameriprise Financial, Inc.		115,880		7,144,002
Bank of New York Mellon Corp.		219,418		6,852,424
Charles Schwab Corp.(The)		379,953		6,858,152
E*TRADE Financial Corp.*		427,361		7,077,098
Federated Investors, Inc. — Class B		243,735		6,600,344
Franklin Resources, Inc.		55,562		6,703,555
Goldman Sachs Group, Inc.(The)		39,246		6,421,431
Invesco Ltd.		285,529		7,063,987
Janus Capital Group, Inc.		519,017		6,700,509
Legg Mason, Inc.		181,104		5,999,976
Morgan Stanley		248,171		7,296,227
Northern Trust Corp.		118,057		6,136,603
State Street Corp.		141,305		6,601,770
T. Rowe Price Group, Inc.		103,059		6,793,649
Total Capital Markets				94,249,727
Chemicals 2.8%
Air Products & Chemicals, Inc.		72,870		6,357,908
Airgas, Inc.		102,179		6,403,558
CF Industries Holdings, Inc.		52,959		7,151,583
Dow Chemical Co.(The)		188,039		6,671,624
Du Pont (E.I.) de Nemours & Co.		130,541		6,615,818
Eastman Chemical Co.		80,320		7,458,515
Ecolab, Inc.		129,683		6,443,948
FMC Corp.		80,708		6,138,650
International Flavors & Fragrances, Inc.		116,888		6,668,460
Monsanto Co.		102,422		7,515,726
PPG Industries, Inc.		79,241		6,678,432
Praxair, Inc.		68,805		6,401,617
Sherwin-Williams Co.(The)		78,772		6,674,352
Sigma-Aldrich Corp.		96,318		6,130,641
Total Chemicals				93,310,832
Commercial Banks 2.9%
BB&T Corp.		244,670		6,762,679
Comerica, Inc.		158,734		6,063,639
Fifth Third Bancorp		463,727		6,895,620
First Horizon National Corp.*		604,834		6,852,769
Huntington Bancshares, Inc.		1,033,206		7,480,411
KeyCorp		797,272		7,095,721
M&T Bank Corp.		78,263		6,767,402
Marshall & Ilsley Corp.		1,082,837		7,569,031
PNC Financial Services Group, Inc.		110,508		6,630,480
Regions Financial Corp.		1,052,818		7,475,008
SunTrust Banks, Inc.		249,397		7,589,151
U.S. Bancorp		247,361		6,678,747
Wells Fargo & Co.		215,094		6,973,347
Zions Bancorp		289,331		6,822,425
Total Commercial Banks				97,656,430
Commercial Services & Supplies 1.5%
Avery Dennison Corp.		153,036		6,441,285
Cintas Corp.		219,366		6,155,410
Iron Mountain, Inc.		255,728		6,237,206
Pitney Bowes, Inc.		263,985		6,409,556
R.R. Donnelley & Sons Co.		367,952		6,520,109
Republic Services, Inc.		215,646		6,650,523
Stericycle, Inc.*		82,057		6,440,654
Waste Management, Inc.		178,085		6,744,079
Total Commercial Services & Supplies				51,598,822
Communications Equipment 1.7%
Cisco Systems, Inc.*		327,118		6,918,546
F5 Networks, Inc.*		48,141		5,217,522
Harris Corp.		138,453		6,443,603
JDS Uniphase Corp.*		452,152		7,673,019
Juniper Networks, Inc.*		175,996		6,532,971
Motorola Mobility Holdings, Inc.*		212,453		5,921,065
Motorola Solutions, Inc.*		177,538		6,883,148
QUALCOMM, Inc.		130,093		7,041,934
Tellabs, Inc.		967,989		5,130,342
Total Communications Equipment				57,762,150
Computers & Peripherals 1.6%
Apple, Inc.*		20,134		6,831,869

RYDEX S&P EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Dell, Inc.*		484,171	$	6,371,690
EMC Corp.*		284,044		7,069,855
Hewlett-Packard Co.		153,936		7,033,336
Lexmark International, Inc. — Class A*		182,444		6,356,349
NetApp, Inc.*		120,238		6,580,626
SanDisk Corp.*		132,642		6,017,968
Western Digital Corp.*		195,461		6,649,583
Total Computers & Peripherals				52,911,276
Construction & Engineering 0.7%
Fluor Corp.		102,211		7,071,979
Jacobs Engineering Group, Inc.*		151,885		7,802,333
Quanta Services, Inc.*		326,266		7,742,292
Total Construction & Engineering				22,616,604
Construction Materials 0.2%
Vulcan Materials Co.		136,520		5,810,291
Total Construction Materials				5,810,291
Consumer Finance 0.9%
American Express Co.		144,909		6,286,153
Capital One Financial Corp.		157,902		7,604,560
Discover Financial Services		348,716		7,180,063
SLM Corp.*		536,718		7,734,106
Total Consumer Finance				28,804,882
Containers & Packaging 0.8%
Ball Corp.		93,890		6,678,396
Bemis Co., Inc.		196,752		6,404,277
Owens-Illinois, Inc.*		213,594		6,298,887
Sealed Air Corp.		258,375		6,896,029
Total Containers & Packaging				26,277,589
Distributors 0.2%
Genuine Parts Co.		126,067		6,523,967
Total Distributors				6,523,967
Diversified Consumer Services 0.6%
Apollo Group, Inc. — Class A*		168,136		6,938,973
DeVry, Inc.		143,491		7,477,316
H&R Block, Inc.		497,825		6,232,769
Total Diversified Consumer Services				20,649,058
Diversified Financial Services 1.9%
Bank of America Corp.		515,672		7,080,176
Citigroup, Inc.*		1,405,861		6,776,250
CME Group, Inc.		20,072		6,193,416
IntercontinentalExchange, Inc.*		54,985		6,625,143
JPMorgan Chase & Co.		161,436		7,254,934
Leucadia National Corp.		227,898		7,411,243
Moody’s Corp.		241,045		7,079,492
Nasdaq OMX Group (The)*		275,222		6,737,435
NYSE Euronext		217,741		6,926,341
Total Diversified Financial Services				62,084,430
Diversified Telecommunication Services 1.1%
AT&T, Inc.		220,896		6,079,058
CenturyTel, Inc.		142,133		6,145,831
Frontier Communications Corp.		685,095		6,282,321
Qwest Communications International, Inc.		865,742		6,172,740
Verizon Communications, Inc.		185,793		6,617,947
Windstream Corp.		457,087		5,855,285
Total Diversified Telecommunication Services				37,153,182
Electric Utilities 2.8%
Allegheny Energy, Inc.		275,740		7,108,577
American Electric Power Co., Inc.		179,133		6,391,465
Duke Energy Corp.		365,604		6,537,000
Edison International		167,929		6,092,464
Entergy Corp.		91,674		6,616,113
Exelon Corp.		157,673		6,702,679
FirstEnergy Corp.		179,215		7,010,891
NextEra Energy, Inc.		126,028		6,737,457
Northeast Utilities		202,851		6,677,855
Pepco Holdings, Inc.		352,265		6,541,561
Pinnacle West Capital Corp.		156,006		6,351,004
PPL Corp.		251,357		6,482,497
Progress Energy, Inc.		147,547		6,627,811
Southern Co.		170,826		6,426,474
Total Electric Utilities				92,303,848
Electrical Equipment 0.6%
Emerson Electric Co.		110,038		6,479,037
Rockwell Automation, Inc.		89,627		7,260,683
Roper Industries, Inc.		82,346		6,397,461
Total Electrical Equipment				20,137,181
Electronic Equipment, Instruments & Components 1.1%
Amphenol Corp. — Class A		121,475		6,722,426
Corning, Inc.		344,300		7,646,903
FLIR Systems, Inc.*		230,214		7,145,843
Jabil Circuit, Inc.		378,289		7,645,221
Molex, Inc.		283,657		7,417,630
Total Electronic Equipment, Instruments & Components				36,578,023
Energy Equipment & Services 2.4%
Baker Hughes, Inc.		116,371		7,972,577
Cameron International Corp.*		130,291		6,944,510
Diamond Offshore Drilling, Inc.		101,270		7,262,072
FMC Technologies, Inc.*		73,009		6,862,846
Halliburton Co.		160,368		7,216,560
Helmerich & Payne, Inc.		132,628		7,789,242
Nabors Industries, Ltd.*		293,943		7,172,209
National-Oilwell Varco, Inc.		102,395		7,566,991
Noble Corp.		174,286		6,666,440
Rowan Cos., Inc.*		191,010		6,547,823
Schlumberger, Ltd.		79,561		7,080,133
Total Energy Equipment & Services				79,081,403
Food & Staples Retailing 1.7%
Costco Wholesale Corp.		89,536		6,432,266
CVS Caremark Corp.		186,862		6,390,680
Kroger Co.(The)		299,030		6,399,242
Safeway, Inc.		300,587		6,219,145
SUPERVALU, Inc.		739,599		5,391,677
Sysco Corp.		220,392		6,422,223
Wal-Mart Stores, Inc.		118,216		6,628,371
Walgreen Co.		171,184		6,922,681
Whole Foods Market, Inc.		129,864		6,715,268
Total Food & Staples Retailing				57,521,553
Food Products 2.9%
Archer-Daniels-Midland Co.		212,835		6,953,319
Campbell Soup Co.		183,918		6,278,961
ConAgra Foods, Inc.		287,744		6,425,324
Dean Foods Co.*		798,239		8,102,126
General Mills, Inc.		176,504		6,138,809
H.J. Heinz Co.		127,485		6,055,537
Hershey Co.(The)		134,326		6,271,681
Hormel Foods Corp.		125,687		6,208,938
J.M. Smucker Co.(The)		98,524		6,124,252
Kellogg Co.		126,257		6,350,727
Kraft Foods, Inc. — Class A		204,011		6,236,616
McCormick & Co., Inc.		136,283		6,023,709
Mead Johnson Nutrition Co.		103,727		6,013,054
Sara Lee Corp.		393,427		6,676,456
Tyson Foods, Inc. — Class A		369,585		6,079,673
Total Food Products				95,939,182

2

RYDEX S&P EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Gas Utilities 0.4%
Nicor, Inc.		128,851	$	6,503,110
Oneok, Inc.		119,876		7,059,498
Total Gas Utilities				13,562,608
Health Care Equipment & Supplies 2.4%
Baxter International, Inc.		124,278		6,026,240
Becton, Dickinson & Co.		76,156		6,317,140
Boston Scientific Corp.*		892,927		6,232,630
C.R. Bard, Inc.		68,107		6,425,895
CareFusion Corp.*		265,350		6,827,456
Dentsply International, Inc.		188,681		6,694,402
Intuitive Surgical, Inc.*		24,546		7,926,149
Medtronic, Inc.		178,310		6,832,839
St Jude Medical, Inc.*		153,501		6,216,791
Stryker Corp.		118,746		6,835,020
Varian Medical Systems, Inc.*		92,554		6,253,874
Zimmer Holdings, Inc.*		119,277		7,056,427
Total Health Care Equipment & Supplies				79,644,863
Health Care Providers & Services 3.3%
Aetna, Inc.		213,637		7,037,203
AmerisourceBergen Corp.		197,511		7,082,744
Cardinal Health, Inc.		169,938		7,054,126
CIGNA Corp.		177,637		7,464,307
Coventry Health Care, Inc.*		242,287		7,261,341
DaVita, Inc.*		92,623		6,840,209
Express Scripts, Inc.*		118,208		6,658,657
Humana, Inc.*		117,290		6,799,301
Laboratory Corp. of America Holdings*		72,939		6,557,945
McKesson Corp.		94,071		7,071,317
Medco Health Solutions, Inc.*		103,788		6,333,144
Patterson Cos., Inc.		208,813		6,903,358
Quest Diagnostics, Inc.		119,967		6,832,121
Tenet Healthcare Corp.*		973,490		6,473,708
UnitedHealth Group, Inc.		181,378		7,445,567
WellPoint, Inc.*		115,281		7,161,256
Total Health Care Providers & Services				110,976,304
Health Care Technology 0.2%
Cerner Corp.*		68,538		6,774,981
Total Health Care Technology				6,774,981
Hotels, Restaurants & Leisure 1.9%
Carnival Corp.		151,781		6,786,128
Darden Restaurants, Inc.		129,882		6,118,741
International Game Technology		394,569		6,774,750
Marriott International, Inc. — Class A		156,436		6,177,658
McDonald’s Corp.		84,174		6,201,099
Starbucks Corp.		198,118		6,246,660
Starwood Hotels & Resorts Worldwide, Inc.		108,271		6,384,741
Wyndham Worldwide Corp.		214,788		6,041,986
Wynn Resorts Ltd.		61,175		7,116,488
Yum! Brands, Inc.		129,063		6,034,986
Total Hotels, Restaurants & Leisure				63,883,237
Household Durables 1.8%
D.R. Horton, Inc.		573,757		7,108,849
Fortune Brands, Inc.		104,836		6,466,284
Harman International Industries, Inc.*		135,654		5,876,531
Leggett & Platt, Inc.		282,456		6,363,734
Lennar Corp. — Class A		375,346		7,266,699
Newell Rubbermaid, Inc.		362,654		6,981,090
Pulte Homes, Inc.*		937,861		7,399,723
Stanley Black & Decker, Inc.		102,149		7,424,189
Whirlpool Corp.		72,121		6,166,346
Total Household Durables				61,053,445
Household Products 0.8%
Clorox Co.		103,417		6,503,895
Colgate-Palmolive Co.		79,570		6,108,589
Kimberly-Clark Corp.		103,753		6,715,932
Procter & Gamble Co.		100,102		6,319,439
Total Household Products				25,647,855
Independent Power Producers & Energy Traders 0.6%
AES Corp.(The)*		570,726		7,077,002
Constellation Energy Group, Inc.		226,919		7,318,138
NRG Energy, Inc.*		352,451		7,313,358
Total Independent Power Producers & Energy Traders				21,708,498
Industrial Conglomerates 0.8%
3M Co.		74,737		6,570,877
General Electric Co.		363,409		7,319,057
Textron, Inc.		276,558		7,270,710
Tyco International Ltd.		152,669		6,844,151
Total Industrial Conglomerates				28,004,795
Insurance 4.3%
ACE Ltd.		105,064		6,470,892
AFLAC, Inc.		117,410		6,760,468
Allstate Corp.		206,726		6,437,448
American International Group, Inc.*		145,314		5,863,420
Aon Corp.		145,082		6,636,051
Assurant, Inc.		172,451		6,765,253
Berkshire Hathaway, Inc. — Class B*		80,819		6,606,953
Chubb Corp.		108,250		6,270,922
Cincinnati Financial Corp.		200,911		6,437,188
Genworth Financial, Inc. — Class A*		504,408		6,844,817
Hartford Financial Services Group, Inc.		249,818		6,939,944
Lincoln National Corp.		230,097		6,635,997
Loews Corp.		167,110		6,692,755
Marsh & McLennan Cos., Inc.		240,257		6,698,365
MetLife, Inc.		148,108		6,778,903
Principal Financial Group, Inc.		199,553		6,539,352
Progressive Corp.		326,818		6,474,265
Prudential Financial, Inc.		112,517		6,920,921
Torchmark Corp.		107,073		6,670,648
Travelers Cos., Inc.(The)		116,669		6,563,798
Unum Group		272,976		6,808,021
XL Group PLC		298,621		6,844,393
Total Insurance				145,660,774
Internet & Catalog Retail 0.8%
Amazon.com, Inc.*		36,250		6,149,450
Expedia, Inc.		248,305		6,247,354
Netflix, Inc.*		35,561		7,612,899
Priceline.com, Inc.*		16,157		6,923,597
Total Internet & Catalog Retail				26,933,300
Internet Software & Services 1.1%
Akamai Technologies, Inc.*		129,099		6,238,064
eBay, Inc.*		211,674		6,426,422
Google, Inc. — Class A*		10,916		6,553,530
Monster Worldwide, Inc.*		261,373		4,351,860
VeriSign, Inc.		189,272		6,369,003
Yahoo!, Inc.*		391,259		6,307,095
Total Internet Software & Services				36,245,974
IT Services 2.7%
Automatic Data Processing, Inc.		137,845		6,602,775
Cognizant Technology Solutions Corp. — Class A*		91,677		6,687,837
Computer Sciences Corp.		133,590		7,119,011
Fidelity National Information Services, Inc.		232,042		7,061,038
Fiserv, Inc.*		107,015		6,610,317

3

RYDEX S&P EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
International Business Machines Corp.		44,674	$	7,237,188
Mastercard, Inc. — Class A		28,903		6,835,849
Paychex, Inc.		209,776		6,712,832
SAIC, Inc.*		417,019		6,910,005
Teradata Corp.*		150,583		6,473,563
Total System Services, Inc.		421,284		7,334,554
Visa, Inc. — Class A		96,138		6,715,239
Western Union Co.		353,092		7,160,706
Total IT Services				89,460,914
Leisure Equipment & Products 0.3%
Hasbro, Inc.		131,080		5,779,317
Mattel, Inc.		254,512		6,026,844
Total Leisure Equipment & Products				11,806,161
Life Sciences Tools & Services 1.0%
Agilent Technologies, Inc.*		162,390		6,792,774
Life Technologies Corp.*		115,471		6,268,920
PerkinElmer, Inc.		249,284		6,376,685
Thermo Fisher Scientific, Inc.*		116,600		6,677,682
Waters Corp.*		80,230		6,128,770
Total Life Sciences Tools & Services				32,244,831
Machinery 2.6%
Caterpillar, Inc.		69,275		6,720,368
Cummins, Inc.		59,498		6,299,648
Danaher Corp.		137,990		6,355,819
Deere & Co.		78,492		7,134,923
Dover Corp.		111,962		7,176,764
Eaton Corp.		64,011		6,910,628
Flowserve Corp.		55,644		6,954,944
Illinois Tool Works, Inc.		124,989		6,685,662
Ingersoll-Rand PLC		138,891		6,555,655
PACCAR, Inc.		112,573		6,359,249
Pall Corp.		128,813		7,137,528
Parker-Hannifin Corp.		75,655		6,764,313
Snap-on, Inc.		112,634		6,378,463
Total Machinery				87,433,964
Media 3.1%
Cablevision Systems Corp. — Class A		186,052		6,297,860
CBS Corp. — Class B		358,310		7,105,287
Comcast Corp. — Class A		298,337		6,787,167
DIRECTV — Class A*		163,204		6,918,218
Discovery Communications, Inc. — Class A*		153,061		5,969,379
Gannett Co., Inc.		414,527		6,110,128
Interpublic Group of Cos., Inc.*		590,418		6,311,568
McGraw-Hill Cos., Inc.		176,645		6,885,622
News Corp. — Class A		447,125		6,715,818
Omnicom Group, Inc.		140,348		6,298,818
Scripps Networks Interactive — Class A		125,928		5,855,652
Time Warner Cable, Inc.		99,973		6,781,169
Time Warner, Inc.		206,568		6,496,564
Viacom, Inc. — Class B		167,110		6,943,420
Walt Disney Co.(The)		174,460		6,781,260
Washington Post Co. — Class B		15,299		6,553,327
Total Media				104,811,257
Metals & Mining 1.8%
AK Steel Holding Corp.		419,715		6,673,468
Alcoa, Inc.		446,448		7,397,643
Allegheny Technologies, Inc.		119,463		7,787,793
Cliffs Natural Resources, Inc.		85,273		7,287,431
Freeport-McMoRan Copper & Gold, Inc.		57,911		6,297,821
Newmont Mining Corp.		107,840		5,938,749
Nucor Corp.		145,590		6,684,037
Titanium Metals Corp.*		378,775		7,139,909
United States Steel Corp.		112,798		6,505,061
Total Metals & Mining				61,711,912
Multi-Utilities 2.9%
Ameren Corp.		227,776		6,462,005
CenterPoint Energy, Inc.		406,155		6,559,403
CMS Energy Corp.		339,634		6,622,863
Consolidated Edison, Inc.		130,329		6,504,720
Dominion Resources, Inc.		152,591		6,643,812
DTE Energy Co.		141,594		6,550,139
Integrys Energy Group, Inc.		130,890		6,229,055
NiSource, Inc.		374,392		6,971,179
PG&E Corp.		134,835		6,240,164
Public Service Enterprise Group, Inc.		202,640		6,571,615
SCANA Corp.		158,471		6,698,569
Sempra Energy		124,350		6,474,905
TECO Energy, Inc.		371,871		6,846,145
Wisconsin Energy Corp.		109,819		6,620,988
Xcel Energy, Inc.		272,544		6,423,862
Total Multi-Utilities				98,419,424
Multiline Retail 1.5%
Big Lots, Inc.*		223,647		7,109,738
Family Dollar Stores, Inc.		130,071		5,525,416
J.C. Penney Co., Inc.		196,424		6,299,318
Kohl’s Corp.*		119,135		6,049,675
Macy’s, Inc.		250,922		5,808,844
Nordstrom, Inc.		152,561		6,282,462
Sears Holdings Corp.*		94,709		7,138,217
Target Corp.		109,349		5,995,606
Total Multiline Retail				50,209,276
Office Electronics 0.2%
Xerox Corp.		546,893		5,808,004
Total Office Electronics				5,808,004
Oil, Gas & Consumable Fuels 6.5%
Anadarko Petroleum Corp.		95,947		7,395,595
Apache Corp.		55,334		6,604,666
Cabot Oil & Gas Corp.		179,306		7,464,509
Chesapeake Energy Corp.		274,049		8,092,667
Chevron Corp.		72,530		6,885,273
ConocoPhillips		98,373		7,029,735
CONSOL Energy, Inc.		150,143		7,462,107
Denbury Resources, Inc.*		343,657		6,993,420
Devon Energy Corp.		88,049		7,809,066
El Paso Corp.		483,819		7,683,046
EOG Resources, Inc.		71,323		7,588,054
EQT Corp.		147,987		7,131,494
Exxon Mobil Corp.		89,407		7,213,357
Hess Corp.		86,721		7,294,971
Marathon Oil Corp.		183,607		8,390,840
Massey Energy Co.		127,347		8,005,032
Murphy Oil Corp.		91,226		6,048,284
Newfield Exploration Co.*		90,105		6,592,983
Noble Energy, Inc.		76,565		6,975,071
Occidental Petroleum Corp.		68,077		6,581,684
Peabody Energy Corp.		106,344		6,744,336
Pioneer Natural Resources Co.		75,655		7,199,330
QEP Resources, Inc.		175,598		7,136,303
Range Resources Corp.		152,742		7,617,244
Southwestern Energy Co.*		180,961		7,147,959
Spectra Energy Corp.		263,815		6,919,867
Sunoco, Inc.		164,752		6,993,722
Tesoro Corp.*		375,488		7,228,144
Valero Energy Corp.		303,100		7,686,616
Williams Cos., Inc.(The)		272,976		7,367,622
Total Oil, Gas & Consumable Fuels				217,282,997

4

RYDEX S&P EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Paper & Forest Products 0.4%
International Paper Co.		253,366	$	7,317,210
MeadWestvaco Corp.		257,646		7,376,405
Total Paper & Forest Products				14,693,615
Personal Products 0.4%
Avon Products, Inc.		224,112		6,344,611
Estee Lauder Cos., Inc. — Class A		82,397		6,632,958
Total Personal Products				12,977,569
Pharmaceuticals 2.1%
Abbott Laboratories		133,015		6,006,958
Allergan, Inc.		91,145		6,435,749
Bristol-Myers Squibb Co.		241,696		6,085,905
Eli Lilly & Co.		183,582		6,383,146
Forest Laboratories, Inc.*		192,313		6,204,017
Hospira, Inc.*		112,686		6,223,648
Johnson & Johnson, Inc.		103,477		6,184,820
Merck & Co., Inc.		175,318		5,815,298
Mylan, Inc.*		302,665		7,009,722
Pfizer, Inc.		375,087		6,834,085
Watson Pharmaceuticals, Inc.*		125,337		6,833,373
Total Pharmaceuticals				70,016,721
Professional Services 0.6%
Dun & Bradstreet Corp.		79,651		6,766,352
Equifax, Inc.		181,072		6,467,892
Robert Half International, Inc.		213,697		6,701,538
Total Professional Services				19,935,782
Real Estate Investment Trusts (REITs) 3.2%
Apartment Investment & Management Co. — Class A		263,677		6,739,584
AvalonBay Communities, Inc.		59,908		6,945,135
Boston Properties, Inc.		78,643		7,421,540
Equity Residential		130,421		7,067,514
HCP, Inc.		188,742		7,000,441
Health Care REIT, Inc.		145,392		7,135,839
Host Hotels & Resorts, Inc.		381,192		7,055,864
Kimco Realty Corp.		388,322		7,024,745
Plum Creek Timber Co., Inc.		181,370		7,593,962
ProLogis		469,076		6,998,614
Public Storage, Inc.		66,279		7,223,085
Simon Property Group, Inc.		68,176		6,916,455
Ventas, Inc.		131,731		7,305,801
Vornado Realty Trust		80,664		7,105,692
Weyerhaeuser Co.		358,809		8,317,193
Total Real Estate Investment Trusts (REITs)				107,851,464
Real Estate Management & Development 0.2%
CB Richard Ellis Group, Inc. — Class A*		315,726		7,005,960
Total Real Estate Management & Development				7,005,960
Road & Rail 0.8%
CSX Corp.		100,951		7,127,141
Norfolk Southern Corp.		102,538		6,274,300
Ryder System, Inc.		129,024		6,203,474
Union Pacific Corp.		69,973		6,621,545
Total Road & Rail				26,226,460
Semiconductors & Semiconductor Equipment 4.1%
Advanced Micro Devices, Inc.*		804,022		6,295,492
Altera Corp.		175,906		6,608,788
Analog Devices, Inc.		173,212		6,725,822
Applied Materials, Inc.		482,411		7,569,029
Broadcom Corp. — Class A		145,432		6,557,529
First Solar, Inc.*		47,648		7,365,428
Intel Corp.		303,139		6,505,363
KLA-Tencor Corp.		162,706		7,172,080
Linear Technology Corp.		186,905		6,502,425
LSI Corp.*		1,078,037		6,673,049
MEMC Electronic Materials, Inc.*		587,463		6,514,965
Microchip Technology, Inc.		187,519		6,838,818
Micron Technology, Inc.*		801,768		8,450,635
National Semiconductor Corp.		473,657		7,180,640
Novellus Systems, Inc.*		195,712		7,059,332
NVIDIA Corp.*		451,832		10,807,821
Teradyne, Inc.*		467,900		7,804,572
Texas Instruments, Inc.		197,988		6,713,773
Xilinx, Inc.		225,419		7,258,492
Total Semiconductors & Semiconductor Equipment				136,604,053
Software 2.9%
Adobe Systems, Inc.*		226,367		7,481,429
Autodesk, Inc.*		166,772		6,784,285
BMC Software, Inc.*		132,490		6,319,773
CA, Inc.		259,761		6,182,312
Citrix Systems, Inc.*		93,361		5,898,548
Compuware Corp.*		549,631		5,892,044
Electronic Arts, Inc.*		406,885		6,343,337
Intuit, Inc.*		130,904		6,143,325
McAfee, Inc.*		138,733		6,645,311
Microsoft Corp.		230,746		6,397,433
Novell, Inc.*		1,076,277		6,479,187
Oracle Corp.		213,130		6,826,554
Red Hat, Inc.*		134,038		5,538,450
Salesforce.com, Inc.*		46,950		6,063,123
Symantec Corp.*		374,136		6,588,535
Total Software				95,583,646
Specialty Retail 3.3%
Abercrombie & Fitch Co. — Class A		115,923		5,843,678
AutoNation, Inc.*		235,643		6,765,310
AutoZone, Inc.*		23,977		6,078,889
Bed Bath & Beyond, Inc.*		135,184		6,488,832
Best Buy Co., Inc.		186,642		6,345,828
CarMax, Inc.*		184,258		6,016,024
GameStop Corp. — Class A*		297,440		6,267,061
Gap, Inc.(The)		303,910		5,856,346
Home Depot, Inc.		183,857		6,760,422
Limited Brands, Inc.		208,835		6,106,335
Lowe’s Cos., Inc.		253,818		6,294,686
O’Reilly Automotive, Inc.*		102,439		5,821,608
RadioShack Corp.		348,217		5,275,488
Ross Stores, Inc.		100,930		6,580,636
Staples, Inc.		284,127		6,338,873
Tiffany & Co.		99,912		5,807,885
TJX Cos., Inc.		147,466		6,988,414
Urban Outfitters, Inc.*		176,145		5,957,224
Total Specialty Retail				111,593,539
Textiles, Apparel & Luxury Goods 0.7%
Coach, Inc.		111,518		6,032,009
NIKE, Inc. — Class B		72,341		5,966,686
Polo Ralph Lauren Corp.		57,002		6,109,474
V.F. Corp.		73,211		6,056,014
Total Textiles, Apparel & Luxury Goods				24,164,183
Thrifts & Mortgage Finance 0.4%
Hudson City Bancorp, Inc.		516,978		5,676,418
People’s United Financial, Inc.		478,526		6,177,771
Total Thrifts & Mortgage Finance				11,854,189
Tobacco 0.7%
Altria Group, Inc.		258,694		6,081,896
Lorillard, Inc.		78,112		5,877,147
Philip Morris International, Inc.		108,142		6,190,048

5

RYDEX S&P EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)	January 31, 2011

			Market
	Shares		Value
Reynolds American, Inc.		200,226	$	6,369,189
Total Tobacco				24,518,280
Trading Companies & Distributors 0.4%
Fastenal Co.		109,116		6,335,275
W.W. Grainger, Inc.		47,195		6,204,727
Total Trading Companies & Distributors				12,540,002
Wireless Telecommunication Services 0.6%
American Tower Corp. — Class A*		129,191		6,570,654
MetroPCS Communications, Inc.*		525,638		6,796,500
Sprint Nextel Corp.*		1,548,580		6,999,583
Total Wireless Telecommunication Services				20,366,737
Total Common Stocks (Cost $3,029,526,829)				3,341,776,326
SHORT TERM INVESTMENTS 0.2%
SSgA Government Money Market Fund		6,199,000		6,199,000
Total Short Term Investments (Cost $6,199,000)				6,199,000
Total Investments 100.0%(a) (Cost $3,035,725,829)				3,347,975,326
Other Assets in Excess of Liabilities— 0.0%(b)				1,179,051
Net Assets — 100.0%			$	3,349,154,377

*	Non-Income Producing Security.
(a)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. (Note G)
(b)	Amount represents less than 0.05% of net assets.

6

RYDEX RUSSELL TOP 50 ETF
SCHEDULE OF INVESTMENTS (Unaudited)	January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 99.8%
Aerospace & Defense 2.2%
Boeing Co.(The)		48,790	$	3,389,929
United Technologies Corp.		59,970		4,875,561
Total Aerospace & Defense				8,265,490
Air Freight & Logistics 0.9%
United Parcel Service, Inc. — Class B		45,900		3,287,358
Total Air Freight & Logistics				3,287,358
Beverages 4.1%
Coca-Cola Co.(The)		135,389		8,509,199
PepsiCo, Inc.		103,659		6,666,310
Total Beverages				15,175,509
Biotechnology 0.9%
Amgen, Inc.*		61,570		3,391,276
Total Biotechnology				3,391,276
Capital Markets 1.5%
Goldman Sachs Group, Inc.(The)		33,090		5,414,186
Total Capital Markets				5,414,186
Commercial Banks 3.7%
U.S. Bancorp		123,209		3,326,643
Wells Fargo & Co.		312,778		10,140,263
Total Commercial Banks				13,466,906
Communications Equipment 3.7%
Cisco Systems, Inc.*		367,087		7,763,890
QUALCOMM, Inc.		105,439		5,707,413
Total Communications Equipment				13,471,303
Computers & Peripherals 7.2%
Apple, Inc.*		58,490		19,846,827
Hewlett-Packard Co.		140,560		6,422,186
Total Computers & Peripherals				26,269,013
Consumer Finance 0.8%
American Express Co.		67,409		2,924,202
Total Consumer Finance				2,924,202
Diversified Financial Services 7.3%
Bank of America Corp.		644,865		8,853,997
Citigroup, Inc.*		1,359,749		6,553,990
JPMorgan Chase & Co.		255,728		11,492,416
Total Diversified Financial Services				26,900,403
Diversified Telecommunication Services 4.6%
AT&T, Inc.		379,797		10,452,014
Verizon Communications, Inc.		181,689		6,471,762
Total Diversified Telecommunication Services				16,923,776
Energy Equipment & Services 2.1%
Schlumberger, Ltd.		87,799		7,813,233
Total Energy Equipment & Services				7,813,233
Food & Staples Retailing 2.7%
CVS Caremark Corp.		87,469		2,991,440
Wal-Mart Stores, Inc.		124,549		6,983,462
Total Food & Staples Retailing				9,974,902
Food Products 0.9%
Kraft Foods, Inc. — Class A		103,099		3,151,736
Total Food Products				3,151,736
Health Care Equipment & Supplies 0.9%
Alcon, Inc.		4,460		726,355
Medtronic, Inc.		70,799		2,713,018
Total Health Care Equipment & Supplies				3,439,373
Hotels, Restaurants & Leisure 1.4%
McDonald’s Corp.		69,149		5,094,207
Total Hotels, Restaurants & Leisure				5,094,207
Household Products 3.2%
Procter & Gamble Co.		185,109		11,685,931
Total Household Products				11,685,931
Industrial Conglomerates 4.9%
3M Co.		45,830		4,029,374
General Electric Co.		686,235		13,820,773
Total Industrial Conglomerates				17,850,147
Insurance 2.5%
Berkshire Hathaway, Inc. — Class B*		111,159		9,087,248
Total Insurance				9,087,248
Internet & Catalog Retail 1.0%
Amazon.com, Inc.*		22,490		3,815,204
Total Internet & Catalog Retail				3,815,204
Internet Software & Services 2.6%
Google, Inc. — Class A*		15,660		9,401,638
Total Internet Software & Services				9,401,638
IT Services 4.2%
International Business Machines Corp.		82,419		13,351,878
Visa, Inc. — Class A		30,010		2,096,199
Total IT Services				15,448,077
Media 2.4%
Comcast Corp. — Class A		180,819		4,113,632
Walt Disney Co.(The)		125,889		4,893,306
Total Media				9,006,938
Oil, Gas & Consumable Fuels 13.8%
Chevron Corp.		129,109		12,256,318
ConocoPhillips		95,659		6,835,792
Exxon Mobil Corp.		327,577		26,428,912
Occidental Petroleum Corp.		52,200		5,046,696
Total Oil, Gas & Consumable Fuels				50,567,718
Pharmaceuticals 8.5%
Abbott Laboratories		99,209		4,480,278
Johnson & Johnson, Inc.		177,279		10,595,966
Merck & Co., Inc.		200,428		6,648,197
Pfizer, Inc.		518,446		9,446,086
Total Pharmaceuticals				31,170,527
Semiconductors & Semiconductor Equipment 2.1%
Intel Corp.		357,627		7,674,675
Total Semiconductors & Semiconductor Equipment				7,674,675
Software 5.9%
Microsoft Corp.		492,316		13,649,461
Oracle Corp.		244,858		7,842,802
Total Software				21,492,263
Specialty Retail 1.1%
Home Depot, Inc.		108,839		4,002,010
Total Specialty Retail				4,002,010
Tobacco 2.7%
Altria Group, Inc.		133,859		3,147,025
Philip Morris International, Inc.		119,029		6,813,220
Total Tobacco				9,960,245
Total Common Stocks (Cost $385,923,481)				366,125,494

RYDEX RUSSELL TOP 50 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)	January 31, 2011

			Market
	Shares		Value
SHORT TERM INVESTMENTS 0.3%
SSgA Government Money Market Fund		1,059,469	$	1,059,469
Total Short Term Investments (Cost $1,059,469)				1,059,469
Total Investments 100.1%(a) (Cost $386,982,950)				367,184,963
Liabilities in Excess of Other Assets — (0.1)%				(259,268	)
Net Assets — 100.0%			$	366,925,695

*	Non-Income Producing Security.
(a)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. (Note G)

2

RYDEX S&P 500 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited)	January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 99.7%
Aerospace & Defense 1.8%
L-3 Communications Holdings, Inc.		9,575	$	749,244
Northrop Grumman Corp.		8,130		563,409
Total Aerospace & Defense				1,312,653
Auto Components 0.4%
Goodyear Tire & Rubber Co.(The)*		24,310		288,803
Total Auto Components				288,803
Building Products 0.5%
Masco Corp.		28,496		379,567
Total Building Products				379,567
Capital Markets 1.5%
Goldman Sachs Group, Inc.(The)		1,850		302,697
Legg Mason, Inc.		11,090		367,412
Morgan Stanley		13,665		401,751
Total Capital Markets				1,071,860
Commercial Banks 3.0%
BB&T Corp.		15,760		435,606
Fifth Third Bancorp		36,056		536,153
PNC Financial Services Group, Inc.		6,315		378,900
Regions Financial Corp.		60,926		432,574
SunTrust Banks, Inc.		13,020		396,199
Total Commercial Banks				2,179,432
Commercial Services & Supplies 1.0%
R.R. Donnelley & Sons Co.		41,781		740,359
Total Commercial Services & Supplies				740,359
Computers & Peripherals 0.3%
Dell, Inc.*		18,640		245,302
Total Computers & Peripherals				245,302
Construction & Engineering 1.4%
Jacobs Engineering Group, Inc.*		12,270		630,310
Quanta Services, Inc.*		17,150		406,969
Total Construction & Engineering				1,037,279
Consumer Finance 2.2%
Capital One Financial Corp.		19,365		932,619
Discover Financial Services		14,375		295,981
SLM Corp.*		26,790		386,044
Total Consumer Finance				1,614,644
Containers & Packaging 0.4%
Sealed Air Corp.		11,480		306,401
Total Containers & Packaging				306,401
Diversified Financial Services 4.1%
Bank of America Corp.		75,167		1,032,043
Citigroup, Inc.*		107,338		517,369
JPMorgan Chase & Co.		11,950		537,033
Nasdaq OMX Group (The)*		21,506		526,467
NYSE Euronext		10,390		330,506
Total Diversified Financial Services				2,943,418
Electric Utilities 5.2%
Allegheny Energy, Inc.		16,660		429,495
American Electric Power Co., Inc.		9,565		341,279
Duke Energy Corp.		17,115		306,016
Edison International		10,410		377,675
Entergy Corp.		3,485		251,512
FirstEnergy Corp.		13,330		521,470
Northeast Utilities		8,410		276,857
Pepco Holdings, Inc.		49,746		923,783
Progress Energy, Inc.		6,850		307,702
Total Electric Utilities				3,735,789
Electronic Equipment, Instruments & Components 1.4%
Jabil Circuit, Inc.		50,311		1,016,785
Total Electronic Equipment, Instruments & Components				1,016,785
Energy Equipment & Services 0.5%
Rowan Cos., Inc.*		10,960		375,709
Total Energy Equipment & Services				375,709
Food & Staples Retailing 6.9%
Costco Wholesale Corp.		7,350		528,024
CVS Caremark Corp.		23,796		813,823
Kroger Co.(The)		29,946		640,845
Safeway, Inc.		24,155		499,767
SUPERVALU, Inc.		187,340		1,365,709
Sysco Corp.		11,015		320,977
Wal-Mart Stores, Inc.		6,270		351,559
Walgreen Co.		10,935		442,211
Total Food & Staples Retailing				4,962,915
Food Products 6.1%
Archer-Daniels-Midland Co.		36,747		1,200,525
ConAgra Foods, Inc.		12,595		281,246
Dean Foods Co.*		174,179		1,767,917
Tyson Foods, Inc. — Class A		69,156		1,137,616
Total Food Products				4,387,304
Gas Utilities 1.0%
Nicor, Inc.		5,935		299,540
Oneok, Inc.		7,315		430,780
Total Gas Utilities				730,320
Health Care Equipment & Supplies 0.9%
Boston Scientific Corp.*		40,591		283,325
CareFusion Corp.*		13,395		344,654
Total Health Care Equipment & Supplies				627,979
Health Care Providers & Services 9.6%
Aetna, Inc.		29,211		962,210
Cardinal Health, Inc.		21,191		879,639
Coventry Health Care, Inc.*		48,096		1,441,437
Humana, Inc.*		17,215		997,954
McKesson Corp.		12,830		964,431
UnitedHealth Group, Inc.		15,365		630,733
WellPoint, Inc.*		16,660		1,034,919
Total Health Care Providers & Services				6,911,323
Household Durables 2.1%
D.R. Horton, Inc.		46,116		571,377
Whirlpool Corp.		10,835		926,393
Total Household Durables				1,497,770
Independent Power Producers & Energy Traders 5.0%
AES Corp.(The)*		52,796		654,670
Constellation Energy Group, Inc.		51,536		1,662,036
NRG Energy, Inc.*		63,686		1,321,485
Total Independent Power Producers & Energy Traders				3,638,191
Industrial Conglomerates 0.4%
General Electric Co.		15,970		321,636
Total Industrial Conglomerates				321,636
Insurance 14.5%
ACE Ltd.		8,175		503,498
Allstate Corp.		27,615		859,931
Assurant, Inc.		26,416		1,036,300
Chubb Corp.(The)		5,655		327,594

RYDEX S&P 500 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)	January 31, 2011

			Market
	Shares		Value
Cincinnati Financial Corp.		15,320	$	490,853
Genworth Financial, Inc. — Class A*		58,306		791,212
Hartford Financial Services Group, Inc.(The)		44,446		1,234,710
Lincoln National Corp.		23,956		690,891
Loews Corp.		11,605		464,780
MetLife, Inc.		7,705		352,658
Principal Financial Group, Inc.		15,610		511,540
Prudential Financial, Inc.		13,450		827,309
Torchmark Corp.		4,110		256,053
Travelers Cos., Inc.(The)		8,755		492,556
Unum Group		35,036		873,798
XL Group PLC		33,116		759,019
Total Insurance				10,472,702
IT Services 1.4%
Computer Sciences Corp.		19,465		1,037,290
Total IT Services				1,037,290
Media 2.2%
CBS Corp. — Class B		17,140		339,886
Gannett Co., Inc.		29,791		439,119
Time Warner, Inc.		12,730		400,359
Washington Post Co.(The) — Class B		1,005		430,492
Total Media				1,609,856
Metals & Mining 1.3%
AK Steel Holding Corp.		36,851		585,931
Alcoa, Inc.		22,136		366,793
Total Metals & Mining				952,724
Multi-Utilities 5.7%
Ameren Corp.		24,645		699,179
CenterPoint Energy, Inc.		15,790		255,008
CMS Energy Corp.		20,055		391,072
Consolidated Edison, Inc.		6,815		340,137
DTE Energy Co.		9,910		458,437
Integrys Energy Group, Inc.		9,565		455,198
NiSource, Inc.		37,572		699,591
SCANA Corp.		6,270		265,033
Sempra Energy		5,300		275,971
Xcel Energy, Inc.		10,625		250,431
Total Multi-Utilities				4,090,057
Multiline Retail 2.7%
J.C. Penney Co., Inc.		15,960		511,837
Sears Holdings Corp.*		18,985		1,430,900
Total Multiline Retail				1,942,737
Office Electronics 0.5%
Xerox Corp.		35,526		377,286
Total Office Electronics				377,286
Oil, Gas & Consumable Fuels 7.9%
ConocoPhillips		6,625		473,423
Hess Corp.		3,185		267,922
Marathon Oil Corp.		20,800		950,560
QEP Resources, Inc.		12,740		517,754
Sunoco, Inc.		15,190		644,815
Tesoro Corp.*		69,501		1,337,894
Valero Energy Corp.		59,011		1,496,519
Total Oil, Gas & Consumable Fuels				5,688,887
Paper & Forest Products 1.6%
International Paper Co.		20,790		600,415
MeadWestvaco Corp.		18,205		521,209
Total Paper & Forest Products				1,121,624
Real Estate Investment Trusts (REITs) 0.6%
Weyerhaeuser Co.		17,081		395,938
Total Real Estate Investment Trusts (REITs)				395,938
Road & Rail 0.7%
Ryder System, Inc.		10,915		524,793
Total Road & Rail				524,793
Specialty Retail 3.1%
AutoNation, Inc.*		20,380		585,110
GameStop Corp. — Class A*		46,436		978,406
Lowe’s Cos., Inc.		12,160		301,568
RadioShack Corp.		22,905		347,011
Total Specialty Retail				2,212,095
Thrifts & Mortgage Finance 0.5%
People’s United Financial, Inc.		26,146		337,545
Total Thrifts & Mortgage Finance				337,545
Wireless Telecommunication Services 1.3%
Sprint Nextel Corp.*		200,414		905,871
Total Wireless Telecommunication Services				905,871
Total Common Stocks (Cost $68,564,401)				71,994,844
SHORT TERM INVESTMENTS 0.2%
SSgA Government Money Market Fund		131,059		131,059
Total Short Term Investments (Cost $131,059)				131,059
Total Investments 99.9%(a) (Cost $68,695,460)				72,125,903
Other Assets in Excess of Liabilities — 0.1%				37,192
Net Assets — 100.0%			$	72,163,095

*	Non-Income Producing Security.
(a)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. (Note G)

2

RYDEX S&P 500 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (Unaudited)	January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 99.9%
Aerospace & Defense 0.9%
Goodrich Corp.		14,730	$	1,334,833
Precision Castparts Corp.		4,300		614,857
Total Aerospace & Defense				1,949,690
Beverages 1.6%
Coca-Cola Co.(The)		9,557		600,658
Coca-Cola Enterprises, Inc.		65,663		1,652,081
Dr Pepper Snapple Group, Inc.		28,861		1,022,545
Total Beverages				3,275,284
Biotechnology 2.4%
Biogen Idec, Inc.*		26,238		1,717,802
Celgene Corp.*		23,300		1,200,649
Genzyme Corp.*		9,206		675,260
Gilead Sciences, Inc.*		38,939		1,494,479
Total Biotechnology				5,088,190
Capital Markets 0.6%
Ameriprise Financial, Inc.		20,146		1,242,001
Total Capital Markets				1,242,001
Chemicals 2.4%
CF Industries Holdings, Inc.		18,793		2,537,807
FMC Corp.		12,164		925,194
International Flavors & Fragrances, Inc.		14,865		848,048
Sigma-Aldrich Corp.		10,950		696,967
Total Chemicals				5,008,016
Commercial Services & Supplies 0.6%
Stericycle, Inc.*		15,298		1,200,740
Total Commercial Services & Supplies				1,200,740
Communications Equipment 3.2%
F5 Networks, Inc.*		24,154		2,617,810
JDS Uniphase Corp.*		111,878		1,898,570
Juniper Networks, Inc.*		59,622		2,213,169
Total Communications Equipment				6,729,549
Computers & Peripherals 6.2%
Apple, Inc.*		10,656		3,615,794
EMC Corp.*		63,510		1,580,764
NetApp, Inc.*		55,570		3,041,346
SanDisk Corp.*		34,865		1,581,825
Western Digital Corp.*		91,989		3,129,466
Total Computers & Peripherals				12,949,195
Containers & Packaging 0.4%
Ball Corp.		12,407		882,510
Total Containers & Packaging				882,510
Diversified Consumer Services 1.2%
Apollo Group, Inc. — Class A*		25,501		1,052,426
DeVry, Inc.		27,157		1,415,152
Total Diversified Consumer Services				2,467,578
Diversified Financial Services 0.8%
IntercontinentalExchange, Inc.*		13,800		1,662,762
Total Diversified Financial Services				1,662,762
Electrical Equipment 0.4%
Rockwell Automation, Inc.		9,382		760,036
Total Electrical Equipment				760,036
Electronic Equipment, Instruments & Components 1.1%
Amphenol Corp. — Class A		19,703		1,090,364
FLIR Systems, Inc.*		39,527		1,226,918
Total Electronic Equipment, Instruments & Components				2,317,282
Energy Equipment & Services 3.9%
Cameron International Corp.*		36,900		1,966,770
Diamond Offshore Drilling, Inc.		20,430		1,465,035
FMC Technologies, Inc.*		24,551		2,307,794
National-Oilwell Varco, Inc.		32,367		2,391,922
Total Energy Equipment & Services				8,131,521
Food & Staples Retailing 1.0%
Whole Foods Market, Inc.		42,357		2,190,280
Total Food & Staples Retailing				2,190,280
Health Care Equipment & Supplies 2.3%
Intuitive Surgical, Inc.*		7,786		2,514,177
St Jude Medical, Inc.*		28,831		1,167,656
Varian Medical Systems, Inc.*		16,481		1,113,621
Total Health Care Equipment & Supplies				4,795,454
Health Care Providers & Services 5.5%
CIGNA Corp.		64,656		2,716,845
Express Scripts, Inc.*		27,745		1,562,876
Laboratory Corp. of America Holdings*		13,506		1,214,324
Medco Health Solutions, Inc.*		25,423		1,551,311
Patterson Cos., Inc.		29,879		987,800
Tenet Healthcare Corp.*		524,029		3,484,793
Total Health Care Providers & Services				11,517,949
Health Care Technology 0.6%
Cerner Corp.*		13,506		1,335,068
Total Health Care Technology				1,335,068
Hotels, Restaurants & Leisure 4.7%
Darden Restaurants, Inc.		36,647		1,726,440
Starbucks Corp.		64,744		2,041,378
Starwood Hotels & Resorts Worldwide, Inc.		15,210		896,934
Wyndham Worldwide Corp.		61,610		1,733,089
Wynn Resorts Ltd.		20,781		2,417,454
Yum! Brands, Inc.		22,485		1,051,399
Total Hotels, Restaurants & Leisure				9,866,694
Internet & Catalog Retail 6.3%
Amazon.com, Inc.*		18,861		3,199,580
Expedia, Inc.		106,130		2,670,231
Netflix, Inc.*		17,569		3,761,171
Priceline.com, Inc.*		8,198		3,513,007
Total Internet & Catalog Retail				13,143,989
Internet Software & Services 3.5%
Akamai Technologies, Inc.*		61,444		2,968,974
eBay, Inc.*		74,987		2,276,605
Google, Inc. — Class A*		3,350		2,011,206
Total Internet Software & Services				7,256,785
IT Services 4.5%
Cognizant Technology Solutions Corp. — Class A*		47,516		3,466,292
International Business Machines Corp.		5,592		905,904
Mastercard, Inc. — Class A		7,228		1,709,494
Teradata Corp.*		41,954		1,803,603
Visa, Inc. — Class A		23,573		1,646,574
Total IT Services				9,531,867
Leisure Equipment & Products 0.7%
Hasbro, Inc.		34,531		1,522,472
Total Leisure Equipment & Products				1,522,472
Life Sciences Tools & Services 1.7%
Agilent Technologies, Inc.*		16,521		691,073
Life Technologies Corp.*		36,295		1,970,456
Waters Corp.*		12,603		962,743
Total Life Sciences Tools & Services				3,624,272

RYDEX S&P 500 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)	January 31, 2011

			Market
	Shares		Value
Machinery 2.7%
Cummins, Inc.		12,995	$	1,375,910
Deere & Co.		11,694		1,062,985
Flowserve Corp.		16,315		2,039,212
Ingersoll-Rand PLC		23,945		1,130,204
Total Machinery				5,608,311
Media 4.2%
Cablevision Systems Corp.		44,257		1,498,099
Comcast Corp. — Class A		58,310		1,326,552
DIRECTV — Class A*		45,910		1,946,125
Discovery Communications, Inc. — Class A*		66,850		2,607,150
Interpublic Group of Cos., Inc.*		78,091		834,793
Scripps Networks Interactive — Class A		11,829		550,049
Total Media				8,762,768
Metals & Mining 1.6%
Freeport-McMoRan Copper & Gold, Inc.		19,321		2,101,159
Newmont Mining Corp.		21,359		1,176,240
Total Metals & Mining				3,277,399
Multiline Retail 1.4%
Family Dollar Stores, Inc.		19,321		820,756
Nordstrom, Inc.		48,936		2,015,185
Total Multiline Retail				2,835,941
Oil, Gas & Consumable Fuels 3.6%
CONSOL Energy, Inc.		15,602		775,419
Massey Energy Co.		38,371		2,412,001
Peabody Energy Corp.		18,323		1,162,045
Pioneer Natural Resources Co.		21,065		2,004,545
Southwestern Energy Co.*		27,773		1,097,034
Total Oil, Gas & Consumable Fuels				7,451,044
Personal Products 0.7%
Estee Lauder Cos., Inc — Class A		17,843		1,436,361
Total Personal Products				1,436,361
Pharmaceuticals 3.7%
Allergan, Inc.		20,947		1,479,068
Eli Lilly & Co.		18,881		656,492
Hospira, Inc.*		25,413		1,403,560
Mylan, Inc.*		91,245		2,113,234
Watson Pharmaceuticals, Inc.*		38,821		2,116,521
Total Pharmaceuticals				7,768,875
Real Estate Investment Trusts (REITs) 1.0%
Ventas, Inc.		36,569		2,028,117
Total Real Estate Investment Trusts (REITs)				2,028,117
Real Estate Management & Development 0.5%
CB Richard Ellis Group, Inc. — Class A*		44,608		989,852
Total Real Estate Management & Development				989,852
Semiconductors & Semiconductor Equipment 5.5%
Advanced Micro Devices, Inc.*		143,206		1,121,303
Altera Corp.		28,009		1,052,298
Analog Devices, Inc.		27,979		1,086,425
Broadcom Corp. — Class A		43,560		1,964,121
First Solar, Inc.*		10,450		1,615,361
Linear Technology Corp.		29,527		1,027,244
Micron Technology, Inc.*		283,113		2,984,011
Xilinx, Inc.		22,897		737,283
Total Semiconductors & Semiconductor Equipment				11,588,046
Software 7.1%
BMC Software, Inc.*		25,589		1,220,595
Citrix Systems, Inc.*		26,667		1,684,821
Intuit, Inc.*		30,633		1,437,607
McAfee, Inc.*		33,699		1,614,182
Microsoft Corp.		26,707		740,451
Oracle Corp.		51,924		1,663,126
Red Hat, Inc.*		68,544		2,832,238
Salesforce.com, Inc.*		21,907		2,829,070
Symantec Corp.*		52,708		928,188
Total Software				14,950,278
Specialty Retail 7.5%
AutoZone, Inc.*		9,361		2,373,294
Bed Bath & Beyond, Inc.*		27,245		1,307,760
CarMax, Inc.*		48,320		1,577,648
Limited Brands, Inc.		51,464		1,504,807
O’Reilly Automotive, Inc.*		37,861		2,151,641
Ross Stores, Inc.		32,935		2,147,362
Tiffany & Co.		28,469		1,654,903
TJX Cos., Inc.		26,647		1,262,801
Urban Outfitters, Inc.*		50,268		1,700,064
Total Specialty Retail				15,680,280
Textiles, Apparel & Luxury Goods 2.4%
Coach, Inc.		55,146		2,982,847
NIKE, Inc. — Class B		6,964		574,391
Polo Ralph Lauren Corp.		13,073		1,401,164
Total Textiles, Apparel & Luxury Goods				4,958,402
Trading Companies & Distributors 0.4%
W.W. Grainger, Inc.		6,609		868,885
Total Trading Companies & Distributors				868,885
Wireless Telecommunication Services 1.1%
American Tower Corp. — Class A*		25,375		1,290,573
MetroPCS Communications, Inc.*		84,338		1,090,490
Total Wireless Telecommunication Services				2,381,063
Total Common Stocks (Cost $186,566,454)				209,034,806
SHORT TERM INVESTMENTS 0.1%
SSgA Government Money Market Fund		238,806		238,806
Total Short Term Investments (Cost $238,806)				238,806
Total Investments 100.0%(a) (Cost $186,805,260)				209,273,612
Liabilities in Excess of Other Assets — 0.0%(b)				(14,400	)
Net Assets — 100.0%			$	209,259,212

*	Non-Income Producing Security.
(a)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.(Note G)
(b)	Amount represents less than 0.05% of net assets.

2

RYDEX S&P MIDCAP 400 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited)	January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 99.8%
Aerospace & Defense 0.5%
Alliant Techsystems, Inc.*		3,788	$	286,979
Total Aerospace & Defense				286,979
Airlines 1.8%
Airtran Holdings, Inc.*		72,791		537,925
JetBlue Airways Corp.*		63,290		379,740
Total Airlines				917,665
Capital Markets 0.4%
Apollo Investment Corp.		18,646		219,930
Total Capital Markets				219,930
Chemicals 2.4%
Ashland, Inc.		14,001		812,898
Cabot Corp.		5,723		247,520
Olin Corp.		10,556		205,525
Total Chemicals				1,265,943
Commercial Banks 3.9%
Associated Banc-Corp.		18,234		254,911
BancorpSouth, Inc.		33,567		524,988
Fulton Financial Corp.		28,167		290,683
International Bancshares Corp.		18,933		359,159
Synovus Financial Corp.		125,990		332,614
Webster Financial Corp.		11,377		260,306
Total Commercial Banks				2,022,661
Commercial Services & Supplies 1.1%
Brink’s Co.(The)		20,901		564,327
Total Commercial Services & Supplies				564,327
Construction & Engineering 6.5%
Aecom Technology Corp.*		20,377		596,435
Granite Construction, Inc.		21,267		549,539
KBR, Inc.		19,523		626,688
Shaw Group, Inc.(The)*		14,479		546,872
URS Corp.*		23,634		1,050,531
Total Construction & Engineering				3,370,065
Containers & Packaging 0.5%
Temple-Inland, Inc.		10,012		240,188
Total Containers & Packaging				240,188
Diversified Consumer Services 1.8%
Career Education Corp.*		13,200		296,208
Regis Corp.		37,302		625,182
Total Diversified Consumer Services				921,390
Electric Utilities 4.1%
Great Plains Energy, Inc.		21,155		416,331
Hawaiian Electric Industries, Inc.		10,177		253,407
IDACORP, Inc.		5,344		199,705
NV Energy, Inc.		30,247		434,649
PNM Resources, Inc.		65,590		854,638
Total Electric Utilities				2,158,730
Electronic Equipment, Instruments & Components 7.5%
Arrow Electronics, Inc.*		24,000		907,200
Avnet, Inc.*		25,401		904,783
Ingram Micro, Inc. — Class A*		55,078		1,087,240
Tech Data Corp.*		21,844		1,024,702
Total Electronic Equipment, Instruments & Components				3,923,925
Energy Equipment & Services 1.9%
Exterran Holdings, Inc.*		11,766		291,915
Helix Energy Solutions Group, Inc.*		28,256		350,374
Tidewater, Inc.		5,657		336,535
Total Energy Equipment & Services				978,824
Food & Staples Retailing 2.0%
BJ’s Wholesale Club, Inc.*		13,843		608,261
Ruddick Corp.		12,455		419,734
Total Food & Staples Retailing				1,027,995
Food Products 2.3%
Ralcorp Holdings, Inc.*		5,268		322,402
Smithfield Foods, Inc.*		44,311		882,232
Total Food Products				1,204,634
Gas Utilities 3.3%
Atmos Energy Corp.		15,666		510,711
Questar Corp.		32,334		563,582
UGI Corp.		10,968		343,847
WGL Holdings, Inc.		8,166		294,466
Total Gas Utilities				1,712,606
Health Care Equipment & Supplies 0.6%
Teleflex, Inc.		5,390		308,955
Total Health Care Equipment & Supplies				308,955
Health Care Providers & Services 10.3%
Community Health Systems, Inc.*		26,489		930,294
Health Net, Inc.*		23,512		670,797
Kindred Healthcare, Inc.*		81,468		1,524,266
LifePoint Hospitals, Inc.*		14,189		499,453
Omnicare, Inc.		40,289		1,044,291
Owens & Minor, Inc.		24,468		722,540
Total Health Care Providers & Services				5,391,641
Hotels, Restaurants & Leisure 3.5%
Bob Evans Farms, Inc.		12,699		399,765
Boyd Gaming Corp.*		85,378		925,497
Wendy’s/Arby’s Group, Inc. — Class A		100,612		485,956
Total Hotels, Restaurants & Leisure				1,811,218
Household Durables 2.7%
American Greetings Corp. — Class A		26,789		582,125
KB Home		18,224		270,444
MDC Holdings, Inc.		7,978		246,600
Mohawk Industries, Inc.*		5,888		327,078
Total Household Durables				1,426,247
Independent Power Producers & Energy Traders 0.9%
Dynegy, Inc.*		71,301		448,483
Total Independent Power Producers & Energy Traders				448,483
Insurance 16.4%
American Financial Group, Inc.		16,800		546,504
Everest Re Group Ltd.		6,445		543,185
Fidelity National Financial, Inc. — Class A		50,100		673,845
First American Financial Corp.		74,123		1,149,648
Hanover Insurance Group, Inc.(The)		11,621		549,673
HCC Insurance Holdings, Inc.		12,178		368,750
Mercury General Corp.		8,601		365,112
Old Republic International Corp.		34,566		422,742
Protective Life Corp.		27,679		763,110
Reinsurance Group of America, Inc.		13,668		786,730
StanCorp Financial Group, Inc.		10,388		463,409
Transatlantic Holdings, Inc.		12,310		633,350
Unitrin, Inc.		33,900		912,249
W.R. Berkley Corp.		12,933		365,357
Total Insurance				8,543,664

RYDEX S&P MIDCAP 400 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)	January 31, 2011

			Market
	Shares		Value
Internet Software & Services 1.1%
AOL, Inc.*		24,824	$	583,860
Total Internet Software & Services				583,860
IT Services 3.9%
Convergys Corp.*		16,767		238,762
CoreLogic, Inc.		73,935		1,482,397
SRA International, Inc. — Class A*		12,010		320,427
Total IT Services				2,041,586
Machinery 1.5%
Harsco Corp.		15,300		493,731
Trinity Industries, Inc.		10,243		285,677
Total Machinery				779,408
Media 0.9%
Scholastic Corp.		16,200		481,626
Total Media				481,626
Metals & Mining 2.3%
Commercial Metals Co.		32,667		546,192
Reliance Steel & Aluminum Co.		8,222		429,929
Worthington Industries, Inc.		12,612		239,628
Total Metals & Mining				1,215,749
Multi-Utilities 0.4%
Vectren Corp.		7,889		208,980
Total Multi-Utilities				208,980
Oil, Gas & Consumable Fuels 2.6%
Frontier Oil Corp.*		20,855		433,784
Overseas Shipholding Group, Inc.		21,099		701,331
Southern Union Co.		8,479		226,559
Total Oil, Gas & Consumable Fuels				1,361,674
Paper & Forest Products 0.4%
Louisiana-Pacific Corp.*		22,411		225,006
Total Paper & Forest Products				225,006
Professional Services 2.5%
Manpower, Inc.		10,279		663,715
Navigant Consulting, Inc.*		65,311		665,519
Total Professional Services				1,329,234
Real Estate Investment Trusts (REITs) 0.5%
Hospitality Properties Trust		11,301		281,056
Total Real Estate Investment Trusts (REITs)				281,056
Road & Rail 0.4%
Con-way, Inc.		6,155		209,393
Total Road & Rail				209,393
Specialty Retail 4.9%
Barnes & Noble, Inc.		70,767		1,114,580
Collective Brands, Inc.*		38,390		781,620
Foot Locker, Inc.		14,067		251,237
Rent-A-Center, Inc.		13,002		386,680
Total Specialty Retail				2,534,117
Thrifts & Mortgage Finance 1.8%
Astoria Financial Corp.		25,635		365,042
First Niagara Financial Group, Inc.		15,043		208,797
Washington Federal, Inc.		20,611		356,364
Total Thrifts & Mortgage Finance				930,203
Tobacco 1.4%
Universal Corp.		19,467		737,605
Total Tobacco				737,605
Wireless Telecommunication Services 0.8%
Telephone & Data Systems, Inc.		12,234		437,366
Total Wireless Telecommunication Services				437,366
Total Common Stocks (Cost $50,149,308)				52,102,933
SHORT TERM INVESTMENTS 0.2%
SSgA Government Money Market Fund		78,209		78,209
Total Short Term Investments (Cost $78,209)				78,209
Total Investments 100.0%(a) (Cost $50,227,517)				52,181,142
Other Assets in Excess of Liabilities — 0.0%(b)				16,325
Net Assets — 100.0%			$	52,197,467

*	Non-Income Producing Security.
(a)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. (Note G)
(b)	Amount represents less than 0.05% of net assets.

2

RYDEX S&P MIDCAP 400 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (Unaudited)	January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 99.9%
Aerospace & Defense 1.5%
BE Aerospace, Inc.*		189,374	$	7,326,880
Total Aerospace & Defense				7,326,880
Auto Components 0.4%
Gentex Corp.		62,634		2,008,672
Total Auto Components				2,008,672
Beverages 1.2%
Hansen Natural Corp.*		102,960		5,831,654
Total Beverages				5,831,654
Biotechnology 1.3%
United Therapeutics Corp.*		95,042		6,460,955
Total Biotechnology				6,460,955
Capital Markets 0.6%
Waddell & Reed Financial, Inc. — Class A		80,754		2,916,834
Total Capital Markets				2,916,834
Chemicals 4.2%
Albemarle Corp.		33,060		1,856,650
Intrepid Potash, Inc.*		145,286		5,250,636
Lubrizol Corp.		48,538		5,215,893
NewMarket Corp.		65,234		8,275,585
Total Chemicals				20,598,764
Commercial Services & Supplies 1.0%
Copart, Inc.*		82,106		3,222,661
Rollins, Inc.		93,478		1,775,147
Total Commercial Services & Supplies				4,997,808
Communications Equipment 3.6%
ADTRAN, Inc.		85,612		3,521,222
Polycom, Inc.*		110,104		4,828,060
Riverbed Technology, Inc.*		264,710		9,495,148
Total Communications Equipment				17,844,430
Computers & Peripherals 0.4%
QLogic Corp.*		119,930		2,135,953
Total Computers & Peripherals				2,135,953
Distributors 1.3%
LKQ Corp.*		265,930		6,424,869
Total Distributors				6,424,869
Diversified Consumer Services 1.1%
ITT Educational Services, Inc.*		54,168		3,566,421
Strayer Education, Inc.		16,840		2,020,800
Total Diversified Consumer Services				5,587,221
Diversified Financial Services 0.5%
MSCI, Inc. — Class A*		69,290		2,371,797
Total Diversified Financial Services				2,371,797
Diversified Telecommunication Services 0.8%
tw telecom, Inc.*		242,342		4,156,165
Total Diversified Telecommunication Services				4,156,165
Electrical Equipment 0.5%
Woodward, Inc.		71,140		2,399,196
Total Electrical Equipment				2,399,196
Energy Equipment & Services 3.8%
Atwood Oceanics, Inc.*		156,466		6,324,356
Dril-Quip, Inc.*		78,112		6,023,997
Oceaneering International, Inc.*		79,362		6,129,127
Total Energy Equipment & Services				18,477,480
Food Products 1.7%
Green Mountain Coffee Roasters, Inc.*		250,044		8,396,478
Total Food Products				8,396,478
Health Care Equipment & Supplies 5.4%
Edwards Lifesciences Corp.*		74,432		6,273,873
Gen-Probe, Inc.*		52,298		3,289,021
Idexx Laboratories, Inc.*		70,998		5,090,557
Kinetic Concepts, Inc.*		97,410		4,493,523
ResMed, Inc.*		139,900		4,405,451
Thoratec Corp.*		119,778		2,825,563
Total Health Care Equipment & Supplies				26,377,988
Health Care Providers & Services 3.9%
Health Management Associates, Inc. — Class A*		553,982		5,041,236
Lincare Holdings, Inc.		136,558		3,693,894
MEDNAX, Inc.*		88,854		5,877,692
Universal Health Services, Inc. — Class B		105,104		4,424,879
Total Health Care Providers & Services				19,037,701
Health Care Technology 1.5%
Allscripts Healthcare Solutions, Inc.*		358,472		7,567,344
Total Health Care Technology				7,567,344
Hotels, Restaurants & Leisure 6.7%
Bally Technologies, Inc.*		61,262		2,507,454
Cheesecake Factory, Inc.(The)*		263,826		7,785,505
Chipotle Mexican Grill, Inc. — Class A*		39,512		8,649,967
Life Time Fitness, Inc.*		161,252		6,430,730
Panera Bread Co. — Class A*		59,636		5,698,816
WMS Industries, Inc.*		47,886		2,008,818
Total Hotels, Restaurants & Leisure				33,081,290
Household Durables 0.7%
Tupperware Brands Corp.		73,710		3,372,232
Total Household Durables				3,372,232
Internet Software & Services 3.7%
Digital River, Inc.*		72,968		2,316,004
Equinix, Inc.*		60,854		5,380,711
Rackspace Hosting, Inc.*		304,476		10,202,991
Total Internet Software & Services				17,899,706
IT Services 3.7%
Alliance Data Systems Corp.*		37,622		2,661,380
Gartner, Inc.*		101,222		3,585,283
Global Payments, Inc.		64,046		3,025,533
Jack Henry & Associates, Inc.		71,312		2,107,983
Lender Processing Services, Inc.		145,612		4,621,725
NeuStar, Inc. — Class A*		87,938		2,359,377
Total IT Services				18,361,281
Leisure Equipment & Products 0.8%
Polaris Industries, Inc.		51,302		3,946,150
Total Leisure Equipment & Products				3,946,150
Life Sciences Tools & Services 0.5%
Mettler Toledo International, Inc.*		16,088		2,400,169
Total Life Sciences Tools & Services				2,400,169
Machinery 3.9%
Bucyrus International, Inc. — Class A		109,200		9,910,992
Joy Global, Inc.		106,608		9,294,085
Total Machinery				19,205,077
Media 1.3%
DreamWorks Animation SKG, Inc. — Class A*		150,378		4,221,111
Lamar Advertising Co. — Class A*		52,054		1,917,669
Total Media				6,138,780

RYDEX S&P MIDCAP 400 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)	January 31, 2011

			Market
	Shares		Value
Metals & Mining 0.7%
Compass Minerals International, Inc.		38,710	$	3,556,288
Total Metals & Mining				3,556,288
Multiline Retail 0.9%
Dollar Tree, Inc.*		85,022		4,300,413
Total Multiline Retail				4,300,413
Office Electronics 0.4%
Zebra Technologies Corp. — Class A*		49,208		1,914,191
Total Office Electronics				1,914,191
Oil, Gas & Consumable Fuels 0.8%
Bill Barrett Corp.*		101,180		4,146,356
Total Oil, Gas & Consumable Fuels				4,146,356
Pharmaceuticals 3.4%
Endo Pharmaceuticals Holdings, Inc.*		140,094		4,653,923
Medicis Pharmaceutical Corp. — Class A		260,086		6,613,987
Perrigo Co.		73,934		5,377,959
Total Pharmaceuticals				16,645,869
Real Estate Investment Trusts (REITs) 2.7%
Corporate Office Properties Trust		88,314		3,227,877
Macerich Co.(The)		82,542		4,016,494
SL Green Realty Corp.		81,606		5,937,652
Total Real Estate Investment Trusts (REITs)				13,182,023
Real Estate Management & Development 0.8%
Jones Lang LaSalle, Inc.		41,434		3,672,710
Total Real Estate Management & Development				3,672,710
Semiconductors & Semiconductor Equipment 5.2%
Atmel Corp.*		253,510		3,432,526
Cree, Inc.*		136,668		6,900,367
RF Micro Devices, Inc.*		249,344		1,675,592
Semtech Corp.*		135,998		2,969,516
Silicon Laboratories, Inc.*		54,614		2,429,231
Skyworks Solutions, Inc.*		262,412		8,336,829
Total Semiconductors & Semiconductor Equipment				25,744,061
Software 10.9%
ACI Worldwide, Inc.*		64,676		1,713,267
Advent Software, Inc.*		201,264		5,949,364
Ansys, Inc.*		94,432		4,952,958
Concur Technologies, Inc.*		94,728		4,833,970
Factset Research Systems, Inc.		48,496		4,888,397
Informatica Corp.*		165,054		7,658,506
MICROS Systems, Inc.*		83,142		3,802,915
Quest Software, Inc.*		121,984		3,149,627
Rovi Corp.*		76,068		4,697,960
Solera Holdings, Inc.		89,828		4,700,699
TIBCO Software, Inc.*		317,088		6,969,594
Total Software				53,317,257
Specialty Retail 11.6%
Advance Auto Parts, Inc.		55,632		3,557,110
Aeropostale, Inc.*		328,938		7,933,984
AnnTaylor Stores Corp.*		113,976		2,521,149
Ascena Retail Group, Inc.*		280,798		7,612,434
Chico’s FAS, Inc.		333,654		3,643,502
Dick’s Sporting Goods, Inc.*		134,474		4,853,167
Guess?, Inc.		205,420		8,787,868
J. Crew Group, Inc.*		102,308		4,442,213
PetSmart, Inc.		109,220		4,395,013
Tractor Supply Co.		113,630		5,830,355
Williams-Sonoma, Inc.		96,404		3,104,209
Total Specialty Retail				56,681,004
Textiles, Apparel & Luxury Goods 6.5%
Deckers Outdoor Corp.*		121,272		8,900,152
Fossil, Inc.*		95,174		6,762,113
Phillips-Van Heusen Corp.		84,982		4,960,399
Under Armour, Inc. — Class A*		115,754		6,929,034
Warnaco Group, Inc.*		82,156		4,196,529
Total Textiles, Apparel & Luxury Goods				31,748,227
Total Common Stocks (Cost $448,801,183)				490,231,273
SHORT TERM INVESTMENTS 0.1%
SSgA Government Money Market Fund		528,762		528,762
Total Short Term Investments (Cost $528,762)				528,762
Total Investments 100.0% (a) (Cost $449,329,945)				490,760,035
Liabilities in Excess of Other Assets — 0.0%(b)				(78,799	)
Net Assets — 100.0%			$	490,681,236

*	Non-Income Producing Security.
(a)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. (Note G)
(b)	Amount represents less than 0.05% of net assets.

2

RYDEX S&P SMALLCAP 600 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited)	January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 99.9%
Aerospace & Defense 1.0%
AAR Corp.*		12,960	$	347,199
Curtiss-Wright Corp.		9,540		331,038
GenCorp, Inc.*		71,270		365,615
Total Aerospace & Defense				1,043,852
Airlines 1.2%
SkyWest, Inc.		86,130		1,296,256
Total Airlines				1,296,256
Auto Components 1.6%
Spartan Motors, Inc.		157,470		982,613
Standard Motor Products, Inc.		54,750		663,022
Total Auto Components				1,645,635
Building Products 3.0%
Apogee Enterprises, Inc.		73,520		940,321
Gibraltar Industries, Inc.*		73,370		809,271
Griffon Corp.*		44,400		516,816
Universal Forest Products, Inc.		21,950		805,565
Total Building Products				3,071,973
Capital Markets 3.0%
Investment Technology Group, Inc.*		42,790		788,619
Piper Jaffray Cos., Inc.*		23,030		962,654
SWS Group, Inc.		286,360		1,340,165
Total Capital Markets				3,091,438
Chemicals 1.0%
A. Schulman, Inc.		37,290		796,142
Stepan Co.		3,960		287,179
Total Chemicals				1,083,321
Commercial Banks 6.4%
Boston Private Financial Holdings, Inc.		44,550		298,931
First BanCorp/Puerto Rico*		122,740		617,382
First Midwest Bancorp, Inc.		38,300		447,727
Hanmi Financial Corp.*		581,470		764,633
Pinnacle Financial Partners, Inc.*		23,870		328,451
PrivateBancorp, Inc.		18,780		288,649
Susquehanna Bancshares, Inc.		81,080		775,125
United Community Banks, Inc.*		289,180		491,606
Whitney Holding Corp.		34,870		464,120
Wilmington Trust Corp.		253,990		1,112,476
Wilshire Bancorp, Inc.		54,220		348,092
Wintrust Financial Corp.		20,290		667,744
Total Commercial Banks				6,604,936
Commercial Services & Supplies 2.2%
ABM Industries, Inc.		27,930		717,801
G&K Services, Inc.-Class A		18,000		563,940
Standard Register Co.(The)		104,500		334,400
United Stationers, Inc.*		10,970		683,212
Total Commercial Services & Supplies				2,299,353
Communications Equipment 1.4%
Arris Group, Inc.*		23,320		291,034
Black Box Corp.		16,320		574,301
Comtech Telecommunications Corp.		9,220		258,713
Digi International, Inc.*		27,060		286,565
Total Communications Equipment				1,410,613
Computers & Peripherals 0.6%
Hutchinson Technology, Inc.*		183,500		607,385
Total Computers & Peripherals				607,385
Construction & Engineering 2.2%
Comfort Systems USA, Inc.		62,500		795,625
Dycom Industries, Inc.*		30,010		482,261
EMCOR Group, Inc.*		31,790		962,601
Total Construction & Engineering				2,240,487
Construction Materials 0.6%
Headwaters, Inc.*		110,220		579,757
Total Construction Materials				579,757
Containers & Packaging 0.4%
Myers Industries, Inc.		45,100		412,214
Total Containers & Packaging				412,214
Distributors 1.5%
Audiovox Corp. — Class A*		212,210		1,523,668
Total Distributors				1,523,668
Diversified Consumer Services 1.8%
Corinthian Colleges, Inc.*		355,900		1,879,152
Total Diversified Consumer Services				1,879,152
Diversified Financial Services 0.3%
Interactive Brokers Group, Inc.-Class A		21,980		355,417
Total Diversified Financial Services				355,417
Diversified Telecommunication Services 0.4%
Cincinnati Bell, Inc.*		148,430		423,026
Total Diversified Telecommunication Services				423,026
Electric Utilities 0.6%
Central Vermont Public Service Corp.		28,330		608,245
Total Electric Utilities				608,245
Electrical Equipment 0.4%
Powell Industries, Inc.*		11,970		453,783
Total Electrical Equipment				453,783
Electronic Equipment, Instruments & Components 6.9%
Agilysys, Inc.*		290,330		1,663,591
Anixter International, Inc.		6,410		405,561
Benchmark Electronics, Inc.*		42,980		816,190
Brightpoint, Inc.*		81,910		743,333
Gerber Scientific, Inc.*		73,670		562,102
Insight Enterprises, Inc.*		73,250		1,019,640
Scansource, Inc.*		21,130		765,117
SYNNEX Corp.*		36,270		1,211,056
Total Electronic Equipment, Instruments & Components				7,186,590
Energy Equipment & Services 2.0%
Bristow Group, Inc.*		5,900		303,791
Hornbeck Offshore Services, Inc.*		28,660		680,389
Matrix Service Co.*		38,690		435,649
Seahawk Drilling, Inc.*		58,670		407,463
TETRA Technologies, Inc.*		23,020		261,277
Total Energy Equipment & Services				2,088,569
Food & Staples Retailing 1.9%
Casey’s General Stores, Inc.		7,370		313,151
Nash Finch Co.		22,440		845,315
Spartan Stores, Inc.		57,940		839,551
Total Food & Staples Retailing				1,998,017
Food Products 1.9%
Sanderson Farms, Inc.		9,620		395,478
Seneca Foods Corp. — Class A*		55,040		1,530,112
Total Food Products				1,925,590
Gas Utilities 0.8%
Laclede Group, Inc.		15,950		606,100
Southwest Gas Corp.		6,800		253,232
Total Gas Utilities				859,332

RYDEX S&P SMALLCAP 600 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Health Care Equipment & Supplies 1.3%
CONMED Corp.*		11,630	$	303,659
Invacare Corp.		18,480		510,787
Symmetry Medical, Inc.*		55,050		526,829
Total Health Care Equipment & Supplies				1,341,275
Health Care Providers & Services 7.9%
Amedisys, Inc.*		26,260		895,203
Amsurg Corp.*		23,610		497,463
Centene Corp.*		37,180		1,030,630
Cross Country Healthcare, Inc.*		104,280		750,816
Gentiva Health Services, Inc.*		26,890		619,008
Healthways, Inc.*		79,570		952,453
Molina Healthcare, Inc.*		40,130		1,230,386
PharMerica Corp.*		114,160		1,291,149
RehabCare Group, Inc.*		36,230		889,809
Total Health Care Providers & Services				8,156,917
Hotels, Restaurants & Leisure 3.7%
Jack in the Box, Inc.*		17,980		394,481
Marcus Corp.		18,490		219,107
Multimedia Games, Inc.*		61,370		327,102
O’Charleys, Inc.*		167,250		1,157,370
Red Robin Gourmet Burgers, Inc.*		48,930		1,009,915
Ruby Tuesday, Inc.*		22,660		305,457
Ruth’s Hospitality Group Inc*		94,340		439,624
Total Hotels, Restaurants & Leisure				3,853,056
Household Durables 3.0%
Blyth, Inc.		15,050		505,981
Helen of Troy, Ltd.*		12,830		360,138
La-Z-Boy, Inc.*		117,110		974,355
Standard Pacific Corp.*		283,530		1,247,532
Total Household Durables				3,088,006
Household Products 0.8%
Central Garden & Pet Co. — Class A*		90,990		862,585
Total Household Products				862,585
Industrial Conglomerates 0.3%
Standex International Corp.		8,840		294,814
Total Industrial Conglomerates				294,814
Insurance 4.8%
Amerisafe, Inc.*		16,920		301,345
Delphi Financial Group-Class A		17,200		495,016
Horace Mann Educators Corp.		40,510		700,013
Infinity Property & Casualty Corp.		5,800		346,492
Navigators Group, Inc.*		7,450		364,603
Presidential Life Corp.		63,960		606,341
Safety Insurance Group, Inc.		6,210		295,534
Selective Insurance Group, Inc.		40,370		717,778
Stewart Information Services Corp.		72,740		829,963
United Fire & Casualty Co.		18,170		364,218
Total Insurance				5,021,303
Internet Software & Services 0.9%
InfoSpace, Inc.*		35,940		293,989
United Online, Inc.		87,330		617,423
Total Internet Software & Services				911,412
IT Services 4.3%
CACI International, Inc. — Class A*		11,090		615,384
Ciber, Inc.*		419,420		1,912,555
StarTek, Inc.*		355,760		1,956,680
Total IT Services				4,484,619
Leisure Equipment & Products 0.7%
Callaway Golf Co.		101,080		742,938
Total Leisure Equipment & Products				742,938
Life Sciences Tools & Services 2.5%
Cambrex Corp.*		131,370		599,047
Kendle International, Inc.*		173,100		1,966,416
Total Life Sciences Tools & Services				2,565,463
Machinery 2.0%
Briggs & Stratton Corp.		30,550		610,083
Federal Signal Corp.		133,830		931,457
Lydall, Inc.*		70,070		560,560
Total Machinery				2,102,100
Media 0.4%
Live Nation, Inc.*		40,250		418,600
Total Media				418,600
Metals & Mining 0.8%
AM Castle & Co.*		26,340		413,275
Kaiser Aluminum Corp.		8,350		398,378
Total Metals & Mining				811,653
Multi-Utilities 1.0%
Avista Corp.		20,780		470,667
CH Energy Group, Inc.		5,330		259,092
NorthWestern Corp.		9,930		280,423
Total Multi-Utilities				1,010,182
Multiline Retail 1.9%
Fred’s, Inc. — Class A		70,130		941,846
Tuesday Morning Corp.*		218,750		1,082,812
Total Multiline Retail				2,024,658
Oil, Gas & Consumable Fuels 1.2%
Holly Corp.		8,400		412,188
World Fuel Services Corp.		23,220		871,679
Total Oil, Gas & Consumable Fuels				1,283,867
Paper & Forest Products 0.6%
Wausau Paper Corp.		77,540		664,518
Total Paper & Forest Products				664,518
Professional Services 3.8%
CDI Corp.		29,260		469,916
Kelly Services, Inc. — Class A*		28,350		557,786
On Assignment, Inc.*		58,610		463,019
School Specialty, Inc.*		127,600		1,665,180
SFN Group, Inc.*		86,140		833,835
Total Professional Services				3,989,736
Real Estate Investment Trusts (REITs) 0.5%
Cedar Shopping Centers, Inc.		47,830		289,371
Kite Realty Group Trust		50,310		265,637
Total Real Estate Investment Trusts (REITs)				555,008
Semiconductors & Semiconductor Equipment 0.6%
Brooks Automation, Inc.*		51,140		600,384
Total Semiconductors & Semiconductor Equipment				600,384
Software 0.7%
THQ, Inc.*		119,170		692,378
Total Software				692,378
Specialty Retail 10.0%
Brown Shoe Co., Inc.		56,470		715,475
Christopher & Banks Corp.		133,740		763,655
Coldwater Creek, Inc.*		148,440		431,960
Group 1 Automotive, Inc.		23,320		882,429
Haverty Furniture Cos., Inc.		46,700		562,268
Hot Topic, Inc.		146,880		797,558
Lithia Motors, Inc. — Class A		76,700		1,035,450
MarineMax, Inc.*		114,910		1,038,786
OfficeMax, Inc.*		28,900		464,423
PEP Boys-Manny Moe & Jack		53,040		739,378
Sonic Automotive, Inc. — Class A		68,150		848,468

2

RYDEX S&P SMALLCAP 600 PURE VALUE ETF
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)	January 31, 2011

			Market
	Shares		Value
Stage Stores, Inc.		44,090	$	683,395
Stein Mart, Inc.		70,740		554,248
Zale Corp.*		181,100		845,737
Total Specialty Retail				10,363,230
Textiles, Apparel & Luxury Goods 0.8%
Quiksilver, Inc.*		125,480		560,896
Skechers U.S.A., Inc.-Class A*		12,620		259,593
Total Textiles, Apparel & Luxury Goods				820,489
Thrifts & Mortgage Finance 0.6%
Bank Mutual Corp.		147,100		651,653
Total Thrifts & Mortgage Finance				651,653
Tobacco 1.2%
Alliance One International, Inc.*		320,210		1,226,404
Total Tobacco				1,226,404
Trading Companies & Distributors 0.5%
Lawson Products, Inc.		20,290		474,177
Total Trading Companies & Distributors				474,177
Total Common Stocks (Cost $107,992,049)				103,700,034
SHORT TERM INVESTMENTS 0.1%
SSgA Government Money Market Fund		70,422		70,422
Total Short Term Investments (Cost $70,422)				70,422
Total Investments 100.0%(a) (Cost $108,062,471)				103,770,456
Liabilities in Excess of Other Assets — 0.0%(b)				(9,171	)
Net Assets — 100.0%			$	103,761,285

*	Non-Income Producing Security.
(a)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.(Note G)
(b)	Amount represents less than 0.05% of net assets.

3

RYDEX S&P SMALLCAP 600 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (Unaudited)	January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 99.9%
Aerospace & Defense 2.2%
American Science & Engineering, Inc.		1,353	$	117,711
Applied Signal Technology, Inc.		2,421		92,022
National Presto Industries, Inc.		1,375		176,028
Triumph Group, Inc.		1,880		180,536
Total Aerospace & Defense				566,297
Airlines 0.5%
Allegiant Travel Co.		2,695		125,425
Total Airlines				125,425
Beverages 0.8%
Boston Beer Co., Inc. — Class A*		2,244		201,982
Total Beverages				201,982
Biotechnology 2.1%
ArQule, Inc.*		35,603		218,246
Cubist Pharmaceuticals, Inc.*		5,854		128,437
Regeneron Pharmaceuticals, Inc.*		6,282		211,578
Total Biotechnology				558,261
Capital Markets 0.4%
Stifel Financial Corp.*		1,629		104,517
Total Capital Markets				104,517
Chemicals 1.1%
Balchem Corp.		5,444		183,191
Quaker Chemical Corp.		2,432		93,340
Total Chemicals				276,531
Commercial Banks 0.2%
Signature Bank*		1,188		62,061
Total Commercial Banks				62,061
Commercial Services & Supplies 0.9%
Consolidated Graphics, Inc.*		3,290		164,665
Healthcare Services Group, Inc.		4,049		64,136
Total Commercial Services & Supplies				228,801
Communications Equipment 2.9%
Blue Coat Systems, Inc.*		10,144		292,249
DG Fastchannel, Inc.*		3,092		84,752
NETGEAR, Inc.*		3,356		116,302
Oplink Communications, Inc.*		8,109		200,941
ViaSat, Inc.*		1,595		69,215
Total Communications Equipment				763,459
Computers & Peripherals 2.2%
Compellent Technologies, Inc.*		6,811		188,869
Novatel Wireless, Inc.*		21,509		155,080
Stratasys, Inc.*		3,257		107,579
Synaptics, Inc.*		4,742		134,957
Total Computers & Peripherals				586,485
Construction & Engineering 0.4%
Orion Marine Group, Inc.*		8,955		104,953
Total Construction & Engineering				104,953
Consumer Finance 2.7%
Cash America International, Inc.		3,818		153,598
EZCORP, Inc. — Class A*		6,029		162,180
First Cash Financial Services, Inc.*		4,477		147,696
World Acceptance Corp.*		4,533		254,574
Total Consumer Finance				718,048
Diversified Consumer Services 2.2%
American Public Education, Inc.*		2,969		99,640
Capella Education Co.*		1,860		106,485
Coinstar, Inc.*		4,654		192,629
Pre-Paid Legal Services, Inc.*		1,738		114,430
Universal Technical Institute, Inc.		3,345		61,046
Total Diversified Consumer Services				574,230
Diversified Financial Services 0.6%
Portfolio Recovery Associates, Inc.*		2,222		160,295
Total Diversified Financial Services				160,295
Diversified Telecommunication Services 1.2%
Atlantic Tele-Network, Inc.		2,949		110,145
Cbeyond, Inc.*		5,490		80,429
Neutral Tandem, Inc.*		8,900		134,568
Total Diversified Telecommunication Services				325,142
Electrical Equipment 0.9%
II-VI, Inc.*		2,421		119,549
Vicor Corp.		8,329		122,686
Total Electrical Equipment				242,235
Electronic Equipment, Instruments & Components 2.7%
DTS, Inc.*		2,430		108,913
Littelfuse, Inc.		1,783		91,432
Mercury Computer Systems, Inc.*		8,824		166,597
OSI Systems, Inc.*		3,686		140,031
TTM Technologies, Inc.*		12,587		200,133
Total Electronic Equipment, Instruments & Components				707,106
Energy Equipment & Services 0.7%
CARBO Ceramics, Inc.		759		87,406
Oil States International, Inc.*		1,606		108,823
Total Energy Equipment & Services				196,229
Food Products 1.8%
Calavo Growers, Inc.		5,579		128,763
Darling International, Inc.*		12,553		170,093
TreeHouse Foods, Inc.*		3,620		173,217
Total Food Products				472,073
Health Care Equipment & Supplies 5.4%
Abaxis, Inc.*		4,477		117,969
Align Technology, Inc.*		9,473		197,323
American Medical Systems Holdings, Inc.*		9,571		186,826
Cooper Cos., Inc.(The)		3,674		210,667
Cyberonics, Inc.*		4,632		151,698
Haemonetics Corp.*		1,310		77,735
Integra LifeSciences Holdings Corp.*		2,971		137,795
Kensey Nash Corp.*		3,245		78,529
Neogen Corp.*		5,104		183,540
Zoll Medical Corp.*		1,860		76,911
Total Health Care Equipment & Supplies				1,418,993
Health Care Providers & Services 7.9%
Air Methods Corp.*		5,017		257,071
Almost Family, Inc.*		3,576		119,403
Bio-Reference Labs, Inc.*		6,557		151,401
Catalyst Health Solutions, Inc.*		3,961		171,907
Chemed Corp.		1,442		89,736
CorVel Corp.*		3,048		153,863
Ensign Group, Inc.		5,567		134,499
Genoptix, Inc.*		7,162		178,763
Healthspring, Inc.*		6,579		199,936
HMS Holdings Corp.*		3,036		195,336
IPC The Hospitalist Co., Inc.*		5,358		198,943
MWI Veterinary Supply, Inc.*		3,763		233,908
Total Health Care Providers & Services				2,084,766
Health Care Technology 0.9%
Quality Systems, Inc.		2,970		237,125
Total Health Care Technology				237,125

RYDEX S&P SMALLCAP 600 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Hotels, Restaurants & Leisure 8.0%
Biglari Holdings, Inc.*		341	$	146,630
BJ’s Restaurants, Inc.*		7,382		260,806
Buffalo Wild Wings, Inc.*		4,445		194,558
California Pizza Kitchen, Inc.*		8,119		129,985
CEC Entertainment, Inc.*		4,499		166,238
Cracker Barrel Old Country Store, Inc.		2,937		151,197
DineEquity, Inc.*		5,072		261,614
Interval Leisure Group, Inc.*		12,751		199,808
P.F. Chang’s China Bistro, Inc.		4,038		185,910
Peet’s Coffee & Tea, Inc.*		3,719		141,917
Texas Roadhouse, Inc.*		15,304		254,352
Total Hotels, Restaurants & Leisure				2,093,015
Household Durables 1.0%
Kid Brands, Inc.*		18,814		171,395
Universal Electronics, Inc.*		3,400		89,522
Total Household Durables				260,917
Insurance 0.2%
eHealth, Inc.*		4,896		59,242
Total Insurance				59,242
Internet & Catalog Retail 1.4%
Blue Nile, Inc.*		2,409		136,952
HSN, Inc.*		5,116		144,066
PetMed Express, Inc.		5,699		85,998
Total Internet & Catalog Retail				367,016
Internet Software & Services 3.6%
comScore, Inc.*		8,978		215,113
j2 Global Communications, Inc.*		3,818		105,377
Liquidity Services, Inc.*		10,254		146,325
Perficient, Inc.*		13,357		156,143
RightNow Technologies, Inc.*		9,264		240,215
Stamps.com, Inc.		5,512		70,113
Total Internet Software & Services				933,286
IT Services 2.4%
CSG Systems International, Inc.*		5,622		109,348
Forrester Research, Inc.		1,904		67,858
iGate Corp.		4,059		62,509
MAXIMUS, Inc.		2,519		170,914
Wright Express Corp.*		4,796		226,947
Total IT Services				637,576
Leisure Equipment & Products 1.0%
Sturm Ruger & Co., Inc.		17,879		266,576
Total Leisure Equipment & Products				266,576
Life Sciences Tools & Services 1.5%
Dionex Corp.*		1,199		141,458
Enzo Biochem, Inc.*		13,907		68,979
PAREXEL International Corp.*		7,316		169,804
Total Life Sciences Tools & Services				380,241
Media 0.6%
Arbitron, Inc.		3,795		158,214
Total Media				158,214
Oil, Gas & Consumable Fuels 1.3%
Contango Oil & Gas Co.*		2,355		136,590
Gulfport Energy Corp.*		8,076		193,339
Total Oil, Gas & Consumable Fuels				329,929
Paper & Forest Products 2.5%
Buckeye Technologies, Inc.		9,275		233,359
KapStone Paper and Packaging Corp.*		13,279		226,141
Schweitzer-Mauduit International, Inc.		3,422		205,183
Total Paper & Forest Products				664,683
Personal Products 1.0%
Medifast, Inc.*		10,881		260,273
Total Personal Products				260,273
Pharmaceuticals 3.2%
Hi-Tech Pharmacal Co., Inc.*		14,347		327,399
Par Pharmaceutical Cos., Inc.*		7,855		280,581
Salix Pharmaceuticals Ltd.*		3,455		141,551
ViroPharma, Inc.*		5,776		94,726
Total Pharmaceuticals				844,257
Professional Services 1.5%
Dolan Media Co.*		22,544		309,078
Exponent, Inc.*		2,518		92,461
Total Professional Services				401,539
Semiconductors & Semiconductor Equipment 6.7%
CEVA, Inc.*		7,657		185,070
Diodes, Inc.*		6,162		158,610
Hittite Microwave Corp.*		1,639		97,979
Kopin Corp.*		53,262		216,244
Kulicke & Soffa Industries, Inc.*		23,853		232,567
Monolithic Power Systems, Inc.*		6,557		96,191
Power Integrations, Inc.		4,126		152,373
TriQuint Semiconductor, Inc.*		22,202		292,178
Veeco Instruments, Inc.*		2,222		96,124
Volterra Semiconductor Corp.*		9,473		235,404
Total Semiconductors & Semiconductor Equipment				1,762,740
Software 12.1%
Blackbaud, Inc.		6,799		178,746
Bottomline Technologies, Inc.*		8,427		193,231
Commvault Systems, Inc.*		7,383		228,061
Ebix, Inc.*		11,156		251,568
Interactive Intelligence, Inc.*		9,803		320,852
JDA Software Group, Inc.*		3,454		104,242
MicroStrategy, Inc. — Class A*		1,639		174,324
Netscout Systems, Inc.*		11,134		255,191
Radiant Systems, Inc.*		9,352		170,674
Smith Micro Software, Inc.*		13,698		172,869
Sonic Solutions, Inc.*		5,953		86,824
Sourcefire, Inc.*		11,971		294,606
Synchronoss Technologies, Inc.*		10,452		297,464
Taleo Corp. Class A*		7,118		209,696
Tyler Technologies, Inc.*		7,559		156,849
Websense, Inc.*		4,742		90,857
Total Software				3,186,054
Specialty Retail 7.0%
Buckle, Inc.(The)		5,336		190,762
Cabela’s, Inc.*		8,846		220,266
Hibbett Sports, Inc.*		4,005		128,240
Jo-Ann Stores, Inc.*		3,949		238,243
Jos. A. Bank Clothiers, Inc.*		6,194		264,670
Kirkland’s, Inc.*		13,785		182,582
Lumber Liquidators Holdings, Inc.*		9,616		268,671
Monro Muffler, Inc.		5,116		169,237
Zumiez, Inc.*		7,074		164,258
Total Specialty Retail				1,826,929
Textiles, Apparel & Luxury Goods 4.2%
Carter’s, Inc.*		2,245		62,187
Crocs, Inc.*		14,567		238,753
Iconix Brand Group, Inc.*		10,980		217,953
Maidenform Brands, Inc.*		5,930		152,638
Steven Madden, Ltd.*		4,544		173,444
True Religion Apparel, Inc.*		8,449		173,627

2

RYDEX S&P SMALLCAP 600 PURE GROWTH ETF
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)	January 31, 2011

			Market
	Shares		Value
Volcom, Inc.		5,061	$	84,013
Total Textiles, Apparel & Luxury Goods				1,102,615
Total Common Stocks (Cost $23,026,430)				26,250,116
SHORT TERM INVESTMENTS 0.1%
SSgA Government Money Market Fund		19,792		19,792
Total Short Term Investments (Cost $19,792)				19,792
Total Investments 100.0%(a) (Cost $23,046,222)				26,269,908
Liabilities in Excess of Other Assets — 0.0%(b)				(6,976	)
Net Assets — 100.0%			$	26,262,932

*	Non-Income Producing Security.
(a)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. (Note G)
(b)	Amount represents less than 0.05% of net assets.

3

RYDEX S&P EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
SCHEDULE OF INVESTMENTS (Unaudited)	January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 99.8%
Auto Components 2.5%
Goodyear Tire & Rubber Co.(The)*		29,370	$	348,916
Johnson Controls, Inc.		8,890		341,287
Total Auto Components				690,203
Automobiles 2.7%
Ford Motor Co.*		20,600		328,570
Harley-Davidson, Inc.		10,090		400,069
Total Automobiles				728,639
Distributors 1.3%
Genuine Parts Co.		6,740		348,795
Total Distributors				348,795
Diversified Consumer Services 4.1%
Apollo Group, Inc. — Class A*		9,000		371,430
DeVry, Inc.		7,680		400,205
H&R Block, Inc.		26,630		333,407
Total Diversified Consumer Services				1,105,042
Hotels, Restaurants & Leisure 12.5%
Carnival Corp.		8,120		363,045
Darden Restaurants, Inc.		6,950		327,415
International Game Technology		21,130		362,802
Marriott International, Inc. — Class A		8,370		330,531
McDonald’s Corp.		4,500		331,515
Starbucks Corp.		10,600		334,218
Starwood Hotels & Resorts Worldwide, Inc.		5,790		341,436
Wyndham Worldwide Corp.		11,500		323,495
Wynn Resorts Ltd.		3,270		380,399
Yum! Brands, Inc.		6,910		323,112
Total Hotels, Restaurants & Leisure				3,417,968
Household Durables 12.0%
D.R. Horton, Inc.		30,710		380,497
Fortune Brands, Inc.		5,610		346,025
Harman International Industries, Inc.*		7,260		314,503
Leggett & Platt, Inc.		15,120		340,653
Lennar Corp. — Class A		20,080		388,749
Newell Rubbermaid, Inc.		19,410		373,642
Pulte Homes, Inc.*		50,210		396,157
Stanley Black & Decker, Inc.		5,460		396,833
Whirlpool Corp.		3,860		330,030
Total Household Durables				3,267,089
Internet & Catalog Retail 5.3%
Amazon.com, Inc.*		1,940		329,102
Expedia, Inc.		13,300		334,628
Netflix, Inc.*		1,900		406,752
Priceline.com, Inc.*		860		368,527
Total Internet & Catalog Retail				1,439,009
Leisure Equipment & Products 2.3%
Hasbro, Inc.		7,010		309,071
Mattel, Inc.		13,620		322,522
Total Leisure Equipment & Products				631,593
Media 20.6%
Cablevision Systems Corp.		9,950		336,808
CBS Corp. — Class B		19,190		380,538
Comcast Corp. — Class A		15,960		363,090
DIRECTV — Class A*		8,730		370,065
Discovery Communications, Inc. — Class A*		8,190		319,410
Gannett Co., Inc.		22,170		326,786
Interpublic Group of Cos., Inc.*		31,580		337,590
McGraw-Hill Cos., Inc.		9,450		368,361
News Corp. — Class A		23,920		359,278
Omnicom Group, Inc.		7,510		337,049
Scripps Networks Interactive — Class A		6,740		313,410
Time Warner Cable, Inc.		5,350		362,890
Time Warner, Inc.		11,050		347,522
Viacom, Inc. — Class B		8,940		371,457
Walt Disney Co.(The)		9,330		362,657
Washington Post Co.(The) — Class B		820		351,247
Total Media				5,608,158
Multiline Retail 9.9%
Big Lots, Inc.*		11,970		380,526
Family Dollar Stores, Inc.		6,960		295,661
J.C. Penney Co., Inc.		10,520		337,376
Kohl’s Corp.*		6,370		323,469
Macy’s, Inc.		13,430		310,905
Nordstrom, Inc.		8,160		336,029
Sears Holdings Corp.*		5,070		382,126
Target Corp.		5,850		320,755
Total Multiline Retail				2,686,847
Specialty Retail 21.9%
Abercrombie & Fitch Co. — Class A		6,210		313,046
AutoNation, Inc.*		12,600		361,746
AutoZone, Inc.*		1,280		324,518
Bed Bath & Beyond, Inc.*		7,230		347,040
Best Buy Co., Inc.		9,980		339,320
CarMax, Inc.*		9,860		321,929
GameStop Corp. — Class A*		15,910		335,224
Gap, Inc.(The)		16,260		313,330
Home Depot, Inc.		9,840		361,817
Limited Brands, Inc.		11,170		326,611
Lowe’s Cos., Inc.		13,570		336,536
O’Reilly Automotive, Inc.*		5,480		311,428
RadioShack Corp.		18,620		282,093
Ross Stores, Inc.		5,400		352,080
Staples, Inc.		15,200		339,112
Tiffany & Co.		5,350		310,996
TJX Cos., Inc.		7,890		373,907
Urban Outfitters, Inc.*		9,420		318,584
Total Specialty Retail				5,969,317
Textiles, Apparel & Luxury Goods 4.7%
Coach, Inc.		5,970		322,917
NIKE, Inc. — Class B		3,870		319,198
Polo Ralph Lauren Corp.		3,050		326,899
V.F. Corp.		3,920		324,262
Total Textiles, Apparel & Luxury Goods				1,293,276
Total Common Stocks (Cost $23,638,757)				27,185,936
SHORT TERM INVESTMENTS 0.2%
SSgA Government Money Market Fund		58,763		58,763
Total Short Term Investments (Cost $58,763)				58,763
Total Investments 100.0%(a) (Cost $23,697,520)				27,244,699
Other Assets in Excess of Liabilities — 0.0%(b)				334
Net Assets — 100.0%			$	27,245,033

*	Non-Income Producing Security.
(a)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs.(Note G)
(b)	Amount represents less than 0.05% of net assets.

RYDEX S&P EQUAL WEIGHT CONSUMER STAPLES ETF
SCHEDULE OF INVESTMENTS (Unaudited)	January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 99.5%
Beverages 16.4%
Brown-Forman Corp. — Class B		4,950	$	328,433
Coca-Cola Co.(The)		5,270		331,220
Coca-Cola Enterprises, Inc.		13,720		345,195
Constellation Brands, Inc. — Class A*		15,640		300,601
Dr Pepper Snapple Group, Inc.		9,120		323,122
Molson Coors Brewing Co. — Class B		6,820		319,653
PepsiCo, Inc.		5,250		337,627
Total Beverages				2,285,851
Food & Staples Retailing 22.1%
Costco Wholesale Corp.		4,820		346,269
CVS Caremark Corp.		10,070		344,394
Kroger Co.(The)		15,960		341,544
Safeway, Inc.		16,060		332,281
SUPERVALU, Inc.		39,540		288,246
Sysco Corp.		11,820		344,435
Wal-Mart Stores, Inc.		6,370		357,166
Walgreen Co.		9,220		372,857
Whole Foods Market, Inc.		6,810		352,145
Total Food & Staples Retailing				3,079,337
Food Products 36.8%
Archer-Daniels-Midland Co.		11,530		376,685
Campbell Soup Co.		9,790		334,231
ConAgra Foods, Inc.		15,400		343,882
Dean Foods Co.*		42,970		436,145
General Mills, Inc.		9,520		331,106
H.J. Heinz Co.		6,820		323,950
Hershey Co.(The)		7,170		334,767
Hormel Foods Corp.		6,720		331,968
J.M. Smucker Co.(The)		5,260		326,962
Kellogg Co.		6,760		340,028
Kraft Foods, Inc. — Class A		10,850		331,684
McCormick & Co., Inc.		7,260		320,892
Mead Johnson Nutrition Co.		5,540		321,154
Sara Lee Corp.		20,070		340,588
Tyson Foods, Inc. — Class A		20,160		331,632
Total Food Products				5,125,674
Household Products 9.8%
Clorox Co.		5,540		348,411
Colgate-Palmolive Co.		4,280		328,576
Kimberly-Clark Corp.		5,520		357,309
Procter & Gamble Co.		5,340		337,114
Total Household Products				1,371,410
Personal Products 5.0%
Avon Products, Inc.		12,010		340,003
Estee Lauder Cos., Inc — Class A		4,370		351,785
Total Personal Products				691,788
Tobacco 9.4%
Altria Group, Inc.		13,860		325,848
Lorillard, Inc.		4,200		316,008
Philip Morris International, Inc.		5,800		331,992
Reynolds American, Inc.		10,670		339,413
Total Tobacco				1,313,261
Total Common Stocks (Cost $12,268,850)				13,867,321
SHORT TERM INVESTMENTS 0.4%
SSgA Government Money Market Fund		52,716		52,716
Total Short Term Investments (Cost $52,716)				52,716
Total Investments 99.9%(a) (Cost $12,321,566)				13,920,037
Other Assets in Excess of Liabilities — 0.1%				11,018
Net Assets — 100.0%			$	13,931,055

*	Non-Income Producing Security.
(a)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. (Note G)

RYDEX S&P EQUAL WEIGHT ENERGY ETF
SCHEDULE OF INVESTMENTS (Unaudited)	January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 99.9%
Energy Equipment & Services 26.6%
Baker Hughes, Inc.		10,471	$	717,368
Cameron International Corp.*		11,881		633,257
Diamond Offshore Drilling, Inc.		9,201		659,804
FMC Technologies, Inc.*		6,810		640,140
Halliburton Co.		14,761		664,245
Helmerich & Payne, Inc.		12,081		709,517
Nabors Industries, Ltd.*		26,962		657,873
National-Oilwell Varco, Inc.		9,261		684,388
Noble Corp.		15,830		605,497
Rowan Cos., Inc.*		17,122		586,942
Schlumberger, Ltd.		7,241		644,377
Total Energy Equipment & Services				7,203,408
Oil, Gas & Consumable Fuels 73.3%
Anadarko Petroleum Corp.		8,920		687,554
Apache Corp.		5,050		602,768
Cabot Oil & Gas Corp.		16,072		669,077
Chesapeake Energy Corp.		25,271		746,253
Chevron Corp.		6,650		631,285
ConocoPhillips		9,050		646,713
CONSOL Energy, Inc.		13,721		681,934
Denbury Resources, Inc.*		31,422		639,438
Devon Energy Corp.		8,051		714,043
El Paso Corp.		44,612		708,439
EOG Resources, Inc.		6,421		683,130
EQT Corp.		13,371		644,349
Exxon Mobil Corp.		8,161		658,429
Hess Corp.		7,801		656,220
Marathon Oil Corp.		16,721		764,150
Massey Energy Co.		11,511		723,581
Murphy Oil Corp.		8,171		541,737
Newfield Exploration Co.*		8,290		606,579
Noble Energy, Inc.		6,921		630,503
Occidental Petroleum Corp.		6,191		598,546
Peabody Energy Corp.		9,731		617,140
Pioneer Natural Resources Co.		6,920		658,507
QEP Resources, Inc.		16,041		651,906
Range Resources Corp.		13,792		687,807
Southwestern Energy Co.*		16,461		650,210
Spectra Energy Corp.		24,132		632,982
Sunoco, Inc.		15,260		647,787
Tesoro Corp.*		33,764		649,957
Valero Energy Corp.		27,931		708,330
Williams Cos., Inc.(The)		24,643		665,115
Total Oil, Gas & Consumable Fuels				19,804,469
Total Common Stocks (Cost $20,802,200)				27,007,877
SHORT TERM INVESTMENTS 0.1%
SSgA Government Money Market Fund		32,570		32,570
Total Short Term Investments (Cost $32,570)				32,570
Total Investments 100.0%(a) (Cost $20,834,770)				27,040,447
Liabilities in Excess of Other Assets — 0.0%(b)				(9,207	)
Net Assets — 100.0%			$	27,031,240

*	Non-Income Producing Security.
(a)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. (Note G)
(b)	Amount represents less than 0.05% of net assets.

RYDEX S&P EQUAL WEIGHT FINANCIALS ETF
SCHEDULE OF INVESTMENTS (Unaudited)	January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 99.6%
Capital Markets 17.0%
Ameriprise Financial, Inc.		4,220	$	260,163
Bank of New York Mellon Corp.		7,920		247,342
Charles Schwab Corp.(The)		13,850		249,992
E*TRADE Financial Corp.*		15,100		250,056
Federated Investors, Inc. — Class B		8,760		237,221
Franklin Resources, Inc.		2,030		244,920
Goldman Sachs Group, Inc.(The)		1,420		232,340
Invesco Ltd.		10,220		252,843
Janus Capital Group, Inc.		18,670		241,030
Legg Mason, Inc.		6,410		212,363
Morgan Stanley		8,870		260,778
Northern Trust Corp.		4,290		222,994
State Street Corp.		5,120		239,206
T. Rowe Price Group, Inc.		3,700		243,904
Total Capital Markets				3,395,152
Commercial Banks 17.3%
BB&T Corp.		8,900		245,996
Comerica, Inc.		5,630		215,066
Fifth Third Bancorp		16,540		245,950
First Horizon National Corp.*		21,390		242,349
Huntington Bancshares, Inc.		37,360		270,487
KeyCorp		27,650		246,085
M&T Bank Corp.		2,810		242,981
Marshall & Ilsley Corp.		33,980		237,520
PNC Financial Services Group, Inc.		3,980		238,800
Regions Financial Corp.		37,300		264,830
SunTrust Banks, Inc.		8,610		262,002
U.S. Bancorp		8,890		240,030
Wells Fargo & Co.		7,770		251,903
Zions Bancorp		10,450		246,411
Total Commercial Banks				3,450,410
Consumer Finance 5.2%
American Express Co.		5,290		229,480
Capital One Financial Corp.		5,750		276,920
Discover Financial Services		12,920		266,023
SLM Corp.*		19,300		278,113
Total Consumer Finance				1,050,536
Diversified Financial Services 11.2%
Bank of America Corp.		18,520		254,279
Citigroup, Inc.*		49,530		238,735
CME Group, Inc.		730		225,249
IntercontinentalExchange, Inc.*		1,950		234,955
JPMorgan Chase & Co.		5,870		263,798
Leucadia National Corp.		8,150		265,038
Moody’s Corp.		8,830		259,337
Nasdaq OMX Group (The)*		9,910		242,597
NYSE Euronext		7,800		248,118
Total Diversified Financial Services				2,232,106
Insurance 26.2%
ACE Ltd.		3,810		234,658
AFLAC, Inc.		4,190		241,260
Allstate Corp.		7,430		231,370
American International Group, Inc.*		5,210		210,224
Aon Corp.		5,160		236,018
Assurant, Inc.		6,260		245,580
Berkshire Hathaway, Inc. — Class B*		2,910		237,892
Chubb Corp.		3,930		227,665
Cincinnati Financial Corp.		7,320		234,533
Genworth Financial, Inc. — Class A*		18,130		246,024
Hartford Financial Services Group, Inc.		8,890		246,964
Lincoln National Corp.		8,190		236,200
Loews Corp.		6,020		241,101
Marsh & McLennan Cos., Inc.		8,590		239,489
MetLife, Inc.		5,300		242,581
Principal Financial Group, Inc.		7,290		238,893
Progressive Corp.		11,860		234,947
Prudential Financial, Inc.		4,010		246,655
Torchmark Corp.		3,850		239,855
Travelers Cos., Inc.(The)		4,220		237,417
Unum Group		9,770		243,664
XL Group PLC		10,730		245,932
Total Insurance				5,238,922
Real Estate Investment Trusts (REITs) 19.3%
Apartment Investment & Management Co. — Class A		9,490		242,564
AvalonBay Communities, Inc.		2,140		248,090
Boston Properties, Inc.		2,800		264,236
Equity Residential		4,670		253,067
HCP, Inc.		6,700		248,503
Health Care REIT, Inc.		5,160		253,253
Host Hotels & Resorts, Inc.		13,490		249,700
Kimco Realty Corp.		13,770		249,099
Plum Creek Timber Co., Inc.		6,540		273,830
ProLogis		16,660		248,567
Public Storage, Inc.		2,370		258,283
Simon Property Group, Inc.		2,440		247,538
Ventas, Inc.		4,690		260,107
Vornado Realty Trust		2,910		256,342
Weyerhaeuser Co.		12,820		297,168
Total Real Estate Investment Trusts (REITs)				3,850,347
Real Estate Management & Development 1.3%
CB Richard Ellis Group, Inc. — Class A*		11,350		251,861
Total Real Estate Management & Development				251,861
Thrifts & Mortgage Finance 2.1%
Hudson City Bancorp, Inc.		18,610		204,338
People’s United Financial, Inc.		17,100		220,761
Total Thrifts & Mortgage Finance				425,099
Total Common Stocks (Cost $17,770,397)				19,894,433
SHORT TERM INVESTMENTS 0.4%
SSgA Government Money Market Fund		80,067		80,067
Total Short Term Investments (Cost $80,067)				80,067
Total Investments 100.0%(a) (Cost $17,850,464)				19,974,500
Other Assets in Excess of Liabilities — 0.0%(b)				8,844
Net Assets — 100.0%			$	19,983,344

*	Non-Income Producing Security.
(a)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. (Note G)
(b)	Amount represents less than 0.05% of net assets.

RYDEX S&P EQUAL WEIGHT HEALTH CARE ETF
SCHEDULE OF INVESTMENTS (Unaudited)	January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 99.9%
Biotechnology 11.1%
Amgen, Inc.*		19,442	$	1,070,865
Biogen Idec, Inc.*		16,382		1,072,530
Celgene Corp.*		18,836		970,619
Cephalon, Inc.*		17,114		1,011,095
Genzyme Corp.*		15,999		1,173,527
Gilead Sciences, Inc.*		30,014		1,151,937
Total Biotechnology				6,450,573
Health Care Equipment & Supplies 23.4%
Baxter International, Inc.		21,768		1,055,530
Becton, Dickinson & Co.		13,098		1,086,479
Boston Scientific Corp.*		145,911		1,018,459
C.R. Bard, Inc.		11,658		1,099,932
CareFusion Corp.*		44,906		1,155,431
Dentsply International, Inc.		32,406		1,149,765
Intuitive Surgical, Inc.*		4,208		1,358,805
Medtronic, Inc.		29,850		1,143,852
St Jude Medical, Inc.*		26,228		1,062,234
Stryker Corp.		20,468		1,178,138
Varian Medical Systems, Inc.*		15,864		1,071,931
Zimmer Holdings, Inc.*		20,478		1,211,479
Total Health Care Equipment & Supplies				13,592,035
Health Care Providers & Services 32.9%
Aetna, Inc.		36,747		1,210,446
AmerisourceBergen Corp.		33,642		1,206,402
Cardinal Health, Inc.		28,838		1,197,065
CIGNA Corp.		30,414		1,277,996
Coventry Health Care, Inc.*		41,900		1,255,743
DaVita, Inc.*		15,944		1,177,465
Express Scripts, Inc.*		20,332		1,145,302
Humana, Inc.*		20,164		1,168,907
Laboratory Corp. of America Holdings*		12,556		1,128,910
McKesson Corp.		16,224		1,219,558
Medco Health Solutions, Inc.*		17,957		1,095,736
Patterson Cos., Inc.		36,138		1,194,722
Quest Diagnostics, Inc.		20,590		1,172,601
Tenet Healthcare Corp.*		165,609		1,101,300
UnitedHealth Group, Inc.		31,835		1,306,827
WellPoint, Inc.*		19,959		1,239,853
Total Health Care Providers & Services				19,098,833
Health Care Technology 2.0%
Cerner Corp.*		11,510		1,137,763
Total Health Care Technology				1,137,763
Life Sciences Tools & Services 9.6%
Agilent Technologies, Inc.*		27,534		1,151,747
Life Technologies Corp.*		20,125		1,092,586
PerkinElmer, Inc.		42,853		1,096,180
Thermo Fisher Scientific, Inc.*		20,016		1,146,317
Waters Corp.*		13,926		1,063,807
Total Life Sciences Tools & Services				5,550,637
Pharmaceuticals 20.9%
Abbott Laboratories		23,064		1,041,570
Allergan, Inc.		15,751		1,112,178
Bristol-Myers Squibb Co.		42,133		1,060,909
Eli Lilly & Co.		31,882		1,108,537
Forest Laboratories, Inc.*		34,116		1,100,582
Hospira, Inc.*		19,431		1,073,174
Johnson & Johnson, Inc.		17,845		1,066,596
Merck & Co., Inc.		30,590		1,014,671
Mylan, Inc.*		52,156		1,207,933
Pfizer, Inc.		65,532		1,193,993
Watson Pharmaceuticals, Inc.*		21,625		1,178,995
Total Pharmaceuticals				12,159,138
Total Common Stocks (Cost $58,556,116)				57,988,979
SHORT TERM INVESTMENTS 0.1%
SSgA Government Money Market Fund		72,228		72,228
Total Short Term Investments (Cost $72,228)				72,228
Total Investments 100.0%(a) (Cost $58,628,344)				58,061,207
Other Assets in Excess of Liabilities — 0.0%(b)				5,755
Net Assets — 100.0%			$	58,066,962

*	Non-Income Producing Security.
(a)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. (Note G)
(b)	Amount represents less than 0.05% of net assets.

RYDEX S&P EQUAL WEIGHT INDUSTRIALS ETF
SCHEDULE OF INVESTMENTS (Unaudited)	January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 99.8%
Aerospace & Defense 21.5%
Boeing Co.(The)		12,940	$	899,071
General Dynamics Corp.		11,830		891,982
Goodrich Corp.		9,550		865,421
Honeywell International, Inc.		15,600		873,756
ITT Corp.		16,380		965,110
L-3 Communications Holdings, Inc.		11,770		921,003
Lockheed Martin Corp.		11,840		942,464
Northrop Grumman Corp.		12,900		893,970
Precision Castparts Corp.		6,000		857,940
Raytheon Co.		18,360		917,816
Rockwell Collins, Inc.		14,330		919,126
United Technologies Corp.		10,550		857,715
Total Aerospace & Defense				10,805,374
Air Freight & Logistics 6.3%
C.H. Robinson Worldwide, Inc.		10,520		810,987
Expeditors International of Washington, Inc.		14,630		741,302
FedEx Corp.		8,850		799,332
United Parcel Service, Inc. — Class B		11,300		809,306
Total Air Freight & Logistics				3,160,927
Airlines 1.5%
Southwest Airlines Co.		65,930		781,271
Total Airlines				781,271
Building Products 1.7%
Masco Corp.		63,420		844,754
Total Building Products				844,754
Commercial Services & Supplies 13.2%
Avery Dennison Corp.		19,750		831,277
Cintas Corp.		28,310		794,379
Iron Mountain, Inc.		33,010		805,114
Pitney Bowes, Inc.		34,070		827,220
R.R. Donnelley & Sons Co.		47,490		841,523
Republic Services, Inc.		27,840		858,586
Stericycle, Inc.*		10,590		831,209
Waste Management, Inc.		22,980		870,252
Total Commercial Services & Supplies				6,659,560
Construction & Engineering 5.8%
Fluor Corp.		13,200		913,308
Jacobs Engineering Group, Inc.*		19,620		1,007,879
Quanta Services, Inc.*		42,090		998,796
Total Construction & Engineering				2,919,983
Electrical Equipment 5.2%
Emerson Electric Co.		14,200		836,096
Rockwell Automation, Inc.		11,570		937,285
Roper Industries, Inc.		10,630		825,845
Total Electrical Equipment				2,599,226
Industrial Conglomerates 7.2%
3M Co.		9,650		848,428
General Electric Co.		46,900		944,566
Textron, Inc.		35,690		938,290
Tyco International Ltd.		19,700		883,151
Total Industrial Conglomerates				3,614,435
Machinery 22.4%
Caterpillar, Inc.		8,940		867,269
Cummins, Inc.		7,680		813,158
Danaher Corp.		17,810		820,329
Deere & Co.		10,130		920,817
Dover Corp.		14,450		926,245
Eaton Corp.		8,260		891,750
Flowserve Corp.		7,180		897,428
Illinois Tool Works, Inc.		16,130		862,794
Ingersoll-Rand PLC		17,930		846,296
PACCAR, Inc.		14,520		820,235
Pall Corp.		16,630		921,468
Parker-Hannifin Corp.		9,760		872,642
Snap-on, Inc.		14,530		822,834
Total Machinery				11,283,265
Professional Services 5.1%
Dun & Bradstreet Corp.		10,280		873,286
Equifax, Inc.		23,380		835,133
Robert Half International, Inc.		27,580		864,909
Total Professional Services				2,573,328
Road & Rail 6.7%
CSX Corp.		13,030		919,918
Norfolk Southern Corp.		13,230		809,543
Ryder System, Inc.		16,660		801,013
Union Pacific Corp.		9,030		854,509
Total Road & Rail				3,384,983
Trading Companies & Distributors 3.2%
Fastenal Co.		14,080		817,485
W.W. Grainger, Inc.		6,090		800,652
Total Trading Companies & Distributors				1,618,137
Total Common Stocks (Cost $38,162,709)				50,245,243
SHORT TERM INVESTMENTS 0.2%
SSgA Government Money Market Fund		82,254		82,254
Total Short Term Investments (Cost $82,254)				82,254
Total Investments 100.0%(a) (Cost $38,244,963)				50,327,497
Other Assets in Excess of Liabilities — 0.0%(b)				18,845
Net Assets — 100.0%			$	50,346,342

*	Non-Income Producing Security.
(a)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. (Note G)
(b)	Amount represents less than 0.05% of net assets.

RYDEX S&P EQUAL WEIGHT MATERIALS ETF
SCHEDULE OF INVESTMENTS (Unaudited)	January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 99.8%
Chemicals 46.4%
Air Products & Chemicals, Inc.		16,170	$	1,410,833
Airgas, Inc.		22,920		1,436,396
CF Industries Holdings, Inc.		11,560		1,561,062
Dow Chemical Co.(The)		42,550		1,509,674
Du Pont (E.I.) de Nemours & Co.		28,970		1,468,200
Eastman Chemical Co.		18,000		1,671,480
Ecolab, Inc.		28,850		1,433,556
FMC Corp.		18,120		1,378,207
International Flavors & Fragrances, Inc.		26,220		1,495,851
Monsanto Co.		22,360		1,640,777
PPG Industries, Inc.		17,620		1,485,014
Praxair, Inc.		15,450		1,437,468
Sherwin-Williams Co.(The)		17,610		1,492,095
Sigma-Aldrich Corp.		21,640		1,377,386
Total Chemicals				20,797,999
Construction Materials 3.0%
Vulcan Materials Co.		31,360		1,334,682
Total Construction Materials				1,334,682
Containers & Packaging 13.1%
Ball Corp.		21,090		1,500,132
Bemis Co., Inc.		43,640		1,420,482
Owens-Illinois, Inc.*		48,200		1,421,418
Sealed Air Corp.		57,670		1,539,212
Total Containers & Packaging				5,881,244
Metals & Mining 30.0%
AK Steel Holding Corp.		88,740		1,410,966
Alcoa, Inc.		99,220		1,644,076
Allegheny Technologies, Inc.		25,070		1,634,313
Cliffs Natural Resources, Inc.		18,980		1,622,031
Freeport-McMoRan Copper & Gold, Inc.		12,710		1,382,213
Newmont Mining Corp.		24,320		1,339,302
Nucor Corp.		32,400		1,487,484
Titanium Metals Corp.*		79,900		1,506,115
United States Steel Corp.		24,530		1,414,645
Total Metals & Mining				13,441,145
Paper & Forest Products 7.3%
International Paper Co.		55,690		1,608,327
MeadWestvaco Corp.		57,370		1,642,503
Total Paper & Forest Products				3,250,830
Total Common Stocks (Cost $34,748,821)				44,705,900
SHORT TERM INVESTMENTS 0.2%
SSgA Government Money Market Fund		85,592		85,592
Total Short Term Investments (Cost $85,592)				85,592
Total Investments 100.0%(a) (Cost $34,834,413)				44,791,492
Other Assets in Excess of Liabilities — 0.0%(b)				6,002
Net Assets — 100.0%			$	44,797,494

*	Non-Income Producing Security.
(a)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. (Note G)
(b)	Amount represents less than 0.05% of net assets.

RYDEX S&P EQUAL WEIGHT TECHNOLOGY ETF
SCHEDULE OF INVESTMENTS (Unaudited)	January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 99.9%
Communications Equipment 11.3%
Cisco Systems, Inc.*		72,433	$	1,531,958
F5 Networks, Inc.*		10,400		1,127,152
Harris Corp.		30,452		1,417,236
JDS Uniphase Corp.*		98,316		1,668,423
Juniper Networks, Inc.*		38,726		1,437,509
Motorola Mobility Holdings, Inc.*		47,100		1,312,677
Motorola Solutions, Inc.*		38,864		1,506,757
QUALCOMM, Inc.		28,642		1,550,391
Tellabs, Inc.		210,399		1,115,115
Total Communications Equipment				12,667,218
Computers & Peripherals 10.3%
Apple, Inc.*		4,406		1,495,044
Dell, Inc.*		104,471		1,374,838
EMC Corp.*		61,593		1,533,050
Hewlett-Packard Co.		33,681		1,538,885
Lexmark International, Inc. — Class A*		40,434		1,408,721
NetApp, Inc.*		26,266		1,437,538
SanDisk Corp.*		28,919		1,312,055
Western Digital Corp.*		42,866		1,458,301
Total Computers & Peripherals				11,558,432
Electronic Equipment, Instruments & Components 7.1%
Amphenol Corp. — Class A		26,589		1,471,435
Corning, Inc.		74,475		1,654,090
FLIR Systems, Inc.*		49,715		1,543,154
Jabil Circuit, Inc.		81,623		1,649,601
Molex, Inc.		62,516		1,634,793
Total Electronic Equipment, Instruments & Components				7,953,073
Internet Software & Services 7.1%
Akamai Technologies, Inc.*		27,862		1,346,292
eBay, Inc.*		47,398		1,439,003
Google, Inc. — Class A*		2,398		1,439,663
Monster Worldwide, Inc.*		57,308		954,178
VeriSign, Inc.		41,240		1,387,726
Yahoo!, Inc.*		86,554		1,395,251
Total Internet Software & Services				7,962,113
IT Services 17.5%
Automatic Data Processing, Inc.		30,165		1,444,903
Cognizant Technology Solutions Corp. — Class A*		19,777		1,442,732
Computer Sciences Corp.		29,199		1,556,015
Fidelity National Information Services, Inc.		51,469		1,566,202
Fiserv, Inc.*		23,384		1,444,430
International Business Machines Corp.		9,752		1,579,824
Mastercard, Inc. — Class A		6,382		1,509,407
Paychex, Inc.		45,611		1,459,552
SAIC, Inc.*		90,089		1,492,775
Teradata Corp.*		32,515		1,397,820
Total System Services, Inc.		92,480		1,610,077
Visa, Inc. — Class A		21,125		1,475,581
Western Union Co.		77,316		1,567,968
Total IT Services				19,547,286
Office Electronics 1.2%
Xerox Corp.		120,254		1,277,098
Total Office Electronics				1,277,098
Semiconductors & Semiconductor Equipment 26.7%
Advanced Micro Devices, Inc.*		174,562		1,366,820
Altera Corp.		38,596		1,450,052
Analog Devices, Inc.		37,708		1,464,202
Applied Materials, Inc.		104,114		1,633,549
Broadcom Corp. — Class A		32,227		1,453,115
First Solar, Inc.*		10,593		1,637,466
Intel Corp.		65,888		1,413,957
KLA-Tencor Corp.		35,485		1,564,179
Linear Technology Corp.		40,495		1,408,821
LSI Corp.*		235,580		1,458,240
MEMC Electronic Materials, Inc.*		127,615		1,415,250
Microchip Technology, Inc.		41,430		1,510,952
Micron Technology, Inc.*		173,024		1,823,673
National Semiconductor Corp.		102,480		1,553,597
Novellus Systems, Inc.*		43,030		1,552,092
NVIDIA Corp.*		98,382		2,353,297
Teradyne, Inc.*		101,925		1,700,109
Texas Instruments, Inc.		43,444		1,473,186
Xilinx, Inc.		50,066		1,612,125
Total Semiconductors & Semiconductor Equipment				29,844,682
Software 18.7%
Adobe Systems, Inc.*		49,121		1,623,449
Autodesk, Inc.*		36,138		1,470,094
BMC Software, Inc.*		29,268		1,396,084
CA, Inc.		56,789		1,351,578
Citrix Systems, Inc.*		20,426		1,290,515
Compuware Corp.*		120,673		1,293,615
Electronic Arts, Inc.*		88,846		1,385,109
Intuit, Inc.*		28,611		1,342,714
McAfee, Inc.*		30,474		1,459,705
Microsoft Corp.		50,836		1,409,428
Novell, Inc.*		235,560		1,418,071
Oracle Corp.		45,974		1,472,547
Red Hat, Inc.*		29,534		1,220,345
Salesforce.com, Inc.*		10,346		1,336,082
Symantec Corp.*		83,348		1,467,758
Total Software				20,937,094
Total Common Stocks (Cost $96,103,287)				111,746,996
SHORT TERM INVESTMENTS 0.1%
SSgA Government Money Market Fund		103,917		103,917
Total Short Term Investments (Cost $103,917)				103,917
Total Investments 100.0%(a) (Cost $96,207,204)				111,850,913
Liabilities in Excess of Other Assets — 0.0%(b)				(22,625	)
Net Assets — 100.0%			$	111,828,288

*	Non-Income Producing Security.
(a)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. (Note G)
(b)	Amount represents less than 0.05% of net assets.

RYDEX S&P EQUAL WEIGHT UTILITIES ETF
SCHEDULE OF INVESTMENTS (Unaudited)	January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 99.4%
Diversified Telecommunication Services 13.0%
AT&T, Inc.		15,940	$	438,669
CenturyTel, Inc.		10,260		443,642
Frontier Communications Corp.		49,420		453,182
Qwest Communications International, Inc.		62,470		445,411
Verizon Communications, Inc.		13,410		477,664
Windstream Corp.		32,980		422,474
Total Diversified Telecommunication Services				2,681,042
Electric Utilities 32.4%
Allegheny Energy, Inc.		19,910		513,280
American Electric Power Co., Inc.		12,930		461,342
Duke Energy Corp.		26,390		471,853
Edison International		12,120		439,714
Entergy Corp.		6,620		477,765
Exelon Corp.		11,380		483,764
FirstEnergy Corp.		12,940		506,213
NextEra Energy, Inc.		9,100		486,486
Northeast Utilities		14,640		481,949
Pepco Holdings, Inc.		25,430		472,235
Pinnacle West Capital Corp.		11,260		458,395
PPL Corp.		18,150		468,088
Progress Energy, Inc.		10,650		478,398
Southern Co.		12,330		463,855
Total Electric Utilities				6,663,337
Gas Utilities 4.8%
Nicor, Inc.		9,300		469,371
Oneok, Inc.		8,650		509,398
Total Gas Utilities				978,769
Independent Power Producers & Energy Traders 7.6%
AES Corp.(The)*		41,210		511,004
Constellation Energy Group, Inc.		16,380		528,255
NRG Energy, Inc.*		25,450		528,087
Total Independent Power Producers & Energy Traders				1,567,346
Multi-Utilities 34.5%
Ameren Corp.		16,440		466,403
CenterPoint Energy, Inc.		29,310		473,356
CMS Energy Corp.		24,520		478,140
Consolidated Edison, Inc.		9,400		469,154
Dominion Resources, Inc.		11,020		479,811
DTE Energy Co.		10,220		472,777
Integrys Energy Group, Inc.		9,450		449,726
NiSource, Inc.		27,020		503,112
PG&E Corp.		9,730		450,304
Public Service Enterprise Group, Inc.		14,620		474,127
SCANA Corp.		11,440		483,569
Sempra Energy		8,980		467,589
TECO Energy, Inc.		26,850		494,308
Wisconsin Energy Corp.		7,930		478,100
Xcel Energy, Inc.		19,670		463,622
Total Multi-Utilities				7,104,098
Wireless Telecommunication Services 7.1%
American Tower Corp. — Class A*		9,320		474,015
MetroPCS Communications, Inc.*		37,920		490,306
Sprint Nextel Corp.*		111,760		505,155
Total Wireless Telecommunication Services				1,469,476
Total Common Stocks (Cost $18,283,755)				20,464,068
SHORT TERM INVESTMENTS 0.4%
SSgA Government Money Market Fund		88,243		88,243
Total Short Term Investments (Cost $88,243)				88,243
Total Investments 99.8%(a) (Cost $18,371,998)				20,552,311
Other Assets in Excess of Liabilities — 0.2%				32,203
Net Assets — 100.0%			$	20,584,514

*	Non-Income Producing Security.
(a)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. (Note G)

RYDEX 2X S&P 500 ETF
SCHEDULE OF INVESTMENTS (Unaudited)	January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 81.5%
Aerospace & Defense 2.2%
Boeing Co.(The)		4,830	$	335,588
General Dynamics Corp.		2,490		187,746
Goodrich Corp.		830		75,215
Honeywell International, Inc.		5,140		287,891
ITT Corp.		1,210		71,293
L-3 Communications Holdings, Inc.		750		58,688
Lockheed Martin Corp.		1,950		155,220
Northrop Grumman Corp.		1,920		133,056
Precision Castparts Corp.		940		134,411
Raytheon Co.		2,400		119,976
Rockwell Collins, Inc.		1,030		66,064
United Technologies Corp.		6,080		494,304
Total Aerospace & Defense				2,119,452
Air Freight & Logistics 0.9%
C.H. Robinson Worldwide, Inc.		1,090		84,028
Expeditors International of Washington, Inc.		1,400		70,938
FedEx Corp.		2,070		186,963
United Parcel Service, Inc. — Class B		6,510		466,246
Total Air Freight & Logistics				808,175
Airlines 0.1%
Southwest Airlines Co.		4,920		58,302
Total Airlines				58,302
Auto Components 0.2%
Goodyear Tire & Rubber Co.(The)*		1,600		19,008
Johnson Controls, Inc.		4,440		170,452
Total Auto Components				189,460
Automobiles 0.5%
Ford Motor Co.*		24,680		393,646
Harley-Davidson, Inc.		1,550		61,457
Total Automobiles				455,103
Beverages 2.0%
Brown-Forman Corp. — Class B		680		45,118
Coca-Cola Co.(The)		15,300		961,605
Coca-Cola Enterprises, Inc.		2,230		56,107
Constellation Brands, Inc. — Class A*		1,170		22,487
Dr Pepper Snapple Group, Inc.		1,500		53,145
Molson Coors Brewing Co. — Class B		1,040		48,745
PepsiCo, Inc.		10,440		671,396
Total Beverages				1,858,603
Biotechnology 1.0%
Amgen, Inc.*		6,220		342,598
Biogen Idec, Inc.*		1,570		102,788
Celgene Corp.*		3,100		159,743
Cephalon, Inc.*		500		29,540
Genzyme Corp.*		1,710		125,428
Gilead Sciences, Inc.*		5,350		205,333
Total Biotechnology				965,430
Building Products 0.0%(a)
Masco Corp.		2,360		31,435
Total Building Products				31,435
Capital Markets 2.1%
Ameriprise Financial, Inc.		1,630		100,490
Bank of New York Mellon Corp.		8,170		255,149
Charles Schwab Corp.(The)		6,530		117,866
E*TRADE Financial Corp.*		1,310		21,694
Federated Investors, Inc. — Class B		600		16,248
Franklin Resources, Inc.		960		115,824
Goldman Sachs Group, Inc.(The)		3,370		551,399
Invesco Ltd.		3,040		75,210
Janus Capital Group, Inc.		1,210		15,621
Legg Mason, Inc.		1,010		33,461
Morgan Stanley		9,970		293,118
Northern Trust Corp.		1,600		83,168
State Street Corp.		3,310		154,643
T. Rowe Price Group, Inc.		1,690		111,405
Total Capital Markets				1,945,296
Chemicals 1.7%
Air Products & Chemicals, Inc.		1,410		123,022
Airgas, Inc.		490		30,708
CF Industries Holdings, Inc.		470		63,469
Dow Chemical Co.(The)		7,650		271,422
Du Pont (E.I.) de Nemours & Co.		6,010		304,587
Eastman Chemical Co.		480		44,573
Ecolab, Inc.		1,530		76,026
FMC Corp.		480		36,509
International Flavors & Fragrances, Inc.		530		30,236
Monsanto Co.		3,530		259,031
PPG Industries, Inc.		1,070		90,180
Praxair, Inc.		2,020		187,941
Sherwin-Williams Co.(The)		590		49,991
Sigma-Aldrich Corp.		800		50,920
Total Chemicals				1,618,615
Commercial Banks 2.5%
BB&T Corp.		4,570		126,315
Comerica, Inc.		1,160		44,312
Fifth Third Bancorp		6,040		89,815
First Horizon National Corp.*		1,720		19,488
Huntington Bancshares, Inc.		5,690		41,195
KeyCorp		5,800		51,620
M&T Bank Corp.		790		68,311
Marshall & Ilsley Corp.		3,480		24,325
PNC Financial Services Group, Inc.		3,460		207,600
Regions Financial Corp.		8,270		58,717
SunTrust Banks, Inc.		3,290		100,115
U.S. Bancorp		12,640		341,280
Wells Fargo & Co.		34,580		1,121,083
Zions Bancorp		1,170		27,589
Total Commercial Banks				2,321,765
Commercial Services & Supplies 0.4%
Avery Dennison Corp.		710		29,884
Cintas Corp.		830		23,290
Iron Mountain, Inc.		1,320		32,195
Pitney Bowes, Inc.		1,340		32,535
R.R. Donnelley & Sons Co.		1,360		24,099
Republic Services, Inc.		2,030		62,605
Stericycle, Inc.*		560		43,955
Waste Management, Inc.		3,130		118,533
Total Commercial Services & Supplies				367,096
Communications Equipment 1.9%
Cisco Systems, Inc.*		36,510		772,187
F5 Networks, Inc.*		530		57,441
Harris Corp.		850		39,559
JDS Uniphase Corp.*		1,470		24,946
Juniper Networks, Inc.*		3,450		128,064
Motorola Mobility Holdings, Inc.*		1,935		53,928
Motorola Solutions, Inc.*		2,211		85,721
QUALCOMM, Inc.		10,660		577,026
Tellabs, Inc.		2,430		12,879
Total Communications Equipment				1,751,751
Computers & Peripherals 3.7%
Apple, Inc.*		6,040		2,049,493

RYDEX 2X S&P 500 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Dell, Inc.*		11,060	$	145,550
EMC Corp.*		13,570		337,757
Hewlett-Packard Co.		14,940		682,608
Lexmark International, Inc. — Class A*		520		18,117
NetApp, Inc.*		2,380		130,257
SanDisk Corp.*		1,540		69,870
Western Digital Corp.*		1,510		51,370
Total Computers & Peripherals				3,485,022
Construction & Engineering 0.2%
Fluor Corp.		1,180		81,644
Jacobs Engineering Group, Inc.*		830		42,637
Quanta Services, Inc.*		1,420		33,697
Total Construction & Engineering				157,978
Construction Materials 0.0%(a)
Vulcan Materials Co.		850		36,176
Total Construction Materials				36,176
Consumer Finance 0.6%
American Express Co.		6,900		299,322
Capital One Financial Corp.		3,010		144,962
Discover Financial Services		3,590		73,918
SLM Corp.*		3,200		46,112
Total Consumer Finance				564,314
Containers & Packaging 0.1%
Ball Corp.		580		41,255
Bemis Co., Inc.		710		23,111
Owens-Illinois, Inc.*		1,080		31,849
Sealed Air Corp.		1,050		28,025
Total Containers & Packaging				124,240
Distributors 0.1%
Genuine Parts Co.		1,040		53,820
Total Distributors				53,820
Diversified Consumer Services 0.1%
Apollo Group, Inc. — Class A*		840		34,667
DeVry, Inc.		410		21,365
H&R Block, Inc.		2,030		25,415
Total Diversified Consumer Services				81,447
Diversified Financial Services 3.5%
Bank of America Corp.		66,440		912,221
Citigroup, Inc.*		191,370		922,404
CME Group, Inc.		440		135,767
IntercontinentalExchange, Inc.*		480		57,835
JPMorgan Chase & Co.		25,750		1,157,205
Leucadia National Corp.		1,300		42,276
Moody’s Corp.		1,340		39,356
Nasdaq OMX Group (The)*		930		22,766
NYSE Euronext		1,720		54,713
Total Diversified Financial Services				3,344,543
Diversified Telecommunication Services 2.1%
AT&T, Inc.		38,930		1,071,354
CenturyTel, Inc.		2,000		86,480
Frontier Communications Corp.		6,550		60,064
Qwest Communications International, Inc.		11,480		81,852
Verizon Communications, Inc.		18,620		663,244
Windstream Corp.		3,190		40,864
Total Diversified Telecommunication Services				2,003,858
Electric Utilities 1.4%
Allegheny Energy, Inc.		1,120		28,874
American Electric Power Co., Inc.		3,160		112,749
Duke Energy Corp.		8,730		156,092
Edison International		2,150		78,002
Entergy Corp.		1,190		85,882
Exelon Corp.		4,360		185,344
FirstEnergy Corp.		2,010		78,631
NextEra Energy, Inc.		2,740		146,480
Northeast Utilities		1,160		38,187
Pepco Holdings, Inc.		1,480		27,484
Pinnacle West Capital Corp.		720		29,311
PPL Corp.		3,180		82,012
Progress Energy, Inc.		1,930		86,696
Southern Co.		5,520		207,662
Total Electric Utilities				1,343,406
Electrical Equipment 0.4%
Emerson Electric Co.		4,960		292,045
Rockwell Automation, Inc.		930		75,339
Roper Industries, Inc.		620		48,168
Total Electrical Equipment				415,552
Electronic Equipment, Instruments & Components 0.4%
Amphenol Corp. — Class A		1,150		63,641
Corning, Inc.		10,300		228,763
FLIR Systems, Inc.*		1,040		32,282
Jabil Circuit, Inc.		1,290		26,071
Molex, Inc.		910		23,796
Total Electronic Equipment, Instruments & Components				374,553
Energy Equipment & Services 1.9%
Baker Hughes, Inc.		2,840		194,568
Cameron International Corp.*		1,600		85,280
Diamond Offshore Drilling, Inc.		460		32,987
FMC Technologies, Inc.*		790		74,260
Halliburton Co.		5,990		269,550
Helmerich & Payne, Inc.		700		41,111
Nabors Industries, Ltd.*		1,880		45,872
National-Oilwell Varco, Inc.		2,760		203,964
Noble Corp.		1,680		64,260
Rowan Cos., Inc.*		830		28,452
Schlumberger, Ltd.		8,990		800,020
Total Energy Equipment & Services				1,840,324
Food & Staples Retailing 1.9%
Costco Wholesale Corp.		2,850		204,744
CVS Caremark Corp.		8,950		306,090
Kroger Co.(The)		4,200		89,880
Safeway, Inc.		2,460		50,897
SUPERVALU, Inc.		1,400		10,206
Sysco Corp.		3,850		112,189
Wal-Mart Stores, Inc.		12,910		723,864
Walgreen Co.		6,100		246,684
Whole Foods Market, Inc.		970		50,159
Total Food & Staples Retailing				1,794,713
Food Products 1.4%
Archer-Daniels-Midland Co.		4,210		137,541
Campbell Soup Co.		1,260		43,016
ConAgra Foods, Inc.		2,900		64,757
Dean Foods Co.*		1,200		12,180
General Mills, Inc.		4,220		146,772
H.J. Heinz Co.		2,110		100,225
Hershey Co.(The)		1,020		47,624
Hormel Foods Corp.		460		22,724
J.M. Smucker Co.(The)		790		49,106
Kellogg Co.		1,670		84,001
Kraft Foods, Inc. — Class A		11,510		351,861
McCormick & Co., Inc.		880		38,896
Mead Johnson Nutrition Co.		1,350		78,259
Sara Lee Corp.		4,210		71,444
Tyson Foods, Inc. — Class A		1,960		32,242
Total Food Products				1,280,648

2

RYDEX 2X S&P 500 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Gas Utilities 0.1%
Nicor, Inc.		300	$	15,141
Oneok, Inc.		700		41,223
Total Gas Utilities				56,364
Health Care Equipment & Supplies 1.3%
Baxter International, Inc.		3,840		186,202
Becton, Dickinson & Co.		1,510		125,254
Boston Scientific Corp.*		10,010		69,870
C.R. Bard, Inc.		610		57,553
CareFusion Corp.*		1,470		37,823
Dentsply International, Inc.		940		33,351
Intuitive Surgical, Inc.*		260		83,957
Medtronic, Inc.		7,110		272,455
St Jude Medical, Inc.*		2,260		91,530
Stryker Corp.		2,250		129,510
Varian Medical Systems, Inc.*		780		52,705
Zimmer Holdings, Inc.*		1,300		76,908
Total Health Care Equipment & Supplies				1,217,118
Health Care Providers & Services 1.7%
Aetna, Inc.		2,640		86,962
AmerisourceBergen Corp.		1,820		65,265
Cardinal Health, Inc.		2,300		95,473
CIGNA Corp.		1,780		74,796
Coventry Health Care, Inc.*		980		29,371
DaVita, Inc.*		640		47,264
Express Scripts, Inc.*		3,470		195,465
Humana, Inc.*		1,110		64,347
Laboratory Corp. of America Holdings*		670		60,240
McKesson Corp.		1,670		125,534
Medco Health Solutions, Inc.*		2,800		170,856
Patterson Cos., Inc.		640		21,158
Quest Diagnostics, Inc.		930		52,963
Tenet Healthcare Corp.*		3,200		21,280
UnitedHealth Group, Inc.		7,250		297,612
WellPoint, Inc.*		2,590		160,891
Total Health Care Providers & Services				1,569,477
Health Care Technology 0.1%
Cerner Corp.*		470		46,460
Total Health Care Technology				46,460
Hotels, Restaurants & Leisure 1.3%
Carnival Corp.		2,840		126,976
Darden Restaurants, Inc.		910		42,870
International Game Technology		1,960		33,653
Marriott International, Inc. — Class A		1,900		75,031
McDonald’s Corp.		6,960		512,743
Starbucks Corp.		4,880		153,867
Starwood Hotels & Resorts Worldwide, Inc.		1,260		74,302
Wyndham Worldwide Corp.		1,150		32,350
Wynn Resorts Ltd.		500		58,165
Yum! Brands, Inc.		3,090		144,488
Total Hotels, Restaurants & Leisure				1,254,445
Household Durables 0.3%
D.R. Horton, Inc.		1,850		22,922
Fortune Brands, Inc.		1,010		62,297
Harman International Industries, Inc.*		460		19,927
Leggett & Platt, Inc.		960		21,629
Lennar Corp. — Class A		1,050		20,328
Newell Rubbermaid, Inc.		1,910		36,767
Pulte Homes, Inc.*		2,220		17,516
Stanley Black & Decker, Inc.		1,090		79,221
Whirlpool Corp.		500		42,750
Total Household Durables				323,357
Household Products 1.7%
Clorox Co.		920		57,859
Colgate-Palmolive Co.		3,180		244,128
Kimberly-Clark Corp.		2,690		174,124
Procter & Gamble Co.		18,440		1,164,117
Total Household Products				1,640,228
Independent Power Producers & Energy Traders 0.1%
AES Corp.(The)*		4,360		54,064
Constellation Energy Group, Inc.		1,320		42,570
NRG Energy, Inc.*		1,630		33,822
Total Independent Power Producers & Energy Traders				130,456
Industrial Conglomerates 2.1%
3M Co.		4,710		414,103
General Electric Co.		70,190		1,413,626
Textron, Inc.		1,810		47,585
Tyco International Ltd.		3,220		144,353
Total Industrial Conglomerates				2,019,667
Insurance 3.1%
ACE Ltd.		2,240		137,961
AFLAC, Inc.		3,100		178,498
Allstate Corp.		3,550		110,547
American International Group, Inc.*		920		37,122
Aon Corp.		2,170		99,256
Assurant, Inc.		700		27,461
Berkshire Hathaway, Inc. — Class B*		11,400		931,950
Chubb Corp.		2,010		116,439
Cincinnati Financial Corp.		1,070		34,283
Genworth Financial, Inc. — Class A*		3,230		43,831
Hartford Financial Services Group, Inc.		2,930		81,395
Lincoln National Corp.		2,090		60,276
Loews Corp.		2,080		83,304
Marsh & McLennan Cos., Inc.		3,580		99,810
MetLife, Inc.		5,970		273,247
Principal Financial Group, Inc.		2,110		69,145
Progressive Corp.		4,370		86,570
Prudential Financial, Inc.		3,200		196,832
Torchmark Corp.		530		33,019
Travelers Cos., Inc.(The)		3,020		169,905
Unum Group		2,090		52,125
XL Group PLC		2,130		48,820
Total Insurance				2,971,796
Internet & Catalog Retail 0.7%
Amazon.com, Inc.*		2,340		396,958
Expedia, Inc.		1,330		33,463
Netflix, Inc.*		290		62,083
Priceline.com, Inc.*		320		137,126
Total Internet & Catalog Retail				629,630
Internet Software & Services 1.5%
Akamai Technologies, Inc.*		1,200		57,984
eBay, Inc.*		7,560		229,522
Google, Inc. — Class A*		1,640		984,590
Monster Worldwide, Inc.*		860		14,319
VeriSign, Inc.		1,130		38,024
Yahoo!, Inc.*		8,590		138,471
Total Internet Software & Services				1,462,910
IT Services 2.6%
Automatic Data Processing, Inc.		3,250		155,675
Cognizant Technology Solutions Corp. — Class A*		2,000		145,900
Computer Sciences Corp.		1,020		54,356
Fidelity National Information Services, Inc.		1,740		52,948
Fiserv, Inc.*		980		60,535

3

RYDEX 2X S&P 500 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
International Business Machines Corp.		8,180	$	1,325,160
Mastercard, Inc. — Class A		640		151,366
Paychex, Inc.		2,120		67,840
SAIC, Inc.*		1,930		31,980
Teradata Corp.*		1,100		47,289
Total System Services, Inc.		1,080		18,803
Visa, Inc. — Class A		3,210		224,218
Western Union Co.		4,320		87,610
Total IT Services				2,423,680
Leisure Equipment & Products 0.1%
Hasbro, Inc.		900		39,681
Mattel, Inc.		2,360		55,885
Total Leisure Equipment & Products				95,566
Life Sciences Tools & Services 0.4%
Agilent Technologies, Inc.*		2,280		95,372
Life Technologies Corp.*		1,230		66,777
PerkinElmer, Inc.		780		19,952
Thermo Fisher Scientific, Inc.*		2,620		150,048
Waters Corp.*		600		45,834
Total Life Sciences Tools & Services				377,983
Machinery 1.9%
Caterpillar, Inc.		4,180		405,502
Cummins, Inc.		1,300		137,644
Danaher Corp.		3,530		162,592
Deere & Co.		2,790		253,611
Dover Corp.		1,230		78,843
Eaton Corp.		1,110		119,835
Flowserve Corp.		370		46,246
Illinois Tool Works, Inc.		3,270		174,912
Ingersoll-Rand PLC		2,130		100,536
PACCAR, Inc.		2,400		135,576
Pall Corp.		760		42,112
Parker-Hannifin Corp.		1,060		94,775
Snap-on, Inc.		380		21,519
Total Machinery				1,773,703
Media 2.5%
Cablevision Systems Corp. — Class A		1,580		53,483
CBS Corp. — Class B		4,490		89,037
Comcast Corp. — Class A		18,380		418,145
DIRECTV — Class A*		5,490		232,721
Discovery Communications, Inc. — Class A*		1,870		72,930
Gannett Co., Inc.		1,570		23,142
Interpublic Group of Cos., Inc.*		3,220		34,422
McGraw-Hill Cos., Inc.		2,020		78,740
News Corp. — Class A		15,040		225,901
Omnicom Group, Inc.		1,980		88,862
Scripps Networks Interactive — Class A		590		27,435
Time Warner Cable, Inc.		2,340		158,722
Time Warner, Inc.		7,310		229,899
Viacom, Inc. — Class B		3,980		165,369
Walt Disney Co.(The)		12,470		484,709
Washington Post Co. — Class B		40		17,134
Total Media				2,400,651
Metals & Mining 1.0%
AK Steel Holding Corp.		720		11,448
Alcoa, Inc.		6,730		111,516
Allegheny Technologies, Inc.		650		42,374
Cliffs Natural Resources, Inc.		890		76,059
Freeport-McMoRan Copper & Gold, Inc.		3,100		337,125
Newmont Mining Corp.		3,250		178,977
Nucor Corp.		2,080		95,493
Titanium Metals Corp.*		590		11,122
United States Steel Corp.		950		54,786
Total Metals & Mining				918,900
Multi-Utilities 1.0%
Ameren Corp.		1,580		44,825
CenterPoint Energy, Inc.		2,790		45,058
CMS Energy Corp.		1,610		31,395
Consolidated Edison, Inc.		1,910		95,328
Dominion Resources, Inc.		3,820		166,323
DTE Energy Co.		1,110		51,349
Integrys Energy Group, Inc.		510		24,271
NiSource, Inc.		1,830		34,075
PG&E Corp.		2,580		119,402
Public Service Enterprise Group, Inc.		3,330		107,992
SCANA Corp.		750		31,702
Sempra Energy		1,580		82,271
TECO Energy, Inc.		1,410		25,958
Wisconsin Energy Corp.		770		46,423
Xcel Energy, Inc.		3,030		71,417
Total Multi-Utilities				977,789
Multiline Retail 0.6%
Big Lots, Inc.*		500		15,895
Family Dollar Stores, Inc.		830		35,258
J.C. Penney Co., Inc.		1,560		50,029
Kohl’s Corp.*		1,930		98,005
Macy’s, Inc.		2,790		64,589
Nordstrom, Inc.		1,110		45,710
Sears Holdings Corp.*		290		21,857
Target Corp.		4,660		255,508
Total Multiline Retail				586,851
Office Electronics 0.1%
Xerox Corp.		9,140		97,067
Total Office Electronics				97,067
Oil, Gas & Consumable Fuels 8.4%
Anadarko Petroleum Corp.		3,260		251,281
Apache Corp.		2,520		300,787
Cabot Oil & Gas Corp.		680		28,308
Chesapeake Energy Corp.		4,310		127,274
Chevron Corp.		13,260		1,258,772
ConocoPhillips		9,680		691,733
CONSOL Energy, Inc.		1,490		74,053
Denbury Resources, Inc.*		2,630		53,520
Devon Energy Corp.		2,850		252,766
El Paso Corp.		4,640		73,683
EOG Resources, Inc.		1,670		177,671
EQT Corp.		980		47,226
Exxon Mobil Corp.		33,220		2,680,193
Hess Corp.		1,980		166,558
Marathon Oil Corp.		4,680		213,876
Massey Energy Co.		670		42,116
Murphy Oil Corp.		1,270		84,201
Newfield Exploration Co.*		880		64,390
Noble Energy, Inc.		1,150		104,765
Occidental Petroleum Corp.		5,350		517,238
Peabody Energy Corp.		1,780		112,888
Pioneer Natural Resources Co.		760		72,322
QEP Resources, Inc.		1,160		47,142
Range Resources Corp.		1,050		52,364
Southwestern Energy Co.*		2,280		90,060
Spectra Energy Corp.		4,270		112,002
Sunoco, Inc.		790		33,536
Tesoro Corp.*		940		18,095
Valero Energy Corp.		3,730		94,593
Williams Cos., Inc.(The)		3,850		103,911
Total Oil, Gas & Consumable Fuels				7,947,324

4

RYDEX 2X S&P 500 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Paper & Forest Products 0.1%
International Paper Co.		2,880	$	83,175
MeadWestvaco Corp.		1,110		31,779
Total Paper & Forest Products				114,954
Personal Products 0.2%
Avon Products, Inc.		2,830		80,117
Estee Lauder Cos., Inc. — Class A		750		60,375
Total Personal Products				140,492
Pharmaceuticals 4.3%
Abbott Laboratories		10,180		459,729
Allergan, Inc.		2,030		143,338
Bristol-Myers Squibb Co.		11,280		284,030
Eli Lilly & Co.		6,680		232,264
Forest Laboratories, Inc.*		1,880		60,649
Hospira, Inc.*		1,100		60,753
Johnson & Johnson, Inc.		18,090		1,081,239
Merck & Co., Inc.		20,300		673,351
Mylan, Inc.*		2,870		66,469
Pfizer, Inc.		52,770		961,469
Watson Pharmaceuticals, Inc.*		830		45,252
Total Pharmaceuticals				4,068,543
Professional Services 0.1%
Dun & Bradstreet Corp.		330		28,034
Equifax, Inc.		810		28,933
Robert Half International, Inc.		970		30,419
Total Professional Services				87,386
Real Estate Investment Trusts (REITs) 1.2%
Apartment Investment & Management Co. — Class A		770		19,681
AvalonBay Communities, Inc.		560		64,921
Boston Properties, Inc.		920		86,820
Equity Residential		1,870		101,335
HCP, Inc.		2,400		89,016
Health Care REIT, Inc.		960		47,117
Host Hotels & Resorts, Inc.		4,390		81,259
Kimco Realty Corp.		2,670		48,300
Plum Creek Timber Co., Inc.		1,060		44,382
ProLogis		3,750		55,950
Public Storage, Inc.		920		100,262
Simon Property Group, Inc.		1,930		195,799
Ventas, Inc.		1,030		57,124
Vornado Realty Trust		1,070		94,256
Weyerhaeuser Co.		3,530		81,825
Total Real Estate Investment Trusts (REITs)				1,168,047
Real Estate Management & Development 0.0%(a)
CB Richard Ellis Group, Inc. — Class A*		1,910		42,383
Total Real Estate Management & Development				42,383
Road & Rail 0.7%
CSX Corp.		2,460		173,676
Norfolk Southern Corp.		2,390		146,244
Ryder System, Inc.		340		16,347
Union Pacific Corp.		3,250		307,548
Total Road & Rail				643,815
Semiconductors & Semiconductor Equipment 2.1%
Advanced Micro Devices, Inc.*		3,770		29,519
Altera Corp.		2,060		77,394
Analog Devices, Inc.		1,970		76,495
Applied Materials, Inc.		8,800		138,072
Broadcom Corp. — Class A		3,000		135,270
First Solar, Inc.*		360		55,649
Intel Corp.		36,750		788,655
KLA-Tencor Corp.		1,100		48,488
Linear Technology Corp.		1,480		51,489
LSI Corp.*		4,060		25,132
MEMC Electronic Materials, Inc.*		1,500		16,635
Microchip Technology, Inc.		1,230		44,858
Micron Technology, Inc.*		5,640		59,446
National Semiconductor Corp.		1,580		23,953
Novellus Systems, Inc.*		590		21,281
NVIDIA Corp.*		3,830		91,614
Teradyne, Inc.*		1,190		19,849
Texas Instruments, Inc.		7,730		262,124
Xilinx, Inc.		1,710		55,062
Total Semiconductors & Semiconductor Equipment				2,020,985
Software 3.2%
Adobe Systems, Inc.*		3,350		110,718
Autodesk, Inc.*		1,500		61,020
BMC Software, Inc.*		1,170		55,809
CA, Inc.		2,530		60,214
Citrix Systems, Inc.*		1,240		78,343
Compuware Corp.*		1,440		15,437
Electronic Arts, Inc.*		2,190		34,142
Intuit, Inc.*		1,840		86,351
McAfee, Inc.*		1,020		48,858
Microsoft Corp.		49,600		1,375,160
Novell, Inc.*		2,320		13,967
Oracle Corp.		25,500		816,765
Red Hat, Inc.*		1,260		52,063
Salesforce.com, Inc.*		780		100,729
Symantec Corp.*		5,110		89,987
Total Software				2,999,563
Specialty Retail 1.6%
Abercrombie & Fitch Co. — Class A		580		29,238
AutoNation, Inc.*		420		12,058
AutoZone, Inc.*		180		45,635
Bed Bath & Beyond, Inc.*		1,710		82,080
Best Buy Co., Inc.		2,180		74,120
CarMax, Inc.*		1,480		48,322
GameStop Corp. — Class A*		1,000		21,070
Gap, Inc.(The)		2,890		55,690
Home Depot, Inc.		10,800		397,116
Limited Brands, Inc.		1,740		50,878
Lowe’s Cos., Inc.		9,090		225,432
O’Reilly Automotive, Inc.*		920		52,284
RadioShack Corp.		750		11,362
Ross Stores, Inc.		790		51,508
Staples, Inc.		4,760		106,196
Tiffany & Co.		830		48,248
TJX Cos., Inc.		2,610		123,688
Urban Outfitters, Inc.*		850		28,747
Total Specialty Retail				1,463,672
Textiles, Apparel & Luxury Goods 0.4%
Coach, Inc.		1,950		105,476
NIKE, Inc. — Class B		2,520		207,850
Polo Ralph Lauren Corp.		430		46,087
V.F. Corp.		570		47,150
Total Textiles, Apparel & Luxury Goods				406,563
Thrifts & Mortgage Finance 0.1%
Hudson City Bancorp, Inc.		3,470		38,101
People’s United Financial, Inc.		2,430		31,371
Total Thrifts & Mortgage Finance				69,472
Tobacco 1.2%
Altria Group, Inc.		13,750		323,262
Lorillard, Inc.		990		74,488
Philip Morris International, Inc.		11,950		684,018

5

RYDEX 2X S&P 500 ETF
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)	January 31, 2011

			Market
	Shares		Value
Reynolds American, Inc.		2,230	$	70,936
Total Tobacco				1,152,704
Trading Companies & Distributors 0.1%
Fastenal Co.		970		56,318
W.W. Grainger, Inc.		380		49,959
Total Trading Companies & Distributors				106,277
Wireless Telecommunication Services 0.3%
American Tower Corp. — Class A*		2,630		133,762
MetroPCS Communications, Inc.*		1,730		22,369
Sprint Nextel Corp.*		19,680		88,953
Total Wireless Telecommunication Services				245,084
Total Common Stocks (Cost $59,249,858)				77,042,439

	Face
	Amount
REPURCHASE AGREEMENTS 4.2%
State Street Bank & Trust Co., 0.120%, dated 01/31/11, to be repurchased at $4,009,013 on 02/01/11 collateralized by $4,100,000 FFCB at 1.750% due 03/16/15 with a value of $4,089,750(b)		4,009,000		4,009,000
Total Repurchase Agreements (Cost $4,009,000)				4,009,000
Total Investments 85.7%(c) (Cost $63,258,858)				81,051,439
Other Assets in Excess of Liabilities — 14.3%				13,515,063
Net Assets — 100.0%			$	94,566,502

			Unrealized
	Contracts		Gain(Loss)
FUTURES CONTRACTS PURCHASED
March 2011 S&P 500 Index E-Mini Futures Contracts (Aggregate Market Value of Contracts $29,754,000)(c)		464	$	1,156,489

	Units
EQUITY INDEX SWAP AGREEMENTS PURCHASED
Credit Suisse First Boston February 2011 S&P 500 Index Swap, Terminating 02/28/11 (Notional Market Value $44,844,458)**(b)		34,868		(467,932	)
Goldman Sachs International February 2011 S&P 500 Index Swap, Terminating 02/28/11 (Notional Market Value $37,381,592)**(b)		29,065		(340,553	)
(Total Notional Market Value $82,226,050)			$	(808,485	)

*	Non-Income Producing Security.
**	Price return based on S&P 500 Index + / – financing at a variable rate.
(a)	Amount represents less than 0.05% of net assets.
(b)	Values determined based on Level 2 inputs. (Note G)
(c)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. (Note G)

FFCB — Federal Farm Credit Bank

REIT — Real Estate Investment Trust

6

RYDEX INVERSE 2X S&P 500 ETF
SCHEDULE OF INVESTMENTS (Unaudited)	January 31, 2011

	Face		Market
	Amount		Value
REPURCHASE AGREEMENTS 70.8%
State Street Bank & Trust Co., 0.120%, dated 01/31/11, to be repurchased at $41,619,139 on 02/01/11 collateralized by $39,955,000 FNMA at 3.000% due 09/16/14 with a value of $42,452,188(a)	$	41,619,000	$	41,619,000
Total Repurchase Agreements (Cost $41,619,000)				41,619,000
Total Investments 70.8% (Cost $41,619,000)				41,619,000
Other Assets in Excess of Liabilities — 29.2%				17,137,342
Net Assets — 100.0%			$	58,756,342
			Unrealized
	Contracts		Gain (Loss)
FUTURES CONTRACTS SOLD SHORT
March 2011 S&P 500 Index E-Mini Futures Contracts (Aggregate Market Value of Contracts $7,695,000)(b)		120	$	(263,375	)
	Units
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT
Credit Suisse First Boston February 2011 S&P 500 Index Swap, Terminating 02/28/11 (Notional Market Value $85,735,627)*(a)		66,662		894,609
Goldman Sachs International February 2011 S&P 500 Index Swap, Terminating 02/28/11 (Notional Market Value $24,103,227)*(a)		18,741		127,208
(Total Notional Market Value $109,838,854)			$	1,021,817

*	Price return based on S&P 500 Index + / – financing at a variable rate.
(a)	Values determined based on Level 2 inputs. (Note G)
(b)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. (Note G)

FNMA — Federal National Mortgage Association.

RYDEX RUSSELL MIDCAP® EQUAL WEIGHT ETF

SCHEDULE OF INVESTMENTS (Unaudited) January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 99.5%
Aerospace & Defense 0.8%
Alliant Techsystems, Inc.*		80	$	6,061
BE Aerospace, Inc.*		160		6,190
Goodrich Corp.		70		6,343
ITT Corp.		120		7,071
L-3 Communications Holdings, Inc.		90		7,043
Rockwell Collins, Inc.		110		7,055
Spirit Aerosystems Holdings, Inc. — Class A*		300		7,086
TransDigm Group, Inc.*		90		6,973
Total Aerospace & Defense				53,822
Air Freight & Logistics 0.3%
C.H. Robinson Worldwide, Inc.		80		6,167
Expeditors International of Washington, Inc.		110		5,574
UTI Worldwide, Inc.		310		6,789
Total Air Freight & Logistics				18,530
Airlines 0.5%
AMR Corp.*		800		5,640
Copa Holdings SA — Class A		110		6,187
Delta Air Lines, Inc.*		470		5,485
Southwest Airlines Co.		480		5,688
United Continental Holdings, Inc.*		250		6,350
Total Airlines				29,350
Auto Components 0.6%
Autoliv, Inc.		60		4,608
BorgWarner, Inc.*		70		4,718
Federal-Mogul Corp.*		240		5,654
Gentex Corp.		170		5,452
Goodyear Tire & Rubber Co.(The)*		440		5,227
Lear Corp.*		50		5,282
TRW Automotive Holdings Corp.*		90		5,369
Total Auto Components				36,310
Automobiles 0.2%
Harley-Davidson, Inc.		150		5,948
Tesla Motors, Inc.*		170		4,097
Thor Industries, Inc.		150		5,574
Total Automobiles				15,619
Beverages 1.8%
Brown-Forman Corp. — Class B		290		19,241
Coca-Cola Enterprises, Inc.		768		19,323
Constellation Brands, Inc. — Class A*		920		17,682
Dr Pepper Snapple Group, Inc.		530		18,778
Hansen Natural Corp.*		390		22,090
Molson Coors Brewing Co. — Class B		400		18,748
Total Beverages				115,862
Biotechnology 1.7%
Alexion Pharmaceuticals, Inc.*		120		10,059
Amylin Pharmaceuticals, Inc.*		678		10,970
BioMarin Pharmaceutical, Inc.*		350		8,897
Cephalon, Inc.*		150		8,862
Dendreon Corp.*		260		9,110
Human Genome Sciences, Inc.*		399		9,680
Myriad Genetics, Inc.*		420		8,383
Regeneron Pharmaceuticals, Inc.*		310		10,441
Talecris Biotherapeutics Holdings Corp.*		430		10,535
United Therapeutics Corp.*		150		10,197
Vertex Pharmaceuticals, Inc.*		280		10,889
Total Biotechnology				108,023
Building Products 1.0%
Armstrong World Industries, Inc.		290		11,777
Lennox International, Inc.		250		12,285
Masco Corp.		910		12,121
Owens Corning*		410		13,723
USG Corp.*		830		13,462
Total Building Products				63,368
Capital Markets 1.1%
Affiliated Managers Group, Inc.*		40		4,073
Ameriprise Financial, Inc.		70		4,316
Ares Capital Corp.		242		4,063
E*TRADE Financial Corp.*		250		4,140
Eaton Vance Corp.		130		3,939
Federated Investors, Inc. — Class B		150		4,062
Greenhill & Co., Inc.		50		3,471
Invesco Ltd.		170		4,206
Janus Capital Group, Inc.		320		4,131
Jefferies Group, Inc.		150		3,752
Lazard Ltd. — Class A		100		4,172
Legg Mason, Inc.		110		3,644
LPL Investment Holdings, Inc.*		119		4,077
Raymond James Financial, Inc.		120		4,346
SEI Investments Co.		170		3,936
T. Rowe Price Group, Inc.		60		3,955
TD Ameritrade Holding Corp.		210		4,288
Waddell & Reed Financial, Inc. — Class A		120		4,334
Total Capital Markets				72,905
Chemicals 4.0%
Airgas, Inc.		190		11,907
Albemarle Corp.		210		11,794
Ashland, Inc.		220		12,773
Cabot Corp.		320		13,840
Celanese Corp. — Class A		300		12,447
CF Industries Holdings, Inc.		100		13,504
Cytec Industries, Inc.		230		12,544
Eastman Chemical Co.		150		13,929
Ecolab, Inc.		240		11,926
FMC Corp.		150		11,409
Huntsman Corp.		750		13,057
International Flavors & Fragrances, Inc.		210		11,981
Intrepid Potash, Inc.*		370		13,372
Lubrizol Corp.		110		11,821
Nalco Holding Co.		190		5,787
PPG Industries, Inc.		150		12,642
RPM International, Inc.		560		13,121
Scotts Miracle-Gro Co.(The) — Class A		230		11,884
Sherwin-Williams Co.(The)		150		12,710
Sigma-Aldrich Corp.		180		11,457
Valspar Corp.		350		13,079
Total Chemicals				256,984
Commercial Banks 1.8%
Associated Banc-Corp.		260		3,635
BancorpSouth, Inc.		260		4,066
Bank of Hawaii Corp.		80		3,750
BOK Financial Corp.		80		4,134
CapitalSource, Inc.		580		4,478
CIT Group, Inc.*		90		4,292
City National Corp.		70		4,045
Comerica, Inc.		100		3,820
Commerce Bancshares, Inc.		100		4,113
Cullen/Frost Bankers, Inc.		70		4,045
East West Bancorp, Inc.		210		4,559
Fifth Third Bancorp		280		4,164
First Citizens BancShares Inc. — Class A		20		4,023
First Horizon National Corp.*		380		4,305
Fulton Financial Corp.		420		4,334

RYDEX RUSSELL MIDCAP® EQUAL WEIGHT ETF

SCHEDULE OF INVESTMENTS (Unaudited) (continued) January 31, 2011

			Market
	Shares		Value
Huntington Bancshares, Inc.		630	$	4,561
KeyCorp		480		4,272
M&T Bank Corp.		50		4,324
Marshall & Ilsley Corp.		689		4,816
Popular, Inc.*		1,309		4,202
Regions Financial Corp.		639		4,537
SunTrust Banks, Inc.		150		4,565
Synovus Financial Corp.		1,629		4,301
TCF Financial Corp.		260		3,884
Valley National Bancorp		280		3,788
Wilmington Trust Corp.		936		4,100
Zions Bancorp		170		4,009
Total Commercial Banks				113,122
Commercial Services & Supplies 1.2%
Avery Dennison Corp.		150		6,314
Cintas Corp.		210		5,893
Copart, Inc.*		170		6,672
Corrections Corp. of America*		240		5,954
Covanta Holding Corp.		360		6,091
Iron Mountain, Inc.		250		6,098
KAR Auction Services, Inc.*		380		5,639
Pitney Bowes, Inc.		260		6,313
R.R. Donnelley & Sons Co.		350		6,202
Republic Services, Inc.		200		6,168
Stericycle, Inc.*		80		6,279
Waste Connections, Inc.		230		6,663
Total Commercial Services & Supplies				74,286
Communications Equipment 1.0%
Brocade Communications Systems, Inc.*		1,400		7,896
Ciena Corp.*		390		8,592
EchoStar Corp. — Class A*		360		9,810
F5 Networks, Inc.*		60		6,503
Harris Corp.		160		7,446
JDS Uniphase Corp.*		550		9,333
Polycom, Inc.*		190		8,332
Tellabs, Inc.		1,128		5,978
Total Communications Equipment				63,890
Computers & Peripherals 0.9%
Diebold, Inc.		240		7,358
Lexmark International, Inc. — Class A*		170		5,923
NCR Corp.*		500		8,200
NetApp, Inc.*		140		7,662
QLogic Corp.*		430		7,658
SanDisk Corp.*		150		6,806
Seagate Technology PLC*		510		7,140
Western Digital Corp.*		220		7,485
Total Computers & Peripherals				58,232
Construction & Engineering 0.9%
Aecom Technology Corp.*		220		6,439
Chicago Bridge & Iron Co. NV*		200		6,578
Fluor Corp.		100		6,919
Jacobs Engineering Group, Inc.*		140		7,192
KBR, Inc.		210		6,741
Quanta Services, Inc.*		310		7,356
Shaw Group, Inc.(The)*		180		6,799
URS Corp.*		140		6,223
Total Construction & Engineering				54,247
Construction Materials 0.5%
Eagle Materials, Inc.		440		12,760
Martin Marietta Materials, Inc.		130		10,855
Vulcan Materials Co.		250		10,640
Total Construction Materials				34,255
Consumer Finance 0.2%
Discover Financial Services		210		4,324
Green Dot Corp. — Class A*		80		5,033
SLM Corp.*		320		4,611
Total Consumer Finance				13,968
Containers & Packaging 1.9%
AptarGroup, Inc.		250		12,015
Ball Corp.		170		12,092
Bemis Co., Inc.		360		11,718
Crown Holdings, Inc.*		350		11,676
Greif, Inc. — Class A		190		11,980
Owens-Illinois, Inc.*		390		11,501
Packaging Corp. of America		440		12,430
Sealed Air Corp.		480		12,811
Sonoco Products Co.		350		12,442
Temple-Inland, Inc.		530		12,715
Total Containers & Packaging				121,380
Distributors 0.5%
Central European Distribution Corp.*		820		18,811
Genuine Parts Co.		100		5,175
LKQ Corp.*		220		5,315
Total Distributors				29,301
Diversified Consumer Services 0.8%
Apollo Group, Inc. — Class A*		130		5,365
Career Education Corp.*		250		5,610
DeVry, Inc.		110		5,732
Education Management Corp.*		350		6,436
H&R Block, Inc.		380		4,758
Hillenbrand, Inc.		250		5,403
ITT Educational Services, Inc.*		80		5,267
Service Corp. International		590		5,115
Strayer Education, Inc.		30		3,600
Weight Watchers International, Inc.		130		5,044
Total Diversified Consumer Services				52,330
Diversified Financial Services 0.5%
CBOE Holdings, Inc.		170		3,912
Interactive Brokers Group, Inc. — Class A		230		3,719
IntercontinentalExchange, Inc.*		30		3,615
Leucadia National Corp.		140		4,553
Moody’s Corp.		140		4,112
MSCI, Inc. — Class A*		110		3,765
Nasdaq OMX Group (The)*		180		4,406
NYSE Euronext		130		4,135
Total Diversified Financial Services				32,217
Diversified Telecommunication Services 1.1%
CenturyTel, Inc.		250		10,810
Frontier Communications Corp.		1,230		11,279
Level 3 Communications, Inc.*		11,920		14,662
Qwest Communications International, Inc.		1,510		10,766
tw telecom, Inc.*		690		11,834
Windstream Corp.		810		10,376
Total Diversified Telecommunication Services				69,727
Electric Utilities 2.6%
Allegheny Energy, Inc.		489		12,607
DPL, Inc.		440		11,519
Edison International		300		10,884
FirstEnergy Corp.		320		12,518
Great Plains Energy, Inc.		590		11,611
Hawaiian Electric Industries, Inc.		510		12,699
ITC Holdings Corp.		190		12,483
Northeast Utilities		360		11,851
NV Energy, Inc.		820		11,783
Pepco Holdings, Inc.		629		11,681

2

RYDEX RUSSELL MIDCAP® EQUAL WEIGHT ETF

SCHEDULE OF INVESTMENTS (Unaudited) (continued) January 31, 2011

			Market
	Shares		Value
Pinnacle West Capital Corp.		280	$	11,399
PPL Corp.		449		11,580
Progress Energy, Inc.		260		11,679
Westar Energy, Inc.		450		11,475
Total Electric Utilities				165,769
Electrical Equipment 0.9%
AMETEK, Inc.		150		6,117
Babcock & Wilcox Co.(The)*		250		7,312
Cooper Industries PLC		110		6,738
General Cable Corp.*		170		6,292
Hubbell, Inc. — Class B		100		6,124
Regal-Beloit Corp.		90		6,007
Rockwell Automation, Inc.		90		7,291
Roper Industries, Inc.		80		6,215
Thomas & Betts Corp.*		130		6,681
Total Electrical Equipment				58,777
Electronic Equipment, Instruments & Components 1.8%
Amphenol Corp. — Class A		140		7,748
Arrow Electronics, Inc.*		220		8,316
Avnet, Inc.*		230		8,193
AVX Corp.		500		7,840
Dolby Laboratories, Inc. — Class A*		110		6,567
FLIR Systems, Inc.*		220		6,829
Ingram Micro, Inc. — Class A*		410		8,093
Itron, Inc.*		110		6,382
Jabil Circuit, Inc.		440		8,892
Molex, Inc.		330		8,629
National Instruments Corp.		170		7,193
Tech Data Corp.*		170		7,975
Trimble Navigation, Ltd.*		150		6,912
Vishay Intertechnology, Inc.*		510		8,415
Vishay Precision Group, Inc.*		360		6,678
Total Electronic Equipment, Instruments & Components				114,662
Energy Equipment & Services 3.9%
Atwood Oceanics, Inc.*		320		12,934
Cameron International Corp.*		240		12,792
Core Laboratories NV		130		11,864
Diamond Offshore Drilling, Inc.		180		12,908
Dresser-Rand Group, Inc.*		290		13,320
Exterran Holdings, Inc.*		510		12,653
FMC Technologies, Inc.*		140		13,160
Helmerich & Payne, Inc.		250		14,682
IHS, Inc. — Class A*		50		4,098
McDermott International, Inc.*		310		6,442
Nabors Industries, Ltd.*		520		12,688
Oceaneering International, Inc.*		160		12,357
Oil States International, Inc.*		190		12,874
Patterson-UTI Energy, Inc.		550		12,837
Pride International, Inc.*		370		12,025
Rowan Cos., Inc.*		350		11,998
SEACOR Holdings, Inc.		120		12,683
Superior Energy Services, Inc.*		350		12,292
Tidewater, Inc.		120		7,139
Unit Corp.*		260		13,312
Weatherford International Ltd.*		570		13,520
Total Energy Equipment & Services				248,578
Food & Staples Retailing 1.0%
BJ’s Wholesale Club, Inc.*		110		4,833
Safeway, Inc.		949		19,635
SUPERVALU, Inc.		2,320		16,913
Whole Foods Market, Inc.		410		21,201
Total Food & Staples Retailing				62,582
Food Products 5.6%
Bunge Ltd.		320		21,782
Campbell Soup Co.		569		19,426
ConAgra Foods, Inc.		899		20,075
Corn Products International, Inc.		420		19,375
Dean Foods Co.*		2,470		25,070
Del Monte Foods Co.		1,060		20,098
Flowers Foods, Inc.		760		19,175
Green Mountain Coffee Roasters, Inc.*		629		21,122
H.J. Heinz Co.		400		19,000
Hershey Co.(The)		420		19,610
Hormel Foods Corp.		390		19,266
J.M. Smucker Co.(The)		300		18,648
McCormick & Co., Inc.		420		18,564
Mead Johnson Nutrition Co.		320		18,550
Ralcorp Holdings, Inc.*		320		19,584
Sara Lee Corp.		1,220		20,703
Smithfield Foods, Inc.*		1,000		19,910
Tyson Foods, Inc. — Class A		1,159		19,065
Total Food Products				359,023
Gas Utilities 1.3%
AGL Resources, Inc.		320		11,744
Atmos Energy Corp.		360		11,736
Energen Corp.		250		13,975
National Fuel Gas Co.		180		12,301
Oneok, Inc.		210		12,367
Questar Corp.		659		11,487
UGI Corp.		360		11,286
Total Gas Utilities				84,896
Health Care Equipment & Supplies 2.8%
Alere, Inc.*		280		10,968
Beckman Coulter, Inc.		140		10,081
Boston Scientific Corp.*		1,350		9,423
C.R. Bard, Inc.		110		10,379
CareFusion Corp.*		390		10,035
Cooper Cos., Inc.(The)		160		9,174
Dentsply International, Inc.		280		9,934
Edwards Lifesciences Corp.*		120		10,115
Gen-Probe, Inc.*		170		10,691
Hill-Rom Holdings, Inc.		230		9,308
Hologic, Inc.*		540		10,757
Idexx Laboratories, Inc.*		130		9,321
Intuitive Surgical, Inc.*		40		12,917
Kinetic Concepts, Inc.*		230		10,610
ResMed, Inc.*		280		8,817
Teleflex, Inc.		170		9,744
Thoratec Corp.*		339		7,997
Varian Medical Systems, Inc.*		140		9,460
Total Health Care Equipment & Supplies				179,731
Health Care Providers & Services 3.3%
AmerisourceBergen Corp.		300		10,758
Brookdale Senior Living, Inc.*		470		10,269
CIGNA Corp.		260		10,925
Community Health Systems, Inc.*		270		9,482
Coventry Health Care, Inc.*		350		10,489
DaVita, Inc.*		130		9,601
Emergency Medical Services Corp. — Class A*		150		10,125
Health Management Associates, Inc. — Class A*		1,020		9,282
Health Net, Inc.*		360		10,271
Henry Schein, Inc.*		160		10,506
Humana, Inc.*		170		9,855
Laboratory Corp. of America Holdings*		110		9,890

3

RYDEX RUSSELL MIDCAP® EQUAL WEIGHT ETF

SCHEDULE OF INVESTMENTS (Unaudited) (continued) January 31, 2011

			Market
	Shares		Value
| |
LifePoint Hospitals, Inc.*		260	$	9,152
Lincare Holdings, Inc.		360		9,738
MEDNAX, Inc.*		150		9,923
Omnicare, Inc.		390		10,109
Patterson Cos., Inc.		320		10,579
Quest Diagnostics, Inc.		180		10,251
Tenet Healthcare Corp.*		1,470		9,776
Universal Health Services, Inc. — Class B		230		9,683
VCA Antech, Inc.*		410		9,397
Total Health Care Providers & Services				210,061
Health Care Technology 0.7%
Allscripts Healthcare Solutions, Inc.*		520		10,977
Cerner Corp.*		100		9,885
Emdeon, Inc. — Class A*		769		11,297
SXC Health Solutions Corp.*		220		10,584
Total Health Care Technology				42,743
Hotels, Restaurants & Leisure 1.4%
Bally Technologies, Inc.*		120		4,912
Brinker International, Inc.		240		5,647
Chipotle Mexican Grill, Inc. — Class A*		20		4,378
Choice Hotels International, Inc.		130		4,931
Darden Restaurants, Inc.		100		4,711
Hyatt Hotels Corp. — Class A*		110		5,345
International Game Technology		300		5,151
International Speedway Corp. — Class A		200		5,786
Marriott International, Inc. — Class A		120		4,739
MGM Resorts International*		380		5,635
Panera Bread Co. — Class A*		50		4,778
Penn National Gaming, Inc.*		150		5,360
Royal Caribbean Cruises Ltd.*		120		5,388
Starwood Hotels & Resorts Worldwide, Inc.		80		4,718
Wendy’s/Arby’s Group, Inc. — Class A		1,040		5,023
WMS Industries, Inc.*		110		4,615
Wyndham Worldwide Corp.		170		4,782
Wynn Resorts Ltd.		50		5,816
Total Hotels, Restaurants & Leisure				91,715
Household Durables 1.5%
D.R. Horton, Inc.		440		5,452
Fortune Brands, Inc.		80		4,934
Garmin Ltd.		160		4,933
Harman International Industries, Inc.*		110		4,765
Jarden Corp.		160		5,424
KB Home		400		5,936
Leggett & Platt, Inc.		220		4,957
Lennar Corp. — Class A		290		5,614
MDC Holdings, Inc.		180		5,564
Mohawk Industries, Inc.*		90		4,999
Newell Rubbermaid, Inc.		280		5,390
NVR, Inc.*		10		7,650
Pulte Homes, Inc.*		728		5,744
Stanley Black & Decker, Inc.		80		5,814
Tempur-Pedic International, Inc.*		140		6,110
Toll Brothers, Inc.*		270		5,465
Tupperware Brands Corp.		100		4,575
Whirlpool Corp.		60		5,130
Total Household Durables				98,456
Household Products 1.0%
Church & Dwight Co., Inc.		290		19,955
Clorox Co.		320		20,125
Energizer Holdings, Inc.*		280		20,367
Total Household Products				60,447
Independent Power Producers & Energy Traders 1.2%
AES Corp.(The)*		1,009		12,511
Calpine Corp.*		889		12,686
Constellation Energy Group, Inc.		400		12,900
GenOn Energy, Inc.*		3,200		13,248
NRG Energy, Inc.*		609		12,637
Ormat Technologies, Inc.		400		12,304
Total Independent Power Producers & Energy Traders				76,286
Industrial Conglomerates 0.4%
Carlisle Cos., Inc.		150		5,657
Textron, Inc.		260		6,835
Walter Industries, Inc.		100		13,027
Total Industrial Conglomerates				25,519
Insurance 2.9%
Alleghany Corp.*		10		3,088
Allied World Assurance Co. Holdings Ltd.		70		4,223
American Financial Group, Inc.		120		3,904
American International Group, Inc.*		80		3,228
American National Insurance Co.		50		4,169
Aon Corp.		90		4,117
Arch Capital Group Ltd.*		40		3,530
Arthur J. Gallagher & Co.		130		3,858
Aspen Insurance Holdings, Ltd.		130		3,906
Assurant, Inc.		100		3,923
Assured Guaranty, Ltd.		210		3,037
Axis Capital Holdings Ltd.		110		3,914
Brown & Brown, Inc.		160		3,962
Cincinnati Financial Corp.		120		3,845
CNA Financial Corp.*		140		3,762
Endurance Specialty Holdings Ltd.		90		4,184
Erie Indemnity Co. — Class A		60		3,985
Everest Re Group Ltd.		50		4,214
Fidelity National Financial, Inc. — Class A		280		3,766
Genworth Financial, Inc. — Class A*		300		4,071
Hanover Insurance Group, Inc.(The)		80		3,784
Hartford Financial Services Group, Inc.		150		4,167
HCC Insurance Holdings, Inc.		140		4,239
Lincoln National Corp.		140		4,038
Markel Corp.*		10		4,025
Marsh & McLennan Cos., Inc.		150		4,182
MBIA, Inc.*		400		4,280
Mercury General Corp.		90		3,820
Old Republic International Corp.		290		3,547
OneBeacon Insurance Group Ltd. — Class A		250		3,438
PartnerRe Ltd.		50		4,094
Principal Financial Group, Inc.		120		3,932
Progressive Corp.		190		3,764
Protective Life Corp.		150		4,135
Reinsurance Group of America, Inc.		70		4,029
RenaissanceRe Holdings Ltd.		60		3,937
StanCorp Financial Group, Inc.		90		4,015
Symetra Financial Corp.		310		4,101
Torchmark Corp.		60		3,738
Transatlantic Holdings, Inc.		80		4,116
Unitrin, Inc.		150		4,036
Unum Group		170		4,240
Validus Holdings, Ltd.		140		4,256
W.R. Berkley Corp.		150		4,237
Wesco Financial Corp.		10		3,758
White Mountains Insurance Group Ltd.		10		3,400
XL Group PLC		190		4,355
Total Insurance				184,349
Internet & Catalog Retail 0.3%
Expedia, Inc.		190		4,780
Liberty Media Corp. — Interactive — Class A — Tracking Stock*		310		4,910

4

RYDEX RUSSELL MIDCAP® EQUAL WEIGHT ETF

SCHEDULE OF INVESTMENTS (Unaudited) (continued) January 31, 2011

			Market
	Shares		Value
Netflix, Inc.*		30	$	6,423
Priceline.com, Inc.*		10		4,285
Total Internet & Catalog Retail				20,398
Internet Software & Services 0.9%
Akamai Technologies, Inc.*		150		7,248
AOL, Inc.*		290		6,821
Equinix, Inc.*		90		7,958
IAC/InterActiveCorp*		250		7,072
Monster Worldwide, Inc.*		250		4,163
VeriSign, Inc.		210		7,067
VistaPrint NV*		110		5,570
WebMD Health Corp.*		190		9,933
Total Internet Software & Services				55,832
IT Services 1.9%
Alliance Data Systems Corp.*		60		4,244
Amdocs Ltd.*		280		8,159
Booz Allen Hamilton Holding Corp.*		327		6,102
Broadridge Financial Solutions, Inc.		180		4,120
Computer Sciences Corp.		150		7,994
Convergys Corp.*		460		6,550
CoreLogic, Inc.		220		4,411
DST Systems, Inc.		170		8,085
Fidelity National Information Services, Inc.		140		4,260
Fiserv, Inc.*		70		4,324
Gartner, Inc.*		230		8,147
Genpact Ltd.*		409		6,188
Global Payments, Inc.		90		4,252
Lender Processing Services, Inc.		130		4,126
NeuStar, Inc. — Class A*		290		7,781
Paychex, Inc.		200		6,400
SAIC, Inc.*		489		8,103
Teradata Corp.*		180		7,738
Total System Services, Inc.		260		4,527
Western Union Co.		210		4,259
Total IT Services				119,770
Leisure Equipment & Products 0.1%
Hasbro, Inc.		100		4,409
Mattel, Inc.		200		4,736
Total Leisure Equipment & Products				9,145
Life Sciences Tools & Services 1.6%
Agilent Technologies, Inc.*		160		6,693
Bio-Rad Laboratories, Inc. — Class A*		90		9,799
Charles River Laboratories International, Inc.*		270		10,354
Covance, Inc.*		190		10,712
Illumina, Inc.*		150		10,401
Life Technologies Corp.*		170		9,229
Mettler Toledo International, Inc.*		40		5,968
PerkinElmer, Inc.		370		9,465
Pharmaceutical Product Development, Inc.		360		10,490
Techne Corp.		150		10,343
Waters Corp.*		80		6,111
Total Life Sciences Tools & Services				99,565
Machinery 3.4%
AGCO Corp.*		130		6,591
Bucyrus International, Inc. — Class A		70		6,353
CNH Global NV*		130		6,296
Crane Co.		150		6,661
Cummins, Inc.		60		6,353
Donaldson Co., Inc.		110		6,446
Dover Corp.		110		7,051
Eaton Corp.		60		6,478
Flowserve Corp.		50		6,249
Gardner Denver, Inc.		90		6,493
Graco, Inc.		150		6,372
Harsco Corp.		220		7,099
IDEX Corp.		150		5,949
Ingersoll-Rand PLC		130		6,136
Joy Global, Inc.		80		6,974
Kennametal, Inc.		160		6,496
Lincoln Electric Holdings, Inc.		90		6,095
Manitowoc Co., Inc.		470		6,312
Navistar International Corp.*		100		6,485
Oshkosh Corp.*		170		6,445
Pall Corp.		120		6,649
Parker-Hannifin Corp.		70		6,259
Pentair, Inc.		170		6,149
Snap-on, Inc.		90		5,097
SPX Corp.		90		7,054
Terex Corp.*		220		7,135
Timken Co.		250		11,755
Toro Co.		100		6,082
Trinity Industries, Inc.		250		6,972
Valmont Industries, Inc.		140		13,012
WABCO Holdings, Inc.*		90		5,256
Wabtec Corp.		120		6,504
Total Machinery				217,258
Marine 0.2%
Alexander & Baldwin, Inc.		160		6,419
Kirby Corp.*		140		6,544
Total Marine				12,963
Media 1.9%
Cablevision Systems Corp. — Class A		140		4,739
CBS Corp. — Class B		280		5,552
Central European Media Enterprises Ltd. -Class A*		249		4,532
Clear Channel Outdoor Holdings, Inc. — Class A*		360		5,000
Discovery Communications, Inc. — Class A*		120		4,680
DISH Network Corp. Class A*		270		5,700
DreamWorks Animation SKG, Inc. — Class A*		170		4,772
Gannett Co., Inc.		320		4,717
Interpublic Group of Cos., Inc.*		450		4,811
John Wiley & Sons, Inc. — Class A		110		5,055
Lamar Advertising Co. — Class A*		130		4,789
Liberty Global, Inc. — Class A*		140		5,678
Liberty Media Corp. — Capital — Series A — Tracking Stock*		80		5,253
Liberty Media Corp. — Starz — Series A — Tracking Stock*		70		4,667
Madison Square Garden, Inc. — Class A*		200		5,044
McGraw-Hill Cos., Inc.		140		5,457
Meredith Corp.		140		4,718
Morningstar, Inc.		80		4,274
New York Times Co. — Class A*		530		5,358
Regal Entertainment Group		340		4,134
Scripps Networks Interactive — Class A		100		4,650
Sirius XM Radio, Inc.*		3,590		5,798
Virgin Media, Inc.		190		4,780
Washington Post Co. — Class B		10		4,284
Total Media				118,442
Metals & Mining 2.4%
AK Steel Holding Corp.		800		12,720
Allegheny Technologies, Inc.		220		14,342
Carpenter Technology Corp.		300		12,345
Cliffs Natural Resources, Inc.		160		13,673
Commercial Metals Co.		690		11,537

5

RYDEX RUSSELL MIDCAP® EQUAL WEIGHT ETF

SCHEDULE OF INVESTMENTS (Unaudited) (continued) January 31, 2011

			Market
	Shares		Value
Compass Minerals International, Inc.		140	$	12,862
Reliance Steel & Aluminum Co.		240		12,550
Royal Gold, Inc.		220		10,208
Schnitzer Steel Industries, Inc.		190		11,723
Steel Dynamics, Inc.		690		12,558
Titanium Metals Corp.*		699		13,176
United States Steel Corp.		210		12,111
Total Metals & Mining				149,805
Multi-Utilities 3.1%
Alliant Energy Corp.		310		11,520
Ameren Corp.		400		11,348
CenterPoint Energy, Inc.		710		11,466
CMS Energy Corp.		610		11,895
Consolidated Edison, Inc.		230		11,479
DTE Energy Co.		250		11,565
Integrys Energy Group, Inc.		230		10,946
MDU Resources Group, Inc.		570		12,101
NiSource, Inc.		659		12,271
NSTAR		270		11,713
OGE Energy Corp.		250		11,472
SCANA Corp.		280		11,836
Sempra Energy		220		11,455
TECO Energy, Inc.		669		12,316
Vectren Corp.		450		11,920
Wisconsin Energy Corp.		190		11,455
Xcel Energy, Inc.		480		11,314
Total Multi-Utilities				198,072
Multiline Retail 0.6%
Big Lots, Inc.*		180		5,722
Dollar General Corp.*		160		4,450
Dollar Tree, Inc.*		90		4,552
Family Dollar Stores, Inc.		100		4,248
J.C. Penney Co., Inc.		150		4,810
Macy’s, Inc.		200		4,630
Nordstrom, Inc.		120		4,942
Sears Holdings Corp.*		70		5,276
Total Multiline Retail				38,630
Office Electronics 0.2%
Xerox Corp.		520		5,522
Zebra Technologies Corp. — Class A*		160		6,224
Total Office Electronics				11,746
Oil, Gas & Consumable Fuels 7.8%
Alpha Natural Resources, Inc.*		220		11,821
Arch Coal, Inc.		370		12,673
Atlas Energy, Inc.*		270		11,961
Cabot Oil & Gas Corp.		330		13,738
Cimarex Energy Co.		140		14,578
Cobalt International Energy, Inc.*		960		13,008
Comstock Resources, Inc.*		480		13,296
Concho Resources, Inc.*		140		13,475
CONSOL Energy, Inc.		280		13,916
Continental Resources ,Inc.*		200		12,842
Denbury Resources, Inc.*		610		12,414
El Paso Corp.		880		13,974
EQT Corp.		270		13,011
EXCO Resources, Inc.		620		12,450
Forest Oil Corp.*		330		12,804
Frontier Oil Corp.*		710		14,768
Frontline Ltd.		240		6,223
Holly Corp.		320		15,702
Massey Energy Co.		230		14,458
Murphy Oil Corp.		170		11,271
Newfield Exploration Co.*		170		12,439
Noble Energy, Inc.		140		12,754
Peabody Energy Corp.		190		12,050
PetroHawk Energy Corp.*		640		12,832
Pioneer Natural Resources Co.		140		13,322
Plains Exploration & Production Co.*		390		13,806
QEP Resources, Inc.		320		13,005
Quicksilver Resources, Inc.*		810		12,158
Range Resources Corp.		280		13,964
SandRidge Energy, Inc.*		1,800		13,392
SM Energy Co.		220		13,675
Southern Union Co.		460		12,291
Spectra Energy Corp.		480		12,590
Sunoco, Inc.		300		12,735
Teekay Corp.		190		6,433
Tesoro Corp.*		710		13,667
Ultra Petroleum Corp.*		250		11,933
Valero Energy Corp.		550		13,948
Whiting Petroleum Corp.*		100		12,628
Total Oil, Gas & Consumable Fuels				498,005
Paper & Forest Products 0.6%
Domtar Corp.		150		13,189
International Paper Co.		450		12,996
MeadWestvaco Corp.		460		13,170
Total Paper & Forest Products				39,355
Personal Products 0.8%
Alberto-Culver Co.		529		19,705
Avon Products, Inc.		170		4,813
Estee Lauder Cos., Inc. — Class A		60		4,830
Herbalife Ltd.		290		18,946
Total Personal Products				48,294
Pharmaceuticals 1.1%
Endo Pharmaceuticals Holdings, Inc.*		260		8,637
Forest Laboratories, Inc.*		290		9,355
Hospira, Inc.*		170		9,389
Mylan, Inc.*		460		10,653
Perrigo Co.		140		10,184
Warner Chilcott PLC — Class A		439		10,532
Watson Pharmaceuticals, Inc.*		190		10,359
Total Pharmaceuticals				69,109
Professional Services 0.6%
Dun & Bradstreet Corp.		50		4,247
Equifax, Inc.		110		3,929
FTI Consulting, Inc.*		170		6,200
Manpower, Inc.		100		6,457
Robert Half International, Inc.		200		6,272
Towers Watson & Co. — Class A		120		6,544
Verisk Analytics, Inc. — Class A*		190		6,428
Total Professional Services				40,077
Real Estate Investment Trusts (REITs) 3.1%
Alexandria Real Estate Equities, Inc.		60		4,622
AMB Property Corp.		130		4,361
Annaly Capital Management, Inc.		220		3,923
Apartment Investment & Management Co. — Class A		160		4,090
AvalonBay Communities, Inc.		40		4,637
Boston Properties, Inc.		50		4,718
Brandywine Realty Trust		370		4,292
BRE Properties, Inc.		90		4,019
Camden Property Trust		80		4,434
Chimera Investment Corp.		940		3,948
CommonWealth REIT		160		4,267
Corporate Office Properties Trust		120		4,386
Developers Diversified Realty Corp.		300		4,080
Digital Realty Trust, Inc.		80		4,352
Douglas Emmett, Inc.		250		4,607

6

RYDEX RUSSELL MIDCAP® EQUAL WEIGHT ETF

SCHEDULE OF INVESTMENTS (Unaudited) (continued) January 31, 2011

			Market
	Shares		Value
Duke Realty Corp.		360	$	4,932
Equity Residential		80		4,335
Essex Property Trust, Inc.		40		4,640
Federal Realty Investment Trust		50		4,022
General Growth Properties, Inc.*		266		3,939
HCP, Inc.		120		4,451
Health Care REIT, Inc.		90		4,417
Hospitality Properties Trust		180		4,477
Host Hotels & Resorts, Inc.		230		4,257
Kimco Realty Corp.		240		4,342
Liberty Property Trust		130		4,520
Macerich Co.(The)		90		4,379
Mack-Cali Realty Corp.		130		4,553
Nationwide Health Properties, Inc.		120		4,506
Piedmont Office Realty Trust, Inc.		200		3,956
Plum Creek Timber Co., Inc.		110		4,606
ProLogis		290		4,327
Rayonier, Inc.		80		4,737
Realty Income Corp.		120		4,195
Regency Centers Corp.		100		4,311
Senior Housing Properties Trust		190		4,260
SL Green Realty Corp.		60		4,366
Taubman Centers, Inc.		80		4,188
UDR, Inc.		170		3,992
Ventas, Inc.		80		4,437
Vornado Realty Trust		50		4,404
Weingarten Realty Investors		170		4,168
Weyerhaeuser Co.		660		15,299
Total Real Estate Investment Trusts (REITs)				197,752
Real Estate Management & Development 0.4%
CB Richard Ellis Group, Inc. — Class A*		190		4,216
Forest City Enterprises, Inc. — Class A*		250		4,227
Howard Hughes Corp. (The)*		70		3,520
Jones Lang LaSalle, Inc.		50		4,432
St Joe Co. (The)*		219		6,003
Total Real Estate Management & Development				22,398
Road & Rail 0.6%
Con-way, Inc.		170		5,783
Hertz Global Holdings, Inc.*		360		5,296
J.B. Hunt Transport Services, Inc.		150		6,150
Kansas City Southern*		130		6,497
Landstar System, Inc.		150		6,215
Ryder System, Inc.		130		6,250
Total Road & Rail				36,191
Semiconductors & Semiconductor Equipment 4.4%
Advanced Micro Devices, Inc.*		930		7,282
Altera Corp.		200		7,514
Analog Devices, Inc.		200		7,766
Atheros Communications, Inc.*		220		9,810
Atmel Corp.*		640		8,666
Avago Technologies Ltd.		290		8,326
Cree, Inc.*		110		5,554
Cypress Semiconductor Corp.*		430		9,309
Fairchild Semiconductor International, Inc.*		500		8,900
First Solar, Inc.*		90		13,912
International Rectifier Corp.*		250		8,008
Intersil Corp. — Class A		500		7,560
KLA-Tencor Corp.		190		8,375
Lam Research Corp.*		140		6,985
Linear Technology Corp.		220		7,654
LSI Corp.*		1,270		7,861
Marvell Technology Group Ltd.*		390		7,414
Maxim Integrated Products, Inc.		310		8,004
MEMC Electronic Materials, Inc.*		639		7,087
Microchip Technology, Inc.		220		8,023
Micron Technology, Inc.*		930		9,802
National Semiconductor Corp.		550		8,338
Novellus Systems, Inc.*		230		8,296
NVIDIA Corp.*		510		12,199
ON Semiconductor Corp.*		830		9,171
PMC — Sierra, Inc.*		930		7,273
Rambus, Inc.*		380		7,786
Silicon Laboratories, Inc.*		160		7,117
Skyworks Solutions, Inc.*		280		8,896
SunPower Corp. — Class A*		869		11,679
Teradyne, Inc.*		550		9,174
Varian Semiconductor Equipment Associates, Inc.*		210		9,334
Xilinx, Inc.		260		8,372
Total Semiconductors & Semiconductor Equipment				281,447
Software 2.3%
Ansys, Inc.*		140		7,343
Autodesk, Inc.*		190		7,729
BMC Software, Inc.*		160		7,632
CA, Inc.		310		7,378
Cadence Design Systems, Inc.*		910		7,899
Citrix Systems, Inc.*		110		6,950
Compuware Corp.*		640		6,861
Electronic Arts, Inc.*		470		7,327
Factset Research Systems, Inc.		40		4,032
Informatica Corp.*		170		7,888
Intuit, Inc.*		150		7,040
McAfee, Inc.*		160		7,664
MICROS Systems, Inc.*		160		7,318
Novell, Inc.*		1,249		7,519
Nuance Communications, Inc.*		400		8,132
Red Hat, Inc.*		160		6,611
Rovi Corp.*		130		8,029
Salesforce.com, Inc.*		60		7,748
Solera Holdings, Inc.		150		7,850
Synopsys, Inc.*		280		7,596
Total Software				146,546
Specialty Retail 2.0%
Aaron’s, Inc.		250		4,797
Abercrombie & Fitch Co. — Class A		90		4,537
Advance Auto Parts, Inc.		70		4,476
Aeropostale, Inc.*		210		5,065
American Eagle Outfitters, Inc.		330		4,772
AutoNation, Inc.*		180		5,168
AutoZone, Inc.*		20		5,071
Bed Bath & Beyond, Inc.*		100		4,800
CarMax, Inc.*		140		4,571
Chico’s FAS, Inc.		420		4,586
Dick’s Sporting Goods, Inc.*		140		5,053
Foot Locker, Inc.		260		4,644
GameStop Corp. — Class A*		230		4,846
Guess?, Inc.		100		4,278
J. Crew Group, Inc.*		110		4,776
Limited Brands, Inc.		160		4,678
O’Reilly Automotive, Inc.*		80		4,546
Office Depot, Inc.*		1,059		5,560
PetSmart, Inc.		130		5,231
RadioShack Corp.		270		4,091
Ross Stores, Inc.		80		5,216
Signet Jewelers Ltd.*		120		5,098
Tiffany & Co.		80		4,650
Tractor Supply Co.		100		5,131
Urban Outfitters, Inc.*		140		4,735

7

RYDEX RUSSELL MIDCAP® EQUAL WEIGHT ETF

SCHEDULE OF INVESTMENTS (Unaudited) (concluded) January 31, 2011

			Market
	Shares		Value
Williams-Sonoma, Inc.		140	$	4,508
Total Specialty Retail				124,884
Textiles, Apparel & Luxury Goods 0.4%
Coach, Inc.		90		4,868
Fossil, Inc.*		70		4,974
Hanesbrands, Inc.*		200		4,604
Phillips-Van Heusen Corp.		70		4,086
Polo Ralph Lauren Corp.		40		4,287
V.F. Corp.		60		4,963
Total Textiles, Apparel & Luxury Goods				27,782
Thrifts & Mortgage Finance 0.5%
Capitol Federal Financial, Inc.		362		4,413
First Niagara Financial Group, Inc.		290		4,025
Hudson City Bancorp, Inc.		320		3,514
New York Community Bancorp, Inc.		220		4,030
People’s United Financial, Inc.		290		3,744
TFS Financial Corp.		479		4,670
Washington Federal, Inc.		250		4,323
Total Thrifts & Mortgage Finance				28,719
Tobacco 0.3%
Lorillard, Inc.		240		18,058
Total Tobacco				18,058
Trading Companies & Distributors 0.6%
Fastenal Co.		200		11,612
GATX Corp.		170		5,653
MSC Industrial Direct Co. — Class A		100		5,943
W.W. Grainger, Inc.		50		6,573
WESCO International, Inc.*		100		5,605
Total Trading Companies & Distributors				35,386
Water Utilities 0.4%
American Water Works Co, Inc.		460		11,730
Aqua America, Inc.		520		12,022
Total Water Utilities				23,752
Wireless Telecommunication Services 1.4%
Clearwire Corp. — Class A*		2,004		10,601
Crown Castle International Corp.*		180		7,591
Leap Wireless International, Inc.*		989		13,826
MetroPCS Communications, Inc.*		930		12,025
NII Holdings, Inc.*		260		10,915
SBA Communications Corp. — Class A*		190		7,752
Telephone & Data Systems, Inc.		320		11,440
United States Cellular Corp.*		240		11,697
Total Wireless Telecommunication Services				85,847
Total Common Stocks (Cost $6,043,212)				6,326,550
WARRANTS 0.0%(a)
Insurance 0.0%(a)
American International Group, Inc. $45.00, 01/19/21		1		10
Total Insurance				10
Total Warrants (Cost $12)				10
SHORT TERM INVESTMENTS 0.3%
SsgA Government Money Market Fund		19,331		19,331
Total Short Term Investments (Cost $19,331)				19,331
Total Investments 99.8%(b) (Cost $6,062,555)				6,345,891
Other Assets in Excess of Liabilities — 0.2%				10,055
Net Assets — 100.0%			$	6,355,946

*	Non-Income Producing Security.
(a)	Amount represents less than 0.05% of net assets.
(b)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. (Note G)
Tracking Stock — A security issued by a parent company that tracks the performance of a particular division.

8

RYDEX RUSSELL 1000® EQUAL WEIGHT ETF

SCHEDULE OF INVESTMENTS (Unaudited) January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 99.5%
Aerospace & Defense 1.5%
Alliant Techsystems, Inc.*		80	$	6,061
BE Aerospace, Inc.*		170		6,577
Boeing Co.(The)		100		6,948
General Dynamics Corp.		90		6,786
Goodrich Corp.		70		6,343
Honeywell International, Inc.		120		6,721
ITT Corp.		130		7,660
L-3 Communications Holdings, Inc.		90		7,043
Lockheed Martin Corp.		90		7,164
Northrop Grumman Corp.		100		6,930
Precision Castparts Corp.		90		12,869
Raytheon Co.		140		6,999
Rockwell Collins, Inc.		110		7,055
Spirit Aerosystems Holdings, Inc. — Class A*		300		7,086
TransDigm Group, Inc.*		90		6,973
United Technologies Corp.		80		6,504
Total Aerospace & Defense				115,719
Air Freight & Logistics 0.4%
C.H. Robinson Worldwide, Inc.		80		6,167
Expeditors International of Washington, Inc.		110		5,574
FedEx Corp.		70		6,322
United Parcel Service, Inc. — Class B		90		6,446
UTI Worldwide, Inc.		310		6,789
Total Air Freight & Logistics				31,298
Airlines 0.4%
AMR Corp.*		820		5,781
Copa Holdings SA — Class A		110		6,187
Delta Air Lines, Inc.*		480		5,602
Southwest Airlines Co.		490		5,807
United Continental Holdings, Inc.*		260		6,604
Total Airlines				29,981
Auto Components 0.6%
Autoliv, Inc.		70		5,376
BorgWarner, Inc.*		80		5,392
Federal-Mogul Corp.*		250		5,890
Gentex Corp.		180		5,773
Goodyear Tire & Rubber Co.(The)*		450		5,346
Johnson Controls, Inc.		130		4,991
Lear Corp.*		50		5,281
TRW Automotive Holdings Corp.*		100		5,966
Total Auto Components				44,015
Automobiles 0.3%
Ford Motor Co.*		310		4,945
Harley-Davidson, Inc.		150		5,947
Tesla Motors, Inc.*		180		4,338
Thor Industries, Inc.		160		5,946
Total Automobiles				21,176
Beverages 1.7%
Brown-Forman Corp. — Class B		240		15,924
Coca-Cola Co.(The)		260		16,341
Coca-Cola Enterprises, Inc.		660		16,606
Constellation Brands, Inc. — Class A*		780		14,992
Dr Pepper Snapple Group, Inc.		450		15,943
Hansen Natural Corp.*		330		18,691
Molson Coors Brewing Co. — Class B		340		15,936
PepsiCo, Inc.		260		16,720
Total Beverages				131,153
Biotechnology 1.8%
Alexion Pharmaceuticals, Inc.*		110		9,220
Amgen, Inc.*		150		8,262
Amylin Pharmaceuticals, Inc.*		610		9,870
Biogen Idec, Inc.*		130		8,511
BioMarin Pharmaceutical, Inc.*		310		7,880
Celgene Corp.*		150		7,730
Cephalon, Inc.*		140		8,271
Dendreon Corp.*		240		8,410
Genzyme Corp.*		120		8,802
Gilead Sciences, Inc.*		230		8,827
Human Genome Sciences, Inc.*		360		8,734
Myriad Genetics, Inc.*		370		7,385
Regeneron Pharmaceuticals, Inc.*		280		9,430
Talecris Biotherapeutics Holdings Corp.*		380		9,310
United Therapeutics Corp.*		140		9,517
Vertex Pharmaceuticals, Inc.*		250		9,723
Total Biotechnology				139,882
Building Products 0.8%
Armstrong World Industries, Inc.		300		12,183
Lennox International, Inc.		260		12,776
Masco Corp.		940		12,521
Owens Corning*		420		14,058
USG Corp.*		850		13,787
Total Building Products				65,325
Capital Markets 1.4%
Affiliated Managers Group, Inc.*		40		4,073
Ameriprise Financial, Inc.		80		4,932
Ares Capital Corp.		254		4,265
Bank of New York Mellon Corp.		140		4,372
BlackRock, Inc.		20		3,960
Charles Schwab Corp.(The)		250		4,513
E*TRADE Financial Corp.*		270		4,471
Eaton Vance Corp.		130		3,939
Federated Investors, Inc. — Class B		160		4,333
Franklin Resources, Inc.		40		4,826
Goldman Sachs Group, Inc.(The)		20		3,272
Greenhill & Co., Inc.		50		3,471
Invesco Ltd.		180		4,453
Janus Capital Group, Inc.		340		4,389
Jefferies Group, Inc.		160		4,002
Lazard Ltd. — Class A		110		4,589
Legg Mason, Inc.		120		3,976
LPL Investment Holdings, Inc.*		120		4,111
Morgan Stanley		160		4,704
Northern Trust Corp.		80		4,158
Raymond James Financial, Inc.		130		4,709
SEI Investments Co.		170		3,936
State Street Corp.		90		4,205
T. Rowe Price Group, Inc.		70		4,615
TD Ameritrade Holding Corp.		220		4,492
Waddell & Reed Financial, Inc. — Class A		120		4,334
Total Capital Markets				111,100
Chemicals 4.3%
Air Products & Chemicals, Inc.		140		12,215
Airgas, Inc.		190		11,907
Albemarle Corp.		220		12,355
Ashland, Inc.		230		13,354
Cabot Corp.		330		14,272
Celanese Corp. — Class A		310		12,862
CF Industries Holdings, Inc.		100		13,504
Cytec Industries, Inc.		240		13,090
Dow Chemical Co.(The)		360		12,773
Du Pont (E.I.) de Nemours & Co.		250		12,670

RYDEX RUSSELL 1000® EQUAL WEIGHT ETF

SCHEDULE OF INVESTMENTS (Unaudited) (continued) January 31, 2011

			Market
	Shares		Value
Eastman Chemical Co.		150	$	13,929
Ecolab, Inc.		250		12,422
FMC Corp.		150		11,409
Huntsman Corp.		770		13,406
International Flavors & Fragrances, Inc.		220		12,551
Intrepid Potash, Inc.*		380		13,733
Lubrizol Corp.		110		11,821
Monsanto Co.		200		14,676
Mosaic Co.(The)		190		15,398
Nalco Holding Co.		200		6,092
PPG Industries, Inc.		150		12,642
Praxair, Inc.		130		12,095
RPM International, Inc.		570		13,355
Scotts Miracle-Gro Co.(The) — Class A		240		12,401
Sherwin-Williams Co.(The)		150		12,709
Sigma-Aldrich Corp.		180		11,457
Valspar Corp.		360		13,453
Total Chemicals				342,551
Commercial Banks 1.7%
Associated Banc-Corp.		280		3,914
BancorpSouth, Inc.		280		4,379
Bank of Hawaii Corp.		90		4,218
BB&T Corp.		160		4,423
BOK Financial Corp.		80		4,134
CapitalSource, Inc.		610		4,709
CIT Group, Inc.*		100		4,769
City National Corp.		70		4,045
Comerica, Inc.		100		3,820
Commerce Bancshares, Inc.		110		4,524
Cullen/Frost Bankers, Inc.		70		4,045
East West Bancorp, Inc.		220		4,776
Fifth Third Bancorp		290		4,312
First Citizens BancShares Inc. — Class A		20		4,023
First Horizon National Corp.*		400		4,532
Fulton Financial Corp.		440		4,541
Huntington Bancshares, Inc.		660		4,779
KeyCorp		510		4,539
M&T Bank Corp.		50		4,324
Marshall & Ilsley Corp.		730		5,103
PNC Financial Services Group, Inc.		70		4,200
Popular, Inc.*		1,380		4,430
Regions Financial Corp.		670		4,757
SunTrust Banks, Inc.		150		4,565
Synovus Financial Corp.		1,710		4,515
TCF Financial Corp.		280		4,183
U.S. Bancorp		160		4,320
Valley National Bancorp		300		4,059
Wells Fargo & Co.		140		4,539
Wilmington Trust Corp.		990		4,336
Zions Bancorp		180		4,244
Total Commercial Banks				136,057
Commercial Services & Supplies 1.0%
Avery Dennison Corp.		150		6,313
Cintas Corp.		220		6,173
Copart, Inc.*		180		7,065
Corrections Corp. of America*		250		6,203
Covanta Holding Corp.		370		6,260
Iron Mountain, Inc.		250		6,098
KAR Auction Services, Inc.*		390		5,788
Pitney Bowes, Inc.		260		6,313
R.R. Donnelley & Sons Co.		360		6,379
Republic Services, Inc.		210		6,476
Stericycle, Inc.*		80		6,279
Waste Connections, Inc.		230		6,663
Waste Management, Inc.		170		6,438
Total Commercial Services & Supplies				82,448
Communications Equipment 1.2%
Brocade Communications Systems, Inc.*		1,390		7,840
Ciena Corp.*		390		8,592
Cisco Systems, Inc.*		380		8,037
EchoStar Corp. — Class A*		360		9,810
F5 Networks, Inc.*		60		6,503
Harris Corp.		160		7,446
JDS Uniphase Corp.*		540		9,164
Juniper Networks, Inc.*		210		7,795
Motorola Mobility Holdings, Inc.*		110		3,066
Motorola Solutions, Inc.*		125		4,846
Polycom, Inc.*		190		8,331
QUALCOMM, Inc.		150		8,119
Tellabs, Inc.		1,120		5,936
Total Communications Equipment				95,485
Computers & Peripherals 1.1%
Apple, Inc.*		20		6,786
Dell, Inc.*		560		7,370
Diebold, Inc.		240		7,359
EMC Corp.*		330		8,214
Hewlett-Packard Co.		180		8,224
Lexmark International, Inc. — Class A*		180		6,271
NCR Corp.*		490		8,036
NetApp, Inc.*		140		7,662
QLogic Corp.*		420		7,480
SanDisk Corp.*		150		6,806
Seagate Technology PLC*		500		7,000
Western Digital Corp.*		210		7,144
Total Computers & Peripherals				88,352
Construction & Engineering 0.7%
Aecom Technology Corp.*		230		6,732
Chicago Bridge & Iron Co. NV*		200		6,578
Fluor Corp.		100		6,919
Jacobs Engineering Group, Inc.*		150		7,705
KBR, Inc.		210		6,741
Quanta Services, Inc.*		310		7,356
Shaw Group, Inc.(The)*		180		6,799
URS Corp.*		150		6,668
Total Construction & Engineering				55,498
Construction Materials 0.4%
Eagle Materials, Inc.		450		13,050
Martin Marietta Materials, Inc.		130		10,855
Vulcan Materials Co.		260		11,066
Total Construction Materials				34,971
Consumer Finance 0.3%
American Express Co.		90		3,904
Capital One Financial Corp.		100		4,816
Discover Financial Services		220		4,530
Green Dot Corp. — Class A*		80		5,033
SLM Corp.*		340		4,899
Total Consumer Finance				23,182
Containers & Packaging 1.6%
AptarGroup, Inc.		260		12,496
Ball Corp.		180		12,803
Bemis Co., Inc.		380		12,369
Crown Holdings, Inc.*		360		12,010
Greif, Inc. — Class A		200		12,610
Owens-Illinois, Inc.*		400		11,796
Packaging Corp. of America		460		12,995
Sealed Air Corp.		500		13,345
Sonoco Products Co.		360		12,798

2

RYDEX RUSSELL 1000® EQUAL WEIGHT ETF

SCHEDULE OF INVESTMENTS (Unaudited) (continued) January 31, 2011

			Market
	Shares		Value
Temple-Inland, Inc.		540	$	12,954
Total Containers & Packaging				126,176
Distributors 0.3%
Central European Distribution Corp.*		700		16,058
Genuine Parts Co.		100		5,175
LKQ Corp.*		220		5,315
Total Distributors				26,548
Diversified Consumer Services 0.7%
Apollo Group, Inc. — Class A*		140		5,778
Career Education Corp.*		260		5,835
DeVry, Inc.		120		6,253
Education Management Corp.*		370		6,804
H&R Block, Inc.		390		4,883
Hillenbrand, Inc.		260		5,619
ITT Educational Services, Inc.*		80		5,267
Service Corp. International		620		5,375
Strayer Education, Inc.		30		3,600
Weight Watchers International, Inc.		140		5,432
Total Diversified Consumer Services				54,846
Diversified Financial Services 0.7%
Bank of America Corp.		340		4,668
CBOE Holdings, Inc.		180		4,142
Citigroup, Inc.*		890		4,290
CME Group, Inc.		10		3,086
Interactive Brokers Group, Inc. — Class A		240		3,881
IntercontinentalExchange, Inc.*		40		4,820
JPMorgan Chase & Co.		100		4,494
Leucadia National Corp.		150		4,878
Moody’s Corp.		150		4,405
MSCI, Inc. — Class A*		110		3,765
Nasdaq OMX Group (The)*		190		4,651
NYSE Euronext		140		4,453
Total Diversified Financial Services				51,533
Diversified Telecommunication Services 1.2%
AT&T, Inc.		410		11,283
CenturyTel, Inc.		260		11,242
Frontier Communications Corp.		1,270		11,646
Level 3 Communications, Inc.*		12,380		15,228
Qwest Communications International, Inc.		1,570		11,194
tw telecom, Inc.*		720		12,348
Verizon Communications, Inc.		340		12,111
Windstream Corp.		840		10,760
Total Diversified Telecommunication Services				95,812
Electric Utilities 3.1%
Allegheny Energy, Inc.		510		13,148
American Electric Power Co., Inc.		330		11,774
DPL, Inc.		460		12,043
Duke Energy Corp.		670		11,980
Edison International		310		11,247
Entergy Corp.		170		12,269
Exelon Corp.		290		12,328
FirstEnergy Corp.		330		12,910
Great Plains Energy, Inc.		610		12,005
Hawaiian Electric Industries, Inc.		530		13,197
ITC Holdings Corp.		190		12,483
NextEra Energy, Inc.		230		12,296
Northeast Utilities		370		12,180
NV Energy, Inc.		850		12,214
Pepco Holdings, Inc.		650		12,071
Pinnacle West Capital Corp.		290		11,806
PPL Corp.		470		12,121
Progress Energy, Inc.		270		12,128
Southern Co.		310		11,662
Westar Energy, Inc.		470		11,985
Total Electric Utilities				243,847
Electrical Equipment 0.8%
AMETEK, Inc.		150		6,117
Babcock & Wilcox Co.(The)*		250		7,312
Cooper Industries PLC		110		6,739
Emerson Electric Co.		110		6,477
General Cable Corp.*		180		6,662
Hubbell, Inc. — Class B		100		6,124
Regal-Beloit Corp.		100		6,674
Rockwell Automation, Inc.		90		7,291
Roper Industries, Inc.		80		6,215
Thomas & Betts Corp.*		130		6,681
Total Electrical Equipment				66,292
Electronic Equipment, Instruments & Components 1.5%
Amphenol Corp. — Class A		140		7,748
Arrow Electronics, Inc.*		220		8,316
Avnet, Inc.*		220		7,836
AVX Corp.		490		7,683
Corning, Inc.		390		8,662
Dolby Laboratories, Inc. — Class A*		110		6,567
FLIR Systems, Inc.*		230		7,139
Ingram Micro, Inc. — Class A*		400		7,896
Itron, Inc.*		110		6,382
Jabil Circuit, Inc.		430		8,690
Molex, Inc.		320		8,368
National Instruments Corp.		170		7,193
Tech Data Corp.*		170		7,975
Trimble Navigation, Ltd.*		150		6,912
Vishay Intertechnology, Inc.*		500		8,250
Vishay Precision Group, Inc.*		370		6,864
Total Electronic Equipment, Instruments & Components				122,481
Energy Equipment & Services 3.7%
Atwood Oceanics, Inc.*		310		12,530
Baker Hughes, Inc.		210		14,387
Cameron International Corp.*		230		12,259
Core Laboratories NV		130		11,864
Diamond Offshore Drilling, Inc.		180		12,908
Dresser-Rand Group, Inc.*		280		12,860
Exterran Holdings, Inc.*		490		12,157
FMC Technologies, Inc.*		130		12,220
Halliburton Co.		280		12,600
Helmerich & Payne, Inc.		240		14,095
IHS, Inc. — Class A*		50		4,098
McDermott International, Inc.*		320		6,650
Nabors Industries, Ltd.*		500		12,200
National-Oilwell Varco, Inc.		180		13,302
Oceaneering International, Inc.*		150		11,584
Oil States International, Inc.*		180		12,197
Patterson-UTI Energy, Inc.		530		12,370
Pride International, Inc.*		350		11,375
Rowan Cos., Inc.*		340		11,655
Schlumberger, Ltd.		140		12,459
SEACOR Holdings, Inc.		110		11,626
Superior Energy Services, Inc.*		330		11,590
Tidewater, Inc.		120		7,139
Unit Corp.*		250		12,800
Weatherford International Ltd.*		550		13,046
Total Energy Equipment & Services				291,971
Food & Staples Retailing 1.7%
BJ’s Wholesale Club, Inc.*		110		4,833
Costco Wholesale Corp.		70		5,029
CVS Caremark Corp.		500		17,100

3

RYDEX RUSSELL 1000® EQUAL WEIGHT ETF

SCHEDULE OF INVESTMENTS (Unaudited) (continued) January 31, 2011

			Market
	Shares		Value
Kroger Co.(The)		800	$	17,120
Safeway, Inc.		810		16,759
SUPERVALU, Inc.		1,980		14,434
Sysco Corp.		580		16,901
Wal-Mart Stores, Inc.		90		5,046
Walgreen Co.		460		18,603
Whole Foods Market, Inc.		350		18,099
Total Food & Staples Retailing				133,924
Food Products 4.7%
Archer-Daniels-Midland Co.		550		17,968
Bunge Ltd.		270		18,379
Campbell Soup Co.		490		16,729
ConAgra Foods, Inc.		760		16,971
Corn Products International, Inc.		360		16,607
Dean Foods Co.*		2,100		21,315
Del Monte Foods Co.		900		17,064
Flowers Foods, Inc.		650		16,399
General Mills, Inc.		460		15,999
Green Mountain Coffee Roasters, Inc.*		530		17,797
H.J. Heinz Co.		340		16,150
Hershey Co.(The)		350		16,341
Hormel Foods Corp.		330		16,302
J.M. Smucker Co.(The)		260		16,162
Kellogg Co.		330		16,599
Kraft Foods, Inc. — Class A		540		16,508
McCormick & Co., Inc.		360		15,912
Mead Johnson Nutrition Co.		270		15,652
Ralcorp Holdings, Inc.*		270		16,524
Sara Lee Corp.		1,040		17,649
Smithfield Foods, Inc.*		850		16,923
Tyson Foods, Inc. — Class A		990		16,286
Total Food Products				372,236
Gas Utilities 1.1%
AGL Resources, Inc.		330		12,111
Atmos Energy Corp.		380		12,388
Energen Corp.		260		14,534
National Fuel Gas Co.		190		12,985
Oneok, Inc.		220		12,956
Questar Corp.		690		12,027
UGI Corp.		370		11,599
Total Gas Utilities				88,600
Health Care Equipment & Supplies 2.9%
Alcon, Inc.		50		8,143
Alere, Inc.*		250		9,792
Baxter International, Inc.		160		7,758
Beckman Coulter, Inc.		120		8,641
Becton, Dickinson & Co.		100		8,295
Boston Scientific Corp.*		1,210		8,446
C.R. Bard, Inc.		100		9,435
CareFusion Corp.*		350		9,006
Cooper Cos., Inc.(The)		150		8,601
Covidien PLC		190		9,019
Dentsply International, Inc.		250		8,870
Edwards Lifesciences Corp.*		110		9,272
Gen-Probe, Inc.*		150		9,433
Hill-Rom Holdings, Inc.		210		8,499
Hologic, Inc.*		480		9,562
Idexx Laboratories, Inc.*		120		8,604
Intuitive Surgical, Inc.*		30		9,687
Kinetic Concepts, Inc.*		200		9,226
Medtronic, Inc.		240		9,197
ResMed, Inc.*		250		7,873
St Jude Medical, Inc.*		200		8,100
Stryker Corp.		160		9,210
Teleflex, Inc.		160		9,171
Thoratec Corp.*		310		7,313
Varian Medical Systems, Inc.*		120		8,108
Zimmer Holdings, Inc.*		160		9,466
Total Health Care Equipment & Supplies				228,727
Health Care Providers & Services 3.2%
Aetna, Inc.		280		9,223
AmerisourceBergen Corp.		270		9,682
Brookdale Senior Living, Inc.*		420		9,177
Cardinal Health, Inc.		230		9,547
CIGNA Corp.		230		9,665
Community Health Systems, Inc.*		240		8,429
Coventry Health Care, Inc.*		320		9,590
DaVita, Inc.*		120		8,862
Emergency Medical Services Corp. — Class A*		140		9,450
Express Scripts, Inc.*		160		9,013
Health Management Associates, Inc. — Class A*		920		8,372
Health Net, Inc.*		320		9,130
Henry Schein, Inc.*		140		9,192
Humana, Inc.*		150		8,696
Laboratory Corp. of America Holdings*		100		8,991
LifePoint Hospitals, Inc.*		230		8,096
Lincare Holdings, Inc.		320		8,656
McKesson Corp.		120		9,020
Medco Health Solutions, Inc.*		130		7,933
MEDNAX, Inc.*		130		8,600
Omnicare, Inc.		350		9,072
Patterson Cos., Inc.		280		9,257
Quest Diagnostics, Inc.		160		9,112
Tenet Healthcare Corp.*		1,320		8,778
UnitedHealth Group, Inc.		230		9,441
Universal Health Services, Inc. — Class B		200		8,420
VCA Antech, Inc.*		370		8,480
WellPoint, Inc.*		150		9,318
Total Health Care Providers & Services				251,202
Health Care Technology 0.5%
Allscripts Healthcare Solutions, Inc.*		470		9,922
Cerner Corp.*		90		8,896
Emdeon, Inc. — Class A*		690		10,136
SXC Health Solutions Corp.*		190		9,141
Total Health Care Technology				38,095
Hotels, Restaurants & Leisure 1.5%
Bally Technologies, Inc.*		120		4,912
Brinker International, Inc.		250		5,882
Carnival Corp.		120		5,365
Chipotle Mexican Grill, Inc. — Class A*		20		4,378
Choice Hotels International, Inc.		140		5,310
Darden Restaurants, Inc.		110		5,182
Hyatt Hotels Corp. — Class A*		120		5,831
International Game Technology		310		5,323
International Speedway Corp. — Class A		200		5,786
Las Vegas Sands Corp.*		120		5,579
Marriott International, Inc. — Class A		120		4,739
McDonald’s Corp.		70		5,157
MGM Resorts International*		400		5,932
Panera Bread Co. — Class A*		50		4,778
Penn National Gaming, Inc.*		150		5,360
Royal Caribbean Cruises Ltd.*		120		5,388
Starbucks Corp.		160		5,045
Starwood Hotels & Resorts Worldwide, Inc.		90		5,307
Wendy’s/Arby’s Group, Inc. — Class A		1,080		5,216
WMS Industries, Inc.*		110		4,615

4

RYDEX RUSSELL 1000® EQUAL WEIGHT ETF

SCHEDULE OF INVESTMENTS (Unaudited) (continued) January 31, 2011

			Market
	Shares		Value
Wyndham Worldwide Corp.		170	$	4,782
Wynn Resorts Ltd.		50		5,816
Yum! Brands, Inc.		100		4,676
Total Hotels, Restaurants & Leisure				120,359
Household Durables 1.3%
D.R. Horton, Inc.		460		5,699
Fortune Brands, Inc.		80		4,934
Garmin Ltd.		160		4,933
Harman International Industries, Inc.*		110		4,765
Jarden Corp.		170		5,763
KB Home		420		6,233
Leggett & Platt, Inc.		230		5,182
Lennar Corp. — Class A		300		5,808
MDC Holdings, Inc.		190		5,873
Mohawk Industries, Inc.*		90		5,000
Newell Rubbermaid, Inc.		290		5,583
NVR, Inc.*		10		7,650
Pulte Homes, Inc.*		760		5,996
Stanley Black & Decker, Inc.		80		5,814
Tempur-Pedic International, Inc.*		140		6,110
Toll Brothers, Inc.*		280		5,667
Tupperware Brands Corp.		110		5,033
Whirlpool Corp.		60		5,130
Total Household Durables				101,173
Household Products 1.3%
Church & Dwight Co., Inc.		250		17,202
Clorox Co.		270		16,980
Colgate-Palmolive Co.		210		16,122
Energizer Holdings, Inc.*		240		17,458
Kimberly-Clark Corp.		270		17,477
Procter & Gamble Co.		270		17,045
Total Household Products				102,284
Independent Power Producers & Energy Traders 1.0%
AES Corp.(The)*		1,050		13,020
Calpine Corp.*		920		13,128
Constellation Energy Group, Inc.		420		13,545
GenOn Energy, Inc.*		3,320		13,745
NRG Energy, Inc.*		640		13,280
Ormat Technologies, Inc.		420		12,919
Total Independent Power Producers & Energy Traders				79,637
Industrial Conglomerates 0.6%
3M Co.		70		6,154
Carlisle Cos., Inc.		160		6,034
General Electric Co.		360		7,250
Textron, Inc.		260		6,835
Tyco International Ltd.		150		6,725
Walter Industries, Inc.		100		13,027
Total Industrial Conglomerates				46,025
Insurance 2.9%
ACE Ltd.		70		4,311
AFLAC, Inc.		80		4,606
Alleghany Corp.*		10		3,088
Allied World Assurance Co. Holdings Ltd.		70		4,223
Allstate Corp.		130		4,048
American Financial Group, Inc.		130		4,229
American International Group, Inc.*		80		3,228
American National Insurance Co.		50		4,169
Aon Corp.		90		4,117
Arch Capital Group Ltd.*		50		4,412
Arthur J. Gallagher & Co.		140		4,155
Aspen Insurance Holdings, Ltd.		140		4,207
Assurant, Inc.		110		4,315
Assured Guaranty, Ltd.		220		3,181
Axis Capital Holdings Ltd.		110		3,914
Berkshire Hathaway, Inc. — Class B*		50		4,088
Brown & Brown, Inc.		170		4,209
Chubb Corp.		70		4,055
Cincinnati Financial Corp.		130		4,165
CNA Financial Corp.*		150		4,031
Endurance Specialty Holdings Ltd.		90		4,184
Erie Indemnity Co. — Class A		70		4,649
Everest Re Group Ltd.		50		4,214
Fidelity National Financial, Inc. — Class A		300		4,035
Genworth Financial, Inc. — Class A*		320		4,342
Hanover Insurance Group, Inc.(The)		90		4,257
Hartford Financial Services Group, Inc.		160		4,445
HCC Insurance Holdings, Inc.		140		4,239
Lincoln National Corp.		150		4,326
Loews Corp.		110		4,405
Markel Corp.*		10		4,025
Marsh & McLennan Cos., Inc.		150		4,182
MBIA, Inc.*		420		4,494
Mercury General Corp.		100		4,245
MetLife, Inc.		100		4,577
Old Republic International Corp.		310		3,791
OneBeacon Insurance Group Ltd. — Class A		270		3,713
PartnerRe Ltd.		50		4,094
Principal Financial Group, Inc.		130		4,260
Progressive Corp.		200		3,962
Protective Life Corp.		160		4,411
Prudential Financial, Inc.		70		4,306
Reinsurance Group of America, Inc.		80		4,605
RenaissanceRe Holdings Ltd.		70		4,593
StanCorp Financial Group, Inc.		90		4,015
Symetra Financial Corp.		320		4,234
Torchmark Corp.		70		4,361
Transatlantic Holdings, Inc.		80		4,116
Travelers Cos., Inc.(The)		80		4,501
Unitrin, Inc.		160		4,306
Unum Group		170		4,240
Validus Holdings, Ltd.		140		4,256
W.R. Berkley Corp.		150		4,238
Wesco Financial Corp.		10		3,758
White Mountains Insurance Group Ltd.		10		3,400
XL Group PLC		200		4,584
Total Insurance				233,114
Internet & Catalog Retail 0.3%
Amazon.com, Inc.*		30		5,089
Expedia, Inc.		200		5,032
Liberty Media Corp. — Interactive — Class A — Tracking Stock*		330		5,227
Netflix, Inc.*		30		6,423
Priceline.com, Inc.*		10		4,285
Total Internet & Catalog Retail				26,056
Internet Software & Services 0.9%
Akamai Technologies, Inc.*		150		7,248
AOL, Inc.*		290		6,821
eBay, Inc.*		170		5,161
Equinix, Inc.*		90		7,958
Google, Inc. — Class A*		10		6,004
IAC/InterActiveCorp*		250		7,072
Monster Worldwide, Inc.*		260		4,329
VeriSign, Inc.		210		7,066
VistaPrint NV*		120		6,077
WebMD Health Corp.*		170		8,888
Yahoo!, Inc.*		450		7,254
Total Internet Software & Services				73,878

5

RYDEX RUSSELL 1000® EQUAL WEIGHT ETF

SCHEDULE OF INVESTMENTS (Unaudited) (continued) January 31, 2011

			Market
	Shares		Value
IT Services 2.0%
Accenture PLC — Class A		140	$	7,206
Alliance Data Systems Corp.*		60		4,244
Amdocs Ltd.*		270		7,868
Automatic Data Processing, Inc.		130		6,227
Booz Allen Hamilton Holding Corp.*		340		6,344
Broadridge Financial Solutions, Inc.		190		4,349
Cognizant Technology Solutions Corp. — Class A*		110		8,024
Computer Sciences Corp.		150		7,993
Convergys Corp.*		480		6,835
CoreLogic, Inc.		230		4,611
DST Systems, Inc.		160		7,610
Fidelity National Information Services, Inc.		150		4,564
Fiserv, Inc.*		70		4,324
Gartner, Inc.*		230		8,147
Genpact Ltd.*		420		6,355
Global Payments, Inc.		90		4,252
International Business Machines Corp.		50		8,100
Lender Processing Services, Inc.		140		4,444
Mastercard, Inc. — Class A		20		4,730
NeuStar, Inc. — Class A*		280		7,512
Paychex, Inc.		210		6,720
SAIC, Inc.*		480		7,954
Teradata Corp.*		170		7,308
Total System Services, Inc.		270		4,701
Visa, Inc. — Class A		50		3,493
Western Union Co.		220		4,462
Total IT Services				158,377
Leisure Equipment & Products 0.1%
Hasbro, Inc.		110		4,850
Mattel, Inc.		200		4,736
Total Leisure Equipment & Products				9,586
Life Sciences Tools & Services 1.3%
Agilent Technologies, Inc.*		160		6,693
Bio-Rad Laboratories, Inc. — Class A*		80		8,710
Charles River Laboratories International, Inc.*		250		9,587
Covance, Inc.*		170		9,585
Illumina, Inc.*		130		9,014
Life Technologies Corp.*		160		8,686
Mettler Toledo International, Inc.*		40		5,968
PerkinElmer, Inc.		330		8,441
Pharmaceutical Product Development, Inc.		320		9,325
Techne Corp.		130		8,964
Thermo Fisher Scientific, Inc.*		150		8,591
Waters Corp.*		80		6,111
Total Life Sciences Tools & Services				99,675
Machinery 3.2%
AGCO Corp.*		130		6,591
Bucyrus International, Inc. — Class A		70		6,353
Caterpillar, Inc.		70		6,791
CNH Global NV*		130		6,296
Crane Co.		160		7,106
Cummins, Inc.		60		6,353
Danaher Corp.		140		6,448
Deere & Co.		80		7,272
Donaldson Co., Inc.		110		6,446
Dover Corp.		110		7,051
Eaton Corp.		60		6,478
Flowserve Corp.		50		6,249
Gardner Denver, Inc.		90		6,493
Graco, Inc.		160		6,797
Harsco Corp.		230		7,422
IDEX Corp.		160		6,346
Illinois Tool Works, Inc.		120		6,419
Ingersoll-Rand PLC		140		6,608
Joy Global, Inc.		80		6,974
Kennametal, Inc.		160		6,496
Lincoln Electric Holdings, Inc.		100		6,772
Manitowoc Co., Inc.		480		6,446
Navistar International Corp.*		110		7,133
Oshkosh Corp.*		180		6,824
PACCAR, Inc.		110		6,214
Pall Corp.		130		7,203
Parker-Hannifin Corp.		70		6,259
Pentair, Inc.		180		6,511
Snap-on, Inc.		90		5,097
SPX Corp.		90		7,054
Terex Corp.*		230		7,459
Timken Co.		260		12,225
Toro Co.		100		6,082
Trinity Industries, Inc.		250		6,972
Valmont Industries, Inc.		140		13,011
WABCO Holdings, Inc.*		100		5,840
Wabtec Corp.		120		6,504
Total Machinery				256,595
Marine 0.2%
Alexander & Baldwin, Inc.		160		6,419
Kirby Corp.*		140		6,544
Total Marine				12,963
Media 2.1%
Cablevision Systems Corp. — Class A		150		5,078
CBS Corp. — Class B		290		5,751
Central European Media Enterprises Ltd. — Class A*		260		4,732
Clear Channel Outdoor Holdings, Inc. — Class A*		380		5,278
Comcast Corp. — Class A		230		5,232
DIRECTV — Class A*		130		5,511
Discovery Communications, Inc. — Class A*		120		4,680
DISH Network Corp. Class A*		280		5,911
DreamWorks Animation SKG, Inc. — Class A*		170		4,772
Gannett Co., Inc.		330		4,864
Interpublic Group of Cos., Inc.*		470		5,024
John Wiley & Sons, Inc. — Class A		110		5,055
Lamar Advertising Co. — Class A*		140		5,158
Liberty Global, Inc. — Class A*		140		5,678
Liberty Media Corp. — Capital — Series A -Tracking Stock*		80		5,253
Liberty Media Corp. — Starz — Series A — Tracking Stock*		80		5,334
Madison Square Garden, Inc. — Class A*		210		5,296
McGraw-Hill Cos., Inc.		140		5,457
Meredith Corp.		150		5,055
Morningstar, Inc.		80		4,274
New York Times Co. — Class A*		550		5,560
News Corp. — Class A		360		5,407
Omnicom Group, Inc.		110		4,937
Regal Entertainment Group		350		4,256
Scripps Networks Interactive — Class A		100		4,650
Sirius XM Radio, Inc.*		3,720		6,008
Thomson Reuters Corp.		110		4,401
Time Warner Cable, Inc.		80		5,426
Time Warner, Inc.		160		5,032
Viacom, Inc. — Class B		130		5,401
Virgin Media, Inc.		190		4,780
Walt Disney Co.(The)		140		5,442

6

RYDEX RUSSELL 1000® EQUAL WEIGHT ETF

SCHEDULE OF INVESTMENTS (Unaudited) (continued) January 31, 2011

			Market
	Shares		Value
Washington Post Co. — Class B		10	$	4,284
Total Media				168,977
Metals & Mining 2.7%
AK Steel Holding Corp.		830		13,197
Alcoa, Inc.		860		14,250
Allegheny Technologies, Inc.		230		14,994
Carpenter Technology Corp.		310		12,756
Cliffs Natural Resources, Inc.		160		13,674
Commercial Metals Co.		710		11,871
Compass Minerals International, Inc.		140		12,862
Freeport-McMoRan Copper & Gold, Inc.		110		11,963
Newmont Mining Corp.		200		11,014
Nucor Corp.		280		12,855
Reliance Steel & Aluminum Co.		250		13,072
Royal Gold, Inc.		220		10,208
Schnitzer Steel Industries, Inc.		190		11,723
Southern Copper Corp.		260		11,653
Steel Dynamics, Inc.		720		13,104
Titanium Metals Corp.*		720		13,572
United States Steel Corp.		220		12,687
Total Metals & Mining				215,455
Multi-Utilities 3.0%
Alliant Energy Corp.		320		11,891
Ameren Corp.		410		11,632
CenterPoint Energy, Inc.		740		11,951
CMS Energy Corp.		630		12,285
Consolidated Edison, Inc.		240		11,978
Dominion Resources, Inc.		280		12,191
DTE Energy Co.		260		12,028
Integrys Energy Group, Inc.		240		11,422
MDU Resources Group, Inc.		590		12,526
NiSource, Inc.		690		12,848
NSTAR		280		12,146
OGE Energy Corp.		260		11,931
PG&E Corp.		250		11,570
Public Service Enterprise Group, Inc.		380		12,324
SCANA Corp.		290		12,258
Sempra Energy		230		11,976
TECO Energy, Inc.		700		12,887
Vectren Corp.		460		12,185
Wisconsin Energy Corp.		200		12,058
Xcel Energy, Inc.		500		11,785
Total Multi-Utilities				241,872
Multiline Retail 0.6%
Big Lots, Inc.*		180		5,722
Dollar General Corp.*		170		4,728
Dollar Tree, Inc.*		90		4,552
Family Dollar Stores, Inc.		100		4,248
J.C. Penney Co., Inc.		160		5,131
Kohl’s Corp.*		100		5,078
Macy’s, Inc.		200		4,630
Nordstrom, Inc.		120		4,942
Sears Holdings Corp.*		80		6,029
Target Corp.		90		4,935
Total Multiline Retail				49,995
Office Electronics 0.1%
Xerox Corp.		530		5,629
Zebra Technologies Corp. — Class A*		160		6,224
Total Office Electronics				11,853
Oil, Gas & Consumable Fuels 8.2%
Alpha Natural Resources, Inc.*		220		11,821
Anadarko Petroleum Corp.		170		13,104
Apache Corp.		100		11,936
Arch Coal, Inc.		350		11,987
Atlas Energy, Inc.*		260		11,518
Cabot Oil & Gas Corp.		320		13,322
Chesapeake Energy Corp.		500		14,765
Chevron Corp.		130		12,341
Cimarex Energy Co.		130		13,537
Cobalt International Energy, Inc.*		920		12,466
Comstock Resources, Inc.*		460		12,742
Concho Resources, Inc.*		140		13,475
ConocoPhillips		170		12,148
CONSOL Energy, Inc.		270		13,419
Continental Resources ,Inc.*		200		12,842
Denbury Resources, Inc.*		590		12,006
Devon Energy Corp.		160		14,190
El Paso Corp.		840		13,339
EOG Resources, Inc.		120		12,767
EQT Corp.		260		12,529
EXCO Resources, Inc.		600		12,048
Exxon Mobil Corp.		160		12,909
Forest Oil Corp.*		320		12,416
Frontier Oil Corp.*		690		14,352
Frontline Ltd.		250		6,483
Hess Corp.		150		12,618
Holly Corp.		300		14,721
Marathon Oil Corp.		330		15,081
Massey Energy Co.		220		13,829
Murphy Oil Corp.		160		10,608
Newfield Exploration Co.*		160		11,707
Noble Energy, Inc.		140		12,754
Occidental Petroleum Corp.		120		11,602
Peabody Energy Corp.		190		12,050
PetroHawk Energy Corp.*		610		12,230
Pioneer Natural Resources Co.		130		12,371
Plains Exploration & Production Co.*		380		13,452
QEP Resources, Inc.		300		12,192
Quicksilver Resources, Inc.*		780		11,708
Range Resources Corp.		270		13,465
SandRidge Energy, Inc.*		1,730		12,871
SM Energy Co.		210		13,054
Southern Union Co.		480		12,826
Southwestern Energy Co.*		320		12,640
Spectra Energy Corp.		460		12,066
Sunoco, Inc.		290		12,310
Teekay Corp.		200		6,772
Tesoro Corp.*		680		13,090
Ultra Petroleum Corp.*		240		11,455
Valero Energy Corp.		530		13,441
Whiting Petroleum Corp.*		100		12,628
Williams Cos., Inc.(The)		480		12,955
Total Oil, Gas & Consumable Fuels				650,958
Paper & Forest Products 0.5%
Domtar Corp.		150		13,189
International Paper Co.		460		13,285
MeadWestvaco Corp.		470		13,456
Total Paper & Forest Products				39,930
Personal Products 0.6%
Alberto-Culver Co.		450		16,762
Avon Products, Inc.		180		5,096
Estee Lauder Cos., Inc. — Class A		70		5,635
Herbalife Ltd.		250		16,333
Total Personal Products				43,826
Pharmaceuticals 1.5%
Abbott Laboratories		180		8,129
Allergan, Inc.		120		8,473
Bristol-Myers Squibb Co.		320		8,058

7

RYDEX RUSSELL 1000® EQUAL WEIGHT ETF

SCHEDULE OF INVESTMENTS (Unaudited) (continued) January 31, 2011

			Market
	Shares		Value
Eli Lilly & Co.		240	$	8,345
Endo Pharmaceuticals Holdings, Inc.*		230		7,641
Forest Laboratories, Inc.*		260		8,388
Hospira, Inc.*		150		8,284
Johnson & Johnson, Inc.		140		8,368
Merck & Co., Inc.		230		7,629
Mylan, Inc.*		410		9,495
Perrigo Co.		130		9,456
Pfizer, Inc.		500		9,110
Warner Chilcott PLC — Class A		390		9,356
Watson Pharmaceuticals, Inc.*		170		9,268
Total Pharmaceuticals				120,000
Professional Services 0.5%
Dun & Bradstreet Corp.		50		4,247
Equifax, Inc.		120		4,286
FTI Consulting, Inc.*		180		6,565
Manpower, Inc.		100		6,457
Robert Half International, Inc.		210		6,585
Towers Watson & Co. — Class A		120		6,544
Verisk Analytics, Inc. — Class A*		190		6,428
Total Professional Services				41,112
Real Estate Investment Trusts (REITs) 2.7%
Alexandria Real Estate Equities, Inc.		60		4,622
AMB Property Corp.		130		4,362
Annaly Capital Management, Inc.		230		4,101
Apartment Investment & Management Co. — Class A		170		4,345
AvalonBay Communities, Inc.		40		4,637
Boston Properties, Inc.		50		4,718
Brandywine Realty Trust		390		4,524
BRE Properties, Inc.		100		4,465
Camden Property Trust		80		4,434
Chimera Investment Corp.		990		4,158
CommonWealth REIT		170		4,534
Corporate Office Properties Trust		120		4,386
Developers Diversified Realty Corp.		320		4,352
Digital Realty Trust, Inc.		80		4,352
Douglas Emmett, Inc.		260		4,792
Duke Realty Corp.		380		5,206
Equity Residential		80		4,335
Essex Property Trust, Inc.		40		4,640
Federal Realty Investment Trust		50		4,022
General Growth Properties, Inc.*		287		4,250
HCP, Inc.		130		4,822
Health Care REIT, Inc.		90		4,417
Hospitality Properties Trust		190		4,725
Host Hotels & Resorts, Inc.		240		4,442
Kimco Realty Corp.		250		4,523
Liberty Property Trust		140		4,868
Macerich Co.(The)		90		4,379
Mack-Cali Realty Corp.		140		4,903
Nationwide Health Properties, Inc.		120		4,506
Piedmont Office Realty Trust, Inc.		210		4,154
Plum Creek Timber Co., Inc.		110		4,606
ProLogis		310		4,625
Public Storage, Inc.		40		4,359
Rayonier, Inc.		80		4,737
Realty Income Corp.		120		4,195
Regency Centers Corp.		100		4,311
Senior Housing Properties Trust		200		4,484
Simon Property Group, Inc.		40		4,058
SL Green Realty Corp.		70		5,093
Taubman Centers, Inc.		90		4,712
UDR, Inc.		180		4,226
Ventas, Inc.		80		4,437
Vornado Realty Trust		50		4,405
Weingarten Realty Investors		180		4,414
Weyerhaeuser Co.		680		15,762
Total Real Estate Investment Trusts (REITs)				213,398
Real Estate Management & Development 0.3%
CB Richard Ellis Group, Inc. — Class A*		200		4,438
Forest City Enterprises, Inc. — Class A*		260		4,397
Howard Hughes Corp.(The)*		80		4,022
Jones Lang LaSalle, Inc.		50		4,432
St Joe Co.(The)*		230		6,304
Total Real Estate Management & Development				23,593
Road & Rail 0.7%
Con-way, Inc.		180		6,124
CSX Corp.		100		7,060
Hertz Global Holdings, Inc.*		380		5,590
J.B. Hunt Transport Services, Inc.		160		6,560
Kansas City Southern*		130		6,497
Landstar System, Inc.		160		6,629
Norfolk Southern Corp.		100		6,119
Ryder System, Inc.		130		6,250
Union Pacific Corp.		70		6,624
Total Road & Rail				57,453
Semiconductors & Semiconductor Equipment 3.9%
Advanced Micro Devices, Inc.*		920		7,204
Altera Corp.		200		7,514
Analog Devices, Inc.		200		7,766
Applied Materials, Inc.		560		8,786
Atheros Communications, Inc.*		220		9,810
Atmel Corp.*		630		8,530
Avago Technologies Ltd.		280		8,039
Broadcom Corp. — Class A		160		7,214
Cree, Inc.*		110		5,554
Cypress Semiconductor Corp.*		420		9,093
Fairchild Semiconductor International, Inc.*		490		8,722
First Solar, Inc.*		80		12,366
Intel Corp.		350		7,511
International Rectifier Corp.*		250		8,008
Intersil Corp. — Class A		500		7,560
KLA-Tencor Corp.		190		8,375
Lam Research Corp.*		140		6,985
Linear Technology Corp.		210		7,306
LSI Corp.*		1,250		7,738
Marvell Technology Group Ltd.*		390		7,414
Maxim Integrated Products, Inc.		300		7,746
MEMC Electronic Materials, Inc.*		630		6,987
Microchip Technology, Inc.		210		7,659
Micron Technology, Inc.*		920		9,697
National Semiconductor Corp.		540		8,186
Novellus Systems, Inc.*		230		8,296
NVIDIA Corp.*		510		12,199
ON Semiconductor Corp.*		820		9,061
PMC — Sierra, Inc.*		910		7,116
Rambus, Inc.*		370		7,581
Silicon Laboratories, Inc.*		160		7,117
Skyworks Solutions, Inc.*		280		8,896
SunPower Corp. — Class A*		840		11,290
Teradyne, Inc.*		540		9,007
Texas Instruments, Inc.		230		7,799
Varian Semiconductor Equipment Associates, Inc.*		210		9,334
Xilinx, Inc.		260		8,372
Total Semiconductors & Semiconductor Equipment				307,838
Software 2.4%
Activision Blizzard, Inc.		620		7,000

8

RYDEX RUSSELL 1000® EQUAL WEIGHT ETF

SCHEDULE OF INVESTMENTS (Unaudited) (continued) January 31, 2011

			Market
	Shares		Value
Adobe Systems, Inc.*		260	$	8,593
Ansys, Inc.*		140		7,343
Autodesk, Inc.*		190		7,729
BMC Software, Inc.*		160		7,632
CA, Inc.		300		7,140
Cadence Design Systems, Inc.*		900		7,812
Citrix Systems, Inc.*		110		6,950
Compuware Corp.*		640		6,861
Electronic Arts, Inc.*		470		7,327
Factset Research Systems, Inc.		40		4,032
Informatica Corp.*		170		7,888
Intuit, Inc.*		150		7,040
McAfee, Inc.*		160		7,664
MICROS Systems, Inc.*		160		7,318
Microsoft Corp.		270		7,486
Novell, Inc.*		1,240		7,465
Nuance Communications, Inc.*		400		8,132
Oracle Corp.		240		7,687
Red Hat, Inc.*		160		6,611
Rovi Corp.*		130		8,029
Salesforce.com, Inc.*		50		6,457
Solera Holdings, Inc.		140		7,326
Symantec Corp.*		430		7,572
Synopsys, Inc.*		280		7,596
VMware, Inc. — Class A*		80		6,842
Total Software				189,532
Specialty Retail 2.0%
Aaron’s, Inc.		250		4,798
Abercrombie & Fitch Co. — Class A		90		4,537
Advance Auto Parts, Inc.		80		5,115
Aeropostale, Inc.*		220		5,306
American Eagle Outfitters, Inc.		340		4,916
AutoNation, Inc.*		190		5,455
AutoZone, Inc.*		20		5,071
Bed Bath & Beyond, Inc.*		110		5,280
Best Buy Co., Inc.		150		5,100
CarMax, Inc.*		150		4,897
Chico’s FAS, Inc.		430		4,696
Dick’s Sporting Goods, Inc.*		140		5,053
Foot Locker, Inc.		270		4,822
GameStop Corp. — Class A*		240		5,057
Gap, Inc.(The)		250		4,818
Guess?, Inc.		110		4,706
Home Depot, Inc.		150		5,515
J. Crew Group, Inc.*		120		5,210
Limited Brands, Inc.		170		4,971
Lowe’s Cos., Inc.		210		5,208
O’Reilly Automotive, Inc.*		80		4,546
Office Depot, Inc.*		1,100		5,775
PetSmart, Inc.		130		5,231
RadioShack Corp.		280		4,242
Ross Stores, Inc.		80		5,216
Signet Jewelers Ltd.*		120		5,098
Staples, Inc.		230		5,131
Tiffany & Co.		80		4,650
TJX Cos., Inc.		120		5,687
Tractor Supply Co.		110		5,644
Urban Outfitters, Inc.*		140		4,735
Williams-Sonoma, Inc.		150		4,830
Total Specialty Retail				161,316
Textiles, Apparel & Luxury Goods 0.4%
Coach, Inc.		90		4,868
Fossil, Inc.*		70		4,973
Hanesbrands, Inc.*		200		4,604
NIKE, Inc. — Class B		60		4,949
Phillips-Van Heusen Corp.		80		4,670
Polo Ralph Lauren Corp.		50		5,359
V.F. Corp.		60		4,963
Total Textiles, Apparel & Luxury Goods				34,386
Thrifts & Mortgage Finance 0.4%
Capitol Federal Financial, Inc.		383		4,669
First Niagara Financial Group, Inc.		310		4,303
Hudson City Bancorp, Inc.		340		3,733
New York Community Bancorp, Inc.		240		4,397
People’s United Financial, Inc.		310		4,002
TFS Financial Corp.		510		4,972
Washington Federal, Inc.		270		4,668
Total Thrifts & Mortgage Finance				30,744
Tobacco 0.8%
Altria Group, Inc.		680		15,987
Lorillard, Inc.		200		15,048
Philip Morris International, Inc.		280		16,027
Reynolds American, Inc.		520		16,541
Total Tobacco				63,603
Trading Companies & Distributors 0.5%
Fastenal Co.		210		12,193
GATX Corp.		180		5,985
MSC Industrial Direct Co. — Class A		100		5,943
W.W. Grainger, Inc.		50		6,573
WESCO International, Inc.*		100		5,605
Total Trading Companies & Distributors				36,299
Water Utilities 0.3%
American Water Works Co, Inc.		480		12,240
Aqua America, Inc.		540		12,485
Total Water Utilities				24,725
Wireless Telecommunication Services 1.4%
American Tower Corp. — Class A*		150		7,629
Clearwire Corp. — Class A*		2,080		11,003
Crown Castle International Corp.*		170		7,169
Leap Wireless International, Inc.*		1,030		14,399
MetroPCS Communications, Inc.*		960		12,413
NII Holdings, Inc.*		270		11,335
SBA Communications Corp. — Class A*		190		7,752
Sprint Nextel Corp.*		2,720		12,294
Telephone & Data Systems, Inc.		330		11,798
United States Cellular Corp.*		250		12,185
Total Wireless Telecommunication Services				107,977
Total Common Stocks (Cost $7,522,988)				7,895,047
WARRANTS 0.0%(a)
Insurance 0.0%(a)
American International Group, Inc. $45.00, 01/19/21		1		10
Total Insurance				10
Total Warrants (Cost $12)				10
SHORT TERM INVESTMENTS 0.4%
SSgA Government Money Market Fund		27,652		27,652
Total Short Term Investments (Cost $27,652)				27,652

9

RYDEX RUSSELL 1000® EQUAL WEIGHT ETF

SCHEDULE OF INVESTMENTS (Unaudited) (concluded) January 31, 2011

		Market
	Shares	Value
Total Investments 99.9%(b) (Cost $7,550,652)			7,922,709
Other Assets in Excess of Liabilities — 0.1%			9,979
Net Assets — 100.0%		$	7,932,688

*	Non-Income Producing Security.
(a)	Amount represents less than 0.05% of net assets.
(b)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. (Note G)

Tracking Stock — A security issued by a parent company that tracks the performance of a particular division.

10

RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited)	January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 99.3%
Aerospace & Defense 1.2%
AAR Corp.*		100	$	2,679
Aerovironment, Inc.*		100		2,820
American Science & Engineering, Inc.		30		2,610
Applied Energetics, Inc.*		2,877		1,762
Astronics Corp.*		110		2,541
Ceradyne, Inc.*		80		2,834
Cubic Corp.		50		2,438
Curtiss-Wright Corp.		80		2,776
DigitalGlobe, Inc.*		70		2,150
Ducommun, Inc.		110		2,416
Esterline Technologies Corp.*		40		2,847
GenCorp, Inc.*		499		2,560
GeoEye, Inc.*		50		1,996
Global Defense Technology & Systems, Inc.*		170		2,798
HEICO Corp.		50		2,614
Herley Industries, Inc.*		160		2,629
Hexcel Corp.*		319		6,067
Keyw Holding Corp.(The)*		158		2,302
Kratos Defense & Security Solutions, Inc.*		240		3,365
Ladish Co., Inc.*		50		2,677
LMI Aerospace, Inc.*		160		2,996
Moog, Inc. — Class A*		70		2,985
National Presto Industries, Inc.		20		2,560
Orbital Sciences Corp.*		150		2,559
Taser International, Inc.*		560		2,346
Teledyne Technologies, Inc.*		60		2,839
Triumph Group, Inc.		30		2,881
Total Aerospace & Defense				74,047
Air Freight & Logistics 0.3%
Air Transport Services Group, Inc.*		350		2,590
Atlas Air Worldwide Holdings, Inc.*		50		2,540
Dynamex, Inc.*		100		2,489
Forward Air Corp.		90		2,512
HUB Group, Inc. — Class A*		70		2,435
Pacer International, Inc.*		400		2,500
Park-Ohio Holdings Corp.*		110		2,262
Total Air Freight & Logistics				17,328
Airlines 0.4%
Airtran Holdings, Inc.*		349		2,579
Alaska Air Group, Inc.*		50		2,962
Allegiant Travel Co.		50		2,327
Hawaiian Holdings, Inc.*		310		2,291
JetBlue Airways Corp.*		389		2,334
Pinnacle Airlines Corp.*		330		2,379
Republic Airways Holdings, Inc.*		349		2,241
SkyWest, Inc.		160		2,408
US Airways Group, Inc.*		250		2,480
Total Airlines				22,001
Auto Components 0.6%
American Axle & Manufacturing Holdings, Inc.*		180		2,574
Amerigon, Inc.*		200		2,178
ArvinMeritor, Inc.*		110		2,405
Cooper Tire & Rubber Co.		90		2,057
Dana Holding Corp.*		130		2,330
Dorman Products, Inc.*		60		1,930
Drew Industries, Inc.		100		2,362
Exide Technologies*		240		2,306
Fuel Systems Solutions, Inc.*		70		1,822
Modine Manufacturing Co.*		170		2,805
Spartan Motors, Inc.		430		2,683
Standard Motor Products, Inc.		160		1,938
Stoneridge, Inc.*		140		2,065
Superior Industries International, Inc.		110		2,200
Tenneco, Inc.*		50		2,067
Tower International, Inc.*		138		2,466
Total Auto Components				36,188
Automobiles 0.0%(a)
Winnebago Industries, Inc.*		170		2,533
Total Automobiles				2,533
Beverages 0.8%
Boston Beer Co., Inc. — Class A*		180		16,202
Coca-Cola Bottling Co. Consolidated		260		14,045
Heckmann Corp.*		3,540		17,098
Total Beverages				47,345
Biotechnology 3.6%
Acorda Therapeutics, Inc.*		90		1,976
Affymax, Inc.*		360		2,398
Alkermes, Inc.*		209		2,698
Allos Therapeutics, Inc.*		607		2,040
Alnylam Pharmaceuticals, Inc.*		239		2,468
AMAG Pharmaceuticals, Inc.*		140		2,492
Anacor Pharmaceuticals, Inc.*		443		3,420
Arena Pharmaceuticals, Inc.*		1,517		2,397
Ariad Pharmaceuticals, Inc.*		520		3,315
ArQule, Inc.*		420		2,575
Array BioPharma, Inc.*		699		2,027
AVEO Pharmaceuticals, Inc.*		170		2,436
AVI BioPharma, Inc.*		1,209		2,617
BioCryst Pharmaceuticals, Inc.*		449		1,850
Biosante Pharmaceuticals, Inc.*		1,535		2,855
Biospecifics Technologies Corp.*		100		2,321
Biotime, Inc.*		270		2,114
Celera Corp.*		379		2,344
Celldex Therapeutics, Inc.*		549		2,031
Cepheid, Inc.*		110		2,614
Chelsea Therapeutics International Ltd.*		439		2,616
Clinical Data, Inc.*		130		3,866
Codexis, Inc.*		240		2,167
Cubist Pharmaceuticals, Inc.*		110		2,413
Curis, Inc.*		1,250		3,463
Cytokinetics, Inc.*		1,075		2,043
Cytori Therapeutics, Inc.*		450		2,466
CytRx Corp.*		2,300		1,849
Dyax Corp.*		1,067		2,027
Dynavax Technologies Corp.*		910		2,730
Emergent Biosolutions, Inc.*		110		2,336
Enzon Pharmaceuticals, Inc.*		200		2,240
Exact Sciences Corp.*		408		2,301
Exelixis, Inc.*		320		2,774
Genomic Health, Inc.*		100		2,227
Geron Corp.*		488		2,391
Halozyme Therapeutics, Inc.*		309		2,061
Idenix Pharmaceuticals, Inc.*		490		2,176
Immunogen, Inc.*		260		2,148
Immunomedics, Inc.*		660		2,158
Incyte Corp., Ltd.*		150		2,211
Infinity Pharmaceuticals, Inc.*		390		2,207
Inhibitex, Inc.*		1,060		2,412
Inovio Pharmaceuticals, Inc.*		2,044		2,596
InterMune, Inc.*		170		6,353
Ironwood Pharmaceuticals, Inc.*		220		2,374
Isis Pharmaceuticals, Inc.*		240		2,184

RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Keryx Biopharmaceuticals, Inc.*		489	$	1,956
Lexicon Pharmaceuticals, Inc.*		1,497		2,530
Ligand Pharmaceuticals, Inc. — Class B*		269		2,340
MannKind Corp.*		270		1,288
Martek Biosciences Corp.*		100		3,141
Maxygen, Inc.		340		1,350
Medivation, Inc.*		180		2,534
Metabolix, Inc.*		199		1,761
Micromet, Inc.*		310		1,993
Momenta Pharmaceuticals, Inc.*		160		2,046
Nabi Biopharmaceuticals*		410		2,296
Nanosphere, Inc.*		459		1,680
Neuralstem, Inc.*		1,135		2,213
Neurocrine Biosciences, Inc.*		280		2,066
NeurogesX, Inc.*		359		1,892
Novavax, Inc.*		940		2,030
NPS Pharmaceuticals, Inc.*		330		3,302
Nymox Pharmaceutical Corp.*		520		3,786
Omeros Corp.*		290		1,815
Onyx Pharmaceuticals, Inc.*		70		2,470
Opko Health, Inc.*		630		2,457
Orexigen Therapeutics, Inc.*		260		2,363
Osiris Therapeutics, Inc.*		280		1,851
PDL BioPharma, Inc.		380		1,877
Peregrine Pharmaceuticals, Inc.*		1,479		3,476
Pharmacyclics, Inc.*		388		1,959
Pharmasset, Inc.*		50		2,423
Progenics Pharmaceuticals, Inc.*		479		2,675
Rigel Pharmaceuticals, Inc.*		289		1,944
Sangamo Biosciences, Inc.*		410		3,141
Savient Pharmaceuticals, Inc.*		198		1,828
SciClone Pharmaceuticals, Inc.*		570		2,234
Seattle Genetics, Inc.*		150		2,459
Senomyx, Inc.*		750		4,463
SIGA Technologies, Inc.*		180		2,066
Spectrum Pharmaceuticals, Inc.*		410		2,460
StemCells, Inc.*		2,170		2,015
Synta Pharmaceuticals Corp.*		420		2,096
Targacept, Inc.*		100		2,576
Theravance, Inc.*		80		1,683
Transcept Pharmaceuticals, Inc.*		320		2,656
Vanda Pharmaceuticals, Inc.*		280		2,243
Vical, Inc.*		1,255		2,497
Zalicus, Inc.*		1,728		3,404
ZIOPHARM Oncology, Inc.*		520		3,034
Zogenix, Inc.*		394		1,986
Total Biotechnology				226,132
Building Products 1.2%
AAON, Inc.		200		5,386
Ameresco, Inc. — Class A*		530		8,210
American Woodmark Corp.		100		1,865
Ameron International Corp.		70		4,828
Apogee Enterprises, Inc.		450		5,755
Gibraltar Industries, Inc.*		480		5,294
Griffon Corp.*		469		5,459
Insteel Industries, Inc.		490		5,596
NCI Building Systems, Inc.*		480		6,370
Quanex Building Products Corp.		320		6,237
Simpson Manufacturing Co., Inc.		200		5,950
Trex Co., Inc.*		280		6,518
Universal Forest Products, Inc.		160		5,872
Total Building Products				73,340
Capital Markets 1.5%
American Capital Ltd.*		210		1,716
Apollo Investment Corp.		143		1,687
Arlington Asset Investment Corp. — Class A		70		1,761
Artio Global Investors, Inc.		110		1,611
BGC Partners, Inc. — Class A		190		1,539
BlackRock Kelso Capital Corp.		143		1,644
Calamos Asset Management, Inc. — Class A		120		1,846
Capital Southwest Corp.		20		1,951
Cohen & Steers, Inc.		60		1,699
Cowen Group, Inc. — Class A*		330		1,495
Diamond Hill Investment Group, Inc.		20		1,366
Duff & Phelps Corp. — Class A		100		1,696
Epoch Holding Corp.		90		1,337
Evercore Partners, Inc. — Class A		50		1,615
FBR Capital Markets Corp.*		430		1,612
Fifth Street Finance Corp.		140		1,845
Financial Engines, Inc.*		90		2,041
GAMCO Investors, Inc. — Class A		30		1,334
GFI Group, Inc.		320		1,638
Gladstone Capital Corp.		130		1,370
Gladstone Investment Corp.		210		1,485
Gleacher & Co., Inc.*		580		1,232
Golub Capital BDC, Inc.		91		1,467
Harris & Harris Group, Inc.*		340		1,731
Hercules Technology Growth Capital, Inc.		160		1,680
HFF, Inc. — Class A*		170		2,144
International Assets Holding Corp.*		70		1,638
Investment Technology Group, Inc.*		100		1,843
JMP Group, Inc.		230		1,723
Kayne Anderson Energy Development Co.		90		1,588
KBW, Inc.		60		1,605
Knight Capital Group, Inc. — Class A*		120		1,663
LaBranche & Co., Inc.*		468		1,760
Ladenburg Thalmann Financial Services, Inc.*		1,190		1,321
Main Street Capital Corp.		90		1,759
MCG Capital Corp.		220		1,496
MF Global Holdings Ltd.*		200		1,656
MVC Capital, Inc.		110		1,531
NGP Capital Resources Co.		183		1,663
Oppenheimer Holdings, Inc. — Class A		60		1,566
optionsXpress Holdings, Inc.		80		1,189
PennantPark Investment Corp.		132		1,597
Penson Worldwide, Inc.*		310		1,476
Piper Jaffray Cos., Inc.*		50		2,090
Prospect Capital Corp.		150		1,717
Pzena Investment Management, Inc. — Class A		210		1,445
Rodman & Renshaw Capital Group, Inc.*		600		1,308
Safeguard Scientifics, Inc.*		140		2,303
Sanders Morris Harris Group, Inc.		220		1,527
Solar Capital Ltd.		61		1,449
Stifel Financial Corp.*		30		1,925
SWS Group, Inc.		367		1,718
THL Credit, Inc.		120		1,534
TICC Capital Corp.		151		1,856
TradeStation Group, Inc.*		249		1,736
Triangle Capital Corp.		91		1,816
Virtus Investment Partners, Inc.*		30		1,448
Westwood Holdings Group, Inc.		40		1,426
Total Capital Markets				94,914
Chemicals 3.1%
A. Schulman, Inc.		250		5,338
American Vanguard Corp.		820		6,798
Arch Chemicals, Inc.		160		5,798
Balchem Corp.		170		5,720
Calgon Carbon Corp.*		370		5,276

2

RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Ferro Corp.*		390	$	6,014
Georgia Gulf Corp.*		240		6,391
H.B. Fuller Co.		270		6,153
Hawkins, Inc.		130		5,105
Innophos Holdings, Inc.		160		5,307
KMG Chemicals, Inc.		360		6,131
Koppers Holdings, Inc.		190		7,311
Kraton Performance Polymers, Inc.*		210		6,592
Landec Corp.*		928		5,809
LSB Industries, Inc.*		250		7,530
Minerals Technologies, Inc.		90		5,672
NewMarket Corp.		50		6,343
Olin Corp.		280		5,452
OM Group, Inc.*		150		5,427
Omnova Solutions, Inc.*		690		4,851
PolyOne Corp.*		449		5,904
Quaker Chemical Corp.		140		5,373
Rockwood Holdings, Inc.*		140		5,683
Sensient Technologies Corp.		160		5,426
Solutia, Inc.*		260		6,089
Spartech Corp.*		679		5,670
Stepan Co.		80		5,802
STR Holdings, Inc.*		339		6,197
TPC Group, Inc.*		210		6,615
Westlake Chemical Corp.		140		5,421
WR Grace & Co.*		160		5,678
Zep, Inc.		310		5,602
Zoltek Cos., Inc.*		569		6,361
Total Chemicals				194,839
Commercial Banks 3.5%
1st Source Corp.		80		1,508
1st United Bancorp Inc. *		249		1,631
Alliance Financial Corp.		50		1,486
American National Bankshares, Inc.		70		1,440
Ameris Bancorp*		150		1,430
Ames Natl Corp.		80		1,444
Arrow Financial Corp.		60		1,361
Bancfirst Corp.		40		1,622
Banco Latinoamericano de Comercio Exterior SA - Class E		90		1,556
Bancorp Rhode Island, Inc.		50		1,508
Bancorp, Inc.(The)*		160		1,504
Bank of Marin Bancorp — Class A		40		1,390
Bank of the Ozarks, Inc.		40		1,725
Boston Private Financial Holdings, Inc.		269		1,805
Bridge Bancorp, Inc.		70		1,589
Bryn Mawr Bank Corp.		90		1,618
Camden National Corp.		40		1,369
Capital City Bank Group, Inc.		120		1,518
Cardinal Financial Corp.		150		1,650
Cathay General Bancorp		100		1,731
Center Financial Corp.*		220		1,617
Centerstate Banks, Inc.		199		1,461
Century Bancorp, Inc. — Class A		60		1,616
Chemical Financial Corp.		70		1,453
Citizens & Northn Corp.		100		1,564
Citizens Republic Bancorp, Inc.*		2,328		1,466
City Holding Co.		40		1,392
CNB Financial Corp.		110		1,530
CoBiz Financial, Inc.		299		1,908
Columbia Banking System, Inc.		80		1,608
Community Bank System, Inc.		60		1,517
Community Trust Bancorp, Inc.		60		1,735
CVB Financial Corp.		190		1,573
Danvers Bancorp, Inc.		100		2,156
Eagle Bancorp, Inc.*		120		1,621
Encore Bancshares, Inc.*		160		1,853
Enterprise Financial Services Corp.		150		1,947
F.N.B. Corp.		160		1,616
Financial Institutions, Inc.		80		1,546
First Bancorp., Inc.		110		1,625
First BanCorp.*		317		1,595
First Bancorp.		110		1,653
First Busey Corp.		349		1,717
First Commonwealth Financial Corp.		230		1,479
First Community Bancshares, Inc.		100		1,345
First Financial Bancorp		90		1,521
First Financial Bankshares, Inc.		30		1,480
First Financial Corp.		50		1,577
First Interstate Bancsystem, Inc.		110		1,429
First Merchants Corp.		180		1,631
First Midwest Bancorp, Inc.		150		1,753
First of Long Island Corp.(The)		60		1,702
First South Bancorp, Inc.		209		1,212
FirstMerit Corp.		80		1,466
German American Bancorp, Inc.		90		1,541
Glacier Bancorp, Inc.		110		1,552
Great Southern Bancorp, Inc.		70		1,533
Greene Bankshares, Inc.*		446		1,405
Hancock Holding Co.		40		1,312
Hanmi Financial Corp.*		1,622		2,133
Heartland Financial USA, Inc.		90		1,522
Heritage Financial Corp.*		120		1,710
Home Bancorp, Inc.*		120		1,656
Home Bancshares, Inc.		70		1,432
Hudson Valley Holding Corp.		70		1,572
Iberiabank Corp.		30		1,702
Independent Bank Corp.		60		1,631
International Bancshares Corp.		80		1,518
Investors Bancorp, Inc.*		120		1,598
Lakeland Bancorp, Inc.		147		1,414
Lakeland Financial Corp.		70		1,441
MainSource Financial Group, Inc.		150		1,363
MB Financial, Inc.		100		1,966
Merchants Bancshares, Inc.		60		1,648
Metro Bancorp, Inc.*		160		1,925
Midsouth Bancorp, Inc.		100		1,342
MidWestOne Financial Group, Inc.		100		1,407
Nara Bancorp, Inc.*		170		1,659
National Bankshares, Inc.		60		1,728
National Penn Bancshares, Inc.		200		1,632
NBT Bancorp, Inc.		70		1,623
Northfield Bancorp, Inc.		120		1,556
Old National Bancorp		140		1,502
OmniAmerican Bancorp, Inc.*		120		1,794
Oriental Financial Group, Inc.		130		1,537
Orrstown Financial Services, Inc.		60		1,586
Pacific Continental Corp.		180		1,827
PacWest Bancorp		80		1,578
Park National Corp.		20		1,302
Peapack Gladstone Financial Corp.		120		1,634
Penns Woods Bancorp, Inc.		40		1,556
Peoples Bancorp, Inc.		100		1,359
Pinnacle Financial Partners, Inc.*		140		1,926
Porter Bancorp, Inc.		150		1,422
PrivateBancorp, Inc.		110		1,691
Prosperity Bancshares, Inc.		40		1,618
Renasant Corp.		90		1,403
Republic Bancorp, Inc. — Class A		70		1,336
S&T Bancorp, Inc.		70		1,530
S.Y. Bancorp, Inc.		60		1,464

3

RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Sandy Spring Bancorp, Inc.		90	$	1,728
SCBT Financial Corp.		50		1,556
Sierra Bancorp		140		1,511
Signature Bank*		30		1,567
Simmons First National Corp. — Class A		50		1,390
Southside Bancshares, Inc.		70		1,499
Southwest Bancorp, Inc.*		149		2,040
State Bancorp, Inc./NY		170		1,624
StellarOne Corp.		110		1,598
Sterling Bancorp		160		1,566
Sterling Bancshares, Inc.		250		2,217
Suffolk Bancorp		60		1,258
Susquehanna Bancshares, Inc.		180		1,721
SVB Financial Group*		30		1,574
Taylor Capital Group, Inc.*		130		1,335
Texas Capital Bancshares, Inc.*		80		1,951
Tompkins Financial Corp.		40		1,630
Tower Bancorp, Inc.		70		1,584
TowneBank		100		1,490
Trico Bancshares		100		1,517
Trustmark Corp.		60		1,439
UMB Financial Corp.		40		1,626
Umpqua Holdings Corp.		140		1,536
Union First Market Bankshares Corp.		110		1,344
United Bankshares, Inc.		60		1,692
United Community Banks, Inc.*		797		1,355
Univest Corp. of Pennsylvania		80		1,379
Virginia Commerce Bancorp, Inc.*		250		1,503
Washington Banking Co.		120		1,638
Washington Trust Bancorp, Inc.		70		1,400
Webster Financial Corp.		90		2,059
WesBanco, Inc.		80		1,508
West Bancorporation, Inc.		200		1,435
West Coast Bancorp*		560		1,820
Westamerica Bancorp.		30		1,500
Western Alliance Bancorp*		249		1,867
Whitney Holding Corp.		150		1,996
Wilshire Bancorp, Inc.		210		1,348
Wintrust Financial Corp.		50		1,645
Total Commercial Banks				220,281
Commercial Services & Supplies 1.9%
ABM Industries, Inc.		100		2,570
ACCO Brands Corp.*		310		2,545
American Reprographics Co.*		329		2,655
APAC Customer Services, Inc.*		439		2,419
Brink’s Co.(The)		100		2,700
Casella Waste Systems, Inc. — Class A*		330		2,647
Cenveo, Inc.*		390		2,098
Clean Harbors, Inc.*		30		2,701
Consolidated Graphics, Inc.*		50		2,502
Courier Corp.		160		2,268
Deluxe Corp.		120		2,934
EnergySolutions, Inc.		450		2,664
EnerNOC, Inc.*		279		7,260
Ennis, Inc.		150		2,494
Fuel Tech, Inc.*		310		2,483
G&K Services, Inc. — Class A		90		2,820
Geo Group, Inc.(The)*		100		2,377
Healthcare Services Group, Inc.		160		2,534
Herman Miller, Inc.		110		2,654
Higher One Holdings, Inc.*		80		1,522
HNI Corp.		80		2,427
Hudson Highland Group, Inc.*		510		2,815
Innerworkings, Inc.*		389		2,451
Interface, Inc. — Class A		360		5,850
Kimball International, Inc. — Class B		370		2,492
Knoll, Inc.		170		2,846
M&F Worldwide Corp.*		110		2,654
McGrath Rentcorp		90		2,272
Metalico, Inc.*		480		2,664
Mine Safety Appliances Co.		80		2,494
Mobile Mini, Inc.*		130		2,657
Multi-Color Corp.		130		2,161
Rollins, Inc.		130		2,469
Schawk, Inc.		130		2,371
Standard Parking Corp.*		130		2,339
Standard Register Co.(The)		809		2,589
Steelcase, Inc. — Class A		250		2,555
SYKES Enterprises, Inc.*		120		2,338
Team, Inc.*		120		3,067
Tetra Tech, Inc.*		100		2,314
United Stationers, Inc.*		40		2,491
US Ecology, Inc.		160		2,698
Viad Corp.		90		2,118
Total Commercial Services & Supplies				115,979
Communications Equipment 1.7%
Acme Packet, Inc.*		40		2,151
ADTRAN, Inc.		70		2,879
Anaren, Inc.*		110		2,259
Arris Group, Inc.*		210		2,621
Aruba Networks, Inc.*		100		2,155
Aviat Networks, Inc.*		450		2,335
Bel Fuse, Inc. — Class B		100		2,181
BigBand Networks, Inc.*		808		2,141
Black Box Corp.		60		2,111
Blue Coat Systems, Inc.*		80		2,305
Calix, Inc.*		140		2,282
DG Fastchannel, Inc.*		80		2,193
Digi International, Inc.*		220		2,330
EMS Technologies, Inc.*		120		2,200
Emulex Corp.*		190		2,168
Extreme Networks*		748		2,453
Finisar Corp.*		90		2,997
Globecomm Systems, Inc.*		250		2,365
Harmonic, Inc.*		310		2,616
Hughes Communications, Inc.*		60		3,661
Infinera Corp.*		229		1,680
InterDigital, Inc.		60		2,889
Ixia*		140		2,202
KVH Industries, Inc.*		169		2,053
Loral Space & Communications, Inc.*		30		2,234
Meru Networks, Inc.*		159		2,860
Netgear, Inc.*		70		2,426
Network Engines, Inc.*		1,488		2,708
Network Equipment Technologies, Inc.*		530		2,618
Occam Networks, Inc.*		270		2,309
Oclaro, Inc.*		189		2,623
Oplink Communications, Inc.*		120		2,974
Opnext, Inc.*		1,280		2,381
PC-Tel, Inc.*		369		2,675
Plantronics, Inc.		60		2,124
Powerwave Technologies, Inc.*		940		3,281
Riverbed Technology, Inc.*		70		2,511
SeaChange International, Inc.*		270		2,236
ShoreTel, Inc.*		300		2,274
Sonus Networks, Inc.*		855		2,351
Sycamore Networks, Inc.		80		1,669
Symmetricom, Inc.*		320		1,987
Tekelec*		199		2,284
UTStarcom, Inc.*		1,156		2,428

4

RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
ViaSat, Inc.*		50	$	2,170
Total Communications Equipment				108,350
Computers & Peripherals 0.7%
Avid Technology, Inc.*		130		2,165
Compellent Technologies, Inc.*		80		2,218
Cray, Inc.*		320		2,392
Electronics for Imaging, Inc.*		190		2,846
Hutchinson Technology, Inc.*		698		2,310
Hypercom Corp.*		250		2,235
Imation Corp.*		220		2,222
Immersion Corp.*		369		2,181
Intermec, Inc.*		180		2,045
Intevac, Inc.*		160		2,200
Novatel Wireless, Inc.*		250		1,803
Presstek, Inc.*		1,316		2,750
Quantum Corp.*		630		1,695
Rimage Corp.*		140		1,992
Silicon Graphics International Corp.*		240		2,381
STEC, Inc.*		140		2,869
Stratasys, Inc.*		70		2,312
Super Micro Computer, Inc.*		190		2,674
Synaptics, Inc.*		80		2,277
Xyratex Ltd.*		140		1,866
Total Computers & Peripherals				45,433
Construction & Engineering 0.8%
Argan, Inc.*		279		2,586
Comfort Systems USA, Inc.		470		5,983
Dycom Industries, Inc.*		180		2,893
EMCOR Group, Inc.*		90		2,725
Furmanite Corp.*		360		2,743
Granite Construction, Inc.		90		2,326
Great Lakes Dredge & Dock Corp.		330		2,742
Insituform Technologies, Inc. — Class A*		100		2,751
Layne Christensen Co.*		70		2,211
MasTec, Inc.*		180		2,740
Michael Baker Corp.*		80		2,429
MYR Group, Inc.*		140		3,079
Northwest Pipe Co.*		250		5,467
Orion Marine Group, Inc.*		170		1,992
Primoris Services Corp.		280		2,299
Sterling Construction Co, Inc.*		190		2,443
Tutor Perini Corp.		120		2,725
Total Construction & Engineering				50,134
Construction Materials 0.3%
Headwaters, Inc.*		1,270		6,680
Texas Industries, Inc.		140		5,562
United States Lime & Minerals, Inc.*		150		5,967
Total Construction Materials				18,209
Consumer Finance 0.3%
Advance America Cash Advance Centers, Inc.		300		1,836
Cardtronics, Inc.*		90		1,538
Cash America International, Inc.		40		1,609
CompuCredit Holdings Corp.*		220		1,329
Credit Acceptance Corp.*		30		1,697
Dollar Financial Corp.*		60		1,838
EZCORP, Inc. — Class A*		60		1,614
First Cash Financial Services, Inc.*		50		1,650
First Marblehead Corp.(The)*		787		1,731
Nelnet, Inc. — Class A		70		1,569
Netspend Holdings, Inc.*		108		1,544
World Acceptance Corp.*		30		1,685
Total Consumer Finance				19,640
Containers & Packaging 0.7%
AEP Industries, Inc.*		230		6,369
Boise, Inc.		730		6,563
Graham Packaging Co., Inc.*		450		7,843
Graphic Packaging Holding Co.*		1,440		6,840
Myers Industries, Inc.		550		5,027
Rock-Tenn Co. — Class A		100		6,675
Silgan Holdings, Inc.		170		6,346
Total Containers & Packaging				45,663
Distributors 0.1%
Audiovox Corp. — Class A*		290		2,082
Core-Mark Holding Co., Inc.*		60		2,031
Total Distributors				4,113
Diversified Consumer Services 0.7%
American Public Education, Inc.*		60		2,014
Bridgepoint Education, Inc.*		130		2,374
Cambium Learning Group, Inc.*		679		2,220
Capella Education Co.*		40		2,290
Coinstar, Inc.*		40		1,656
Corinthian Colleges, Inc.*		507		2,677
CPI Corp.		80		1,592
Grand Canyon Education, Inc.*		120		2,171
K12, Inc.*		80		2,180
Learning Tree International, Inc.		210		1,823
Lincoln Educational Services Corp.		140		2,114
Mac-Gray Corp.		180		2,651
Matthews International Corp. — Class A		60		2,126
National American University Holdings, Inc.		300		2,031
Pre-Paid Legal Services, Inc.*		40		2,634
Regis Corp.		120		2,011
Sotheby’s		50		2,015
Steiner Leisure Ltd.*		50		2,216
Stewart Enterprises, Inc. — Class A		360		2,297
Universal Technical Institute, Inc.		110		2,007
Total Diversified Consumer Services				43,099
Diversified Financial Services 0.4%
Asset Acceptance Capital Corp.*		270		1,636
Asta Funding, Inc.		210		1,612
Compass Diversified Holdings		150		2,590
Encore Capital Group, Inc.*		70		1,593
Life Partners Holdings, Inc.		100		1,032
MarketAxess Holdings, Inc.		80		1,610
Marlin Business Services Corp.*		220		2,873
Medallion Financial Corp.		180		1,409
NewStar Financial, Inc.*		170		1,647
PHH Corp.*		120		2,867
Pico Holdings, Inc.*		50		1,549
Portfolio Recovery Associates, Inc.*		20		1,443
Primus Guaranty Ltd.*		330		1,581
Total Diversified Financial Services				23,442
Diversified Telecommunication Services 3.0%
AboveNet, Inc.		40		2,382
Alaska Communications Systems Group, Inc.		1,160		10,672
Atlantic Tele-Network, Inc.		378		14,118
Cbeyond, Inc.*		940		13,771
Cincinnati Bell, Inc.*		5,227		14,897
Cogent Communications Group, Inc.*		1,080		14,731
Consolidated Communications Holdings, Inc.		719		12,762
General Communication, Inc. — Class A*		1,050		12,716
Global Crossing Ltd.*		949		12,650
IDT Corp. — Class B		480		11,054

5

RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Iridium Communications, Inc.*		1,399	$	10,744
Neutral Tandem, Inc.*		870		13,155
PAETEC Holding Corp.*		3,323		13,126
Premiere Global Services, Inc.*		1,975		12,304
Vonage Holdings Corp.*		5,673		18,608
Total Diversified Telecommunication Services				187,690
Electric Utilities 2.5%
Allete, Inc.		359		13,251
Central Vermont Public Service Corp.		609		13,075
Cleco Corp.		429		13,410
El Paso Electric Co.*		480		12,936
Empire District Electric Co.(The)		610		13,127
IDACORP, Inc.		350		13,079
MGE Energy, Inc.		310		12,617
PNM Resources, Inc.		1,059		13,799
Portland General Electric Co.		600		13,404
UIL Holdings Corp.		440		13,284
Unisource Energy Corp.		370		13,250
Unitil Corp.		569		12,518
Total Electric Utilities				157,750
Electrical Equipment 2.0%
A123 Systems, Inc.*		280		2,537
Acuity Brands, Inc.		100		5,520
Advanced Battery Technologies, Inc.*		650		2,424
American Superconductor Corp.*		80		2,182
AO Smith Corp.		60		2,569
AZZ, Inc.		70		2,806
Belden, Inc.		160		5,562
Brady Corp. — Class A		80		2,620
Broadwind Energy, Inc.*		1,279		2,353
Capstone Turbine Corp.*		7,500		8,550
Coleman Cable, Inc.*		429		2,874
Encore Wire Corp.		230		5,162
Ener1, Inc.*		580		2,233
Energy Conversion Devices, Inc.*		1,329		5,422
EnerSys*		80		2,626
Franklin Electric Co., Inc.		70		2,876
FuelCell Energy, Inc.*		4,820		8,435
Generac Holdings, Inc.*		160		2,384
GrafTech International, Ltd.*		130		2,730
GT Solar International, Inc.*		779		8,604
II-VI, Inc.*		50		2,469
LaBarge, Inc.*		150		2,094
LSI Industries, Inc.		630		4,687
Microvision, Inc.*		1,363		2,576
Polypore International, Inc.*		140		6,741
Powell Industries, Inc.*		80		3,033
PowerSecure International, Inc.*		828		6,061
Preformed Line Products Co.		50		3,055
Satcon Technology Corp.*		629		3,051
UQM Technologies, Inc.*		1,097		2,995
Vicor Corp.		150		2,209
Woodward, Inc		70		2,361
Total Electrical Equipment				121,801
Electronic Equipment, Instruments & Components 2.1%
Agilysys, Inc.*		418		2,395
Anixter International, Inc.		40		2,531
Benchmark Electronics, Inc.*		130		2,469
Brightpoint, Inc.*		250		2,269
Checkpoint Systems, Inc.*		110		2,274
Cognex Corp.		70		2,194
Coherent, Inc.*		50		2,677
Comverge, Inc.*		1,007		6,243
CPI International, Inc.*		120		2,328
CTS Corp.		210		2,381
Daktronics, Inc.		140		2,138
DDi Corp.		200		2,253
DTS, Inc.*		50		2,241
Echelon Corp.*		220		2,002
Electro Rent Corp.		160		2,362
Electro Scientific Industries, Inc.*		150		2,500
Fabrinet*		110		2,634
FARO Technologies, Inc.*		80		2,426
Gerber Scientific, Inc.*		320		2,442
Insight Enterprises, Inc.*		169		2,352
IPG Photonics Corp.*		70		2,425
L-1 Identity Solutions, Inc.*		220		2,625
Littelfuse, Inc.		50		2,564
Maxwell Technologies, Inc.*		140		2,520
Measurement Specialties, Inc.*		90		2,425
Mercury Computer Systems, Inc.*		120		2,266
Methode Electronics, Inc.		180		2,128
MTS Systems Corp.		70		2,619
Multi-Fineline Electronix, Inc.*		90		2,601
Newport Corp.*		130		2,281
OSI Systems, Inc.*		70		2,659
Park Electrochemical Corp.		80		2,437
PC Connection, Inc.*		250		2,213
Plexus Corp.*		80		2,163
Power-One, Inc.*		250		2,675
Pulse Electronics Corp.		539		2,754
Radisys Corp.*		240		2,030
Richardson Electronics, Ltd.		200		2,588
Rofin-Sinar Technologies, Inc.*		70		2,737
Rogers Corp.*		160		6,845
Sanmina-SCI Corp.*		209		3,141
Scansource, Inc.*		70		2,535
Smart Modular Technologies (WWH), Inc.*		369		2,494
Spectrum Control, Inc.*		140		1,856
SYNNEX Corp.*		70		2,337
Tessco Technologies, Inc.		150		1,728
TTM Technologies, Inc.*		160		2,544
Universal Display Corp.*		80		2,707
Viasystems Group, Inc.*		120		2,428
X-Rite, Inc.*		560		2,498
Zygo Corp.*		210		2,285
Total Electronic Equipment, Instruments & Components				131,219
Energy Equipment & Services 3.3%
Allis-Chalmers Energy, Inc.*		1,100		8,338
Basic Energy Services, Inc.*		450		8,217
Bristow Group, Inc.*		60		3,089
Cal Dive International, Inc.*		1,219		7,485
CARBO Ceramics, Inc.		70		8,061
Complete Production Services, Inc.*		230		6,426
Dawson Geophysical Co.*		220		7,438
Dril-Quip, Inc.*		80		6,170
Global Industries Ltd.*		990		7,935
Gulf Island Fabrication, Inc.		230		6,228
Gulfmark Offshore, Inc. — Class A*		80		3,076
Helix Energy Solutions Group, Inc.*		530		6,572
Hercules Offshore, Inc.*		2,369		7,841
Hornbeck Offshore Services, Inc.*		330		7,834
ION Geophysical Corp.*		870		8,274
Key Energy Services, Inc.*		600		7,986
Lufkin Industries, Inc.		120		8,006
Matrix Service Co.*		600		6,756
Natural Gas Services Group, Inc.*		390		6,965
Newpark Resources, Inc.*		1,114		6,662

6

RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
OYO Geospace Corp.*		70	$	6,708
Parker Drilling Co.*		1,568		6,805
PHI, Inc.*		130		2,681
Pioneer Drilling Co.*		910		8,063
RPC, Inc.		350		6,153
Tesco Corp.*		450		6,869
TETRA Technologies, Inc.*		600		6,810
Union Drilling, Inc.*		936		6,833
Vantage Drilling Co.*		3,210		5,971
Willbros Group, Inc.*		838		10,023
Total Energy Equipment & Services				206,275
Food & Staples Retailing 3.2%
Andersons, Inc.(The)		439		17,025
Casey’s General Stores, Inc.		369		15,679
Fresh Market, Inc.(The)*		424		15,591
Ingles Markets, Inc. — Class A		760		14,721
Nash Finch Co.		399		15,030
Pantry, Inc.(The)*		846		14,103
Pricesmart, Inc.		60		2,189
Rite Aid Corp.*		16,694		21,368
Ruddick Corp.		400		13,480
Spartan Stores, Inc.		900		13,041
United Natural Foods, Inc.*		420		15,540
Village Super Market, Inc. — Class A		453		14,229
Weis Markets, Inc.		380		15,021
Winn-Dixie Stores, Inc.*		2,197		14,017
Total Food & Staples Retailing				201,034
Food Products 4.6%
B&G Foods, Inc. — Class A		1,120		15,042
Cal-Maine Foods, Inc.		460		13,046
Calavo Growers, Inc.		640		14,771
Chiquita Brands International, Inc.*		1,159		17,872
Darling International, Inc.*		200		2,710
Diamond Foods, Inc.		290		14,433
Dole Food Co., Inc.*		1,320		18,454
Fresh Del Monte Produce, Inc.		620		16,399
Griffin Land & Nurseries, Inc.		50		1,466
Hain Celestial Group, Inc.(The)*		540		14,380
J&J Snack Foods Corp.		320		13,590
Lancaster Colony Corp.		270		15,004
Limoneira Co.		591		13,298
Pilgrim’s Pride Corp.*		2,120		14,798
Sanderson Farms, Inc.		379		15,581
Seneca Foods Corp. — Class A*		609		16,930
Smart Balance, Inc.*		3,540		14,178
Snyders-Lance, Inc.		680		14,103
Synutra International, Inc.*		1,070		12,647
Tootsie Roll Industries, Inc.		540		14,936
TreeHouse Foods, Inc.*		290		13,876
Total Food Products				287,514
Gas Utilities 1.9%
Chesapeake Utilities Corp.		330		12,903
Laclede Group, Inc.(The)		360		13,680
New Jersey Resources Corp.		310		13,008
Nicor, Inc.		270		13,627
Northwest Natural Gas Co.		279		12,432
Piedmont Natural Gas Co., Inc.		449		12,599
South Jersey Industries, Inc.		250		13,060
Southwest Gas Corp.		370		13,779
WGL Holdings, Inc.		369		13,306
Total Gas Utilities				118,394
Health Care Equipment & Supplies 2.7%
Abaxis, Inc.*		80		2,108
ABIOMED, Inc.*		249		2,440
Accuray, Inc.*		369		3,159
Align Technology, Inc.*		120		2,500
Alimera Sciences, Inc.*		220		2,198
Alphatec Holdings, Inc.*		999		2,408
American Medical Systems Holdings, Inc.*		120		2,342
Analogic Corp.		50		2,553
Angiodynamics, Inc.*		150		2,429
Antares Pharma, Inc.*		1,558		2,415
Arthrocare Corp.*		70		1,959
Atrion Corp.		10		1,677
Cantel Medical Corp.		100		2,129
Cerus Corp.*		1,052		3,472
Conceptus, Inc.*		170		2,296
CONMED Corp.*		90		2,350
CryoLife, Inc.*		429		2,175
Cutera, Inc.*		289		2,364
Cyberonics, Inc.*		80		2,620
Cynosure, Inc. — Class A*		210		2,292
Delcath Systems, Inc.*		220		2,081
DexCom, Inc.*		180		2,539
DynaVox, Inc. — Class A*		565		2,966
Endologix, Inc.*		350		2,041
Exactech, Inc.*		120		2,003
Greatbatch, Inc.*		100		2,355
Haemonetics Corp.*		40		2,374
Hansen Medical, Inc.*		1,607		2,587
HeartWare International, Inc.*		30		2,790
ICU Medical, Inc.*		60		2,344
Immucor, Inc.*		120		2,372
Insulet Corp.*		160		2,725
Integra LifeSciences Holdings Corp.*		50		2,319
Invacare Corp.		80		2,211
IRIS International, Inc.*		230		2,275
Kensey Nash Corp.*		80		1,936
MAKO Surgical Corp.*		150		2,328
Masimo Corp.		70		2,098
Medical Action Industries, Inc.*		279		2,260
Mela Sciences, Inc.*		724		1,955
Meridian Bioscience, Inc.		100		2,194
Merit Medical Systems, Inc.*		150		2,215
Natus Medical, Inc.*		150		2,259
Neogen Corp.*		60		2,158
NuVasive, Inc.*		99		2,767
NxStage Medical, Inc.*		100		2,404
OraSure Technologies, Inc.*		430		2,782
Orthofix International NV*		80		2,288
Orthovita, Inc.*		1,156		2,376
Palomar Medical Technologies, Inc.*		180		2,675
Quidel Corp.*		170		2,309
Rochester Medical Corp.*		200		2,137
RTI Biologics, Inc.*		849		2,275
Sirona Dental Systems, Inc.*		60		2,629
Solta Medical, Inc.*		770		2,117
SonoSite, Inc.*		70		2,349
Spectranetics Corp.*		459		2,111
Staar Surgical Co.*		410		2,142
Stereotaxis, Inc.*		648		2,177
STERIS Corp.		60		2,089
SurModics, Inc.*		219		2,584
Symmetry Medical, Inc.*		249		2,383
Syneron Medical Ltd.*		220		2,336
Synovis Life Technologies, Inc.*		140		2,098
TomoTherapy, Inc.*		659		2,201
Unilife Corp.*		429		2,081
Vascular Solutions, Inc.*		200		2,116
Volcano Corp.*		80		2,101

7

RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
West Pharmaceutical Services, Inc.		60	$	2,399
Wright Medical Group, Inc.*		150		2,229
Young Innovations, Inc.		70		2,101
Zoll Medical Corp.*		60		2,481
Total Health Care Equipment & Supplies				168,008
Health Care Providers & Services 2.4%
Accretive Health, Inc.*		170		3,084
Air Methods Corp.*		40		2,050
Alliance Imaging, Inc.*		657		2,753
Allied Healthcare International, Inc.*		889		2,151
Almost Family, Inc.*		70		2,337
Amedisys, Inc.*		80		2,727
America Service Group, Inc.		160		2,699
American Dental Partners, Inc.*		180		2,288
AMERIGROUP Corp.*		50		2,619
AMN Healthcare Services, Inc.*		390		2,262
Amsurg Corp.*		110		2,318
Assisted Living Concepts, Inc. — Class A*		70		2,304
Bio-Reference Labs, Inc.*		110		2,540
BioScrip, Inc.*		459		2,378
Capital Senior Living Corp.*		340		2,322
CardioNet, Inc.*		529		2,301
Catalyst Health Solutions, Inc.*		50		2,170
Centene Corp.*		100		2,772
Chemed Corp.		40		2,489
Chindex International, Inc.*		130		2,033
Continucare Corp.*		460		1,872
CorVel Corp.*		50		2,524
Cross Country Healthcare, Inc.*		290		2,088
Emeritus Corp.*		110		2,101
Ensign Group, Inc.(The)		100		2,416
ExamWorks Group, Inc.*		118		2,582
Five Star Quality Care, Inc.*		330		2,066
Genoptix, Inc.*		110		2,746
Gentiva Health Services, Inc.*		100		2,302
Hanger Orthopedic Group, Inc.*		110		2,261
Healthsouth Corp.*		120		2,714
Healthspring, Inc.*		80		2,431
Healthways, Inc.*		219		2,621
HMS Holdings Corp.*		40		2,574
IPC The Hospitalist Co., Inc.*		60		2,228
Kindred Healthcare, Inc.*		140		2,619
Landauer, Inc.		40		2,322
LCA-Vision, Inc.*		439		2,972
LHC Group, Inc.*		90		2,394
Magellan Health Services, Inc.*		50		2,421
MedCath Corp.*		170		2,276
Metropolitan Health Networks, Inc.*		500		2,290
Molina Healthcare, Inc.*		90		2,759
MWI Veterinary Supply, Inc.*		40		2,486
National Healthcare Corp.		50		2,214
National Research Corp.		70		2,107
Owens & Minor, Inc.		80		2,362
PDI, Inc.*		240		1,938
PharMerica Corp.*		210		2,375
Providence Service Corp.(The)*		140		1,992
PSS World Medical, Inc.*		110		2,621
RehabCare Group, Inc.*		110		2,702
Rural/Metro Corp.*		170		2,370
Select Medical Holdings Corp.*		339		2,285
Skilled Healthcare Group, Inc. — Class A*		330		3,544
Sun Healthcare Group, Inc.*		188		2,349
Sunrise Senior Living, Inc.*		430		3,440
Team Health Holdings, Inc.*		150		2,319
Triple-S Management Corp. — Class B*		120		2,215
Universal American Corp.		150		3,029
US Physical Therapy, Inc.*		120		2,280
WellCare Health Plans, Inc.*		80		2,392
Total Health Care Providers & Services				151,196
Health Care Technology 0.4%
athenahealth, Inc.*		50		2,147
Computer Programs & Systems, Inc.		50		2,595
MedAssets, Inc.*		120		2,356
Medidata Solutions, Inc.*		110		2,745
MedQuist, Inc.		260		2,423
Merge Healthcare, Inc.*		630		2,696
Omnicell, Inc.*		170		2,369
Quality Systems, Inc.		30		2,395
Transcend Services, Inc.*		130		2,396
Vital Images, Inc.*		170		2,259
Total Health Care Technology				24,381
Hotels, Restaurants & Leisure 1.9%
AFC Enterprises, Inc.*		150		2,235
Ambassadors Group, Inc.		200		2,208
Ameristar Casinos, Inc.		130		1,997
Biglari Holdings, Inc.*		10		4,300
BJ’s Restaurants, Inc.*		60		2,120
Bluegreen Corp.*		818		2,863
Bob Evans Farms, Inc.		70		2,204
Boyd Gaming Corp.*		230		2,493
Bravo Brio Restaurant Group, Inc.*		108		1,760
Buffalo Wild Wings, Inc.*		50		2,188
California Pizza Kitchen, Inc.*		130		2,081
Caribou Coffee Co., Inc.*		200		1,804
Carrols Restaurant Group, Inc.*		310		2,170
CEC Entertainment, Inc.*		60		2,217
Cheesecake Factory, Inc.(The)*		70		2,066
Churchill Downs, Inc.		50		2,071
Cracker Barrel Old Country Store, Inc.		40		2,059
Denny’s Corp.*		620		2,344
DineEquity, Inc.*		40		2,063
Domino’s Pizza, Inc.*		150		2,460
Einstein Noah Restaurant Group, Inc.*		170		2,642
Gaylord Entertainment Co.*		70		2,334
Interval Leisure Group, Inc.*		130		2,037
Isle of Capri Casinos, Inc.*		220		2,072
Jack in the Box, Inc.*		110		2,413
Jamba, Inc.*		1,038		2,273
Krispy Kreme Doughnuts, Inc.*		290		1,900
Life Time Fitness, Inc.*		50		1,994
Marcus Corp.		160		1,896
McCormick & Schmick’s Seafood Restaurants, Inc.*		250		2,250
Monarch Casino & Resort, Inc.*		180		1,951
Morgans Hotel Group Co.*		240		2,168
Multimedia Games, Inc.*		440		2,345
O’Charleys, Inc.*		309		2,138
Orient-Express Hotels Ltd. — Class A*		190		2,310
P.F. Chang’s China Bistro, Inc.		40		1,842
Papa John’s International, Inc.*		90		2,583
Peet’s Coffee & Tea, Inc.*		380		14,501
Pinnacle Entertainment, Inc.*		160		2,413
Red Lion Hotels Corp.*		270		2,071
Red Robin Gourmet Burgers, Inc.*		110		2,270
Ruby Tuesday, Inc.*		170		2,292
Ruth’s Hospitality Group Inc*		460		2,144
Scientific Games Corp. — Class A*		239		2,466
Shuffle Master, Inc.*		200		2,067
Sonic Corp.*		230		2,206
Speedway Motorsports, Inc.		140		2,027

8

RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Texas Roadhouse, Inc.*		130	$	2,161
Vail Resorts, Inc.*		40		1,922
Total Hotels, Restaurants & Leisure				121,391
Household Durables 0.9%
American Greetings Corp. — Class A		100		2,173
Beazer Homes USA, Inc.*		470		2,514
Blyth, Inc.		60		2,017
Brookfield Homes Corp.*		220		3,106
Cavco Industries, Inc.*		60		2,471
CSS Industries, Inc.		110		2,020
Ethan Allen Interiors, Inc.		110		2,464
Furniture Brands International, Inc.*		468		2,106
Helen of Troy Ltd.*		80		2,246
Hooker Furniture Corp.		170		2,280
Hovnanian Enterprises, Inc. — Class A*		539		2,382
iRobot Corp.*		100		2,700
Kid Brands, Inc.*		240		2,186
La-Z-Boy, Inc.*		269		2,238
Libbey, Inc.*		150		2,291
Lifetime Brands, Inc.*		160		1,941
M/I Homes, Inc.*		170		2,492
Meritage Homes Corp.*		110		2,526
Ryland Group, Inc.		140		2,492
Sealy Corp.*		770		2,041
Skyline Corp.		90		1,808
Standard Pacific Corp.*		579		2,548
Universal Electronics, Inc.*		80		2,106
Total Household Durables				53,148
Household Products 0.6%
Central Garden & Pet Co. — Class A*		220		2,086
Oil-Dri Corp. of America		269		5,132
Spectrum Brands Holdings, Inc.*		490		16,062
WD-40 Co.		380		14,961
Total Household Products				38,241
Independent Power Producers & Energy Traders 0.2%
Dynegy, Inc.*		2,394		15,058
Total Independent Power Producers & Energy Traders				15,058
Industrial Conglomerates 0.7%
Otter Tail Corp.		590		13,375
Raven Industries, Inc.		60		2,835
Seaboard Corp.		10		20,020
Standex International Corp.		80		2,668
Tredegar Corp.		290		5,426
United Capital Corp.*		50		1,380
Total Industrial Conglomerates				45,704
Insurance 1.3%
Alterra Capital Holdings Ltd.		70		1,509
American Equity Investment Life Holding Co.		120		1,522
American Safety Insurance Holdings Ltd.*		70		1,404
AMERISAFE, Inc.*		90		1,603
Amtrust Financial Services, Inc.		90		1,666
Argo Group International Holdings Ltd.		40		1,425
Baldwin & Lyons, Inc. — Class B		60		1,348
Citizens, Inc.*		210		1,497
CNA Surety Corp.*		70		1,682
CNO Financial Group, Inc.*		240		1,519
Crawford & Co. — Class B*		510		1,892
Delphi Financial Group, Inc. — Class A		60		1,727
Donegal Group, Inc. — Class A		100		1,295
eHealth, Inc.*		100		1,210
EMC Insurance Group, Inc.		70		1,573
Employers Holdings, Inc.		90		1,511
Enstar Group Ltd.*		20		1,655
FBL Financial Group, Inc. — Class A		50		1,391
First American Financial Corp.		110		1,706
First Mercury Financial Corp.		100		1,645
Flagstone Reinsurance Holdings SA		130		1,594
FPIC Insurance Group, Inc.*		40		1,430
Gerova Financial Group Ltd.*		60		1,260
Global Indemnity PLC*		80		1,593
Greenlight Capital Re, Ltd. — Class A*		60		1,696
Hallmark Financial Services*		180		1,528
Harleysville Group, Inc.		40		1,413
Hilltop Holdings, Inc.*		160		1,570
Horace Mann Educators Corp.		90		1,555
Infinity Property & Casualty Corp.		30		1,792
Kansas City Life Insurance Co.		50		1,578
Maiden Holdings Ltd.		200		1,600
Meadowbrook Insurance Group, Inc.		160		1,518
Montpelier Re Holdings Ltd.		80		1,588
National Financial Partners Corp.*		120		1,522
National Interstate Corp.		70		1,471
National Western Life Insurance Co. — Class A		10		1,730
Navigators Group, Inc.(The)*		30		1,468
Phoenix Cos., Inc.*		670		1,715
Platinum Underwriters Holdings Ltd.		40		1,768
Presidential Life Corp.		160		1,517
Primerica, Inc.		70		1,694
ProAssurance Corp.*		30		1,760
RLI Corp.		30		1,616
Safety Insurance Group, Inc.		30		1,428
SeaBright Holdings, Inc.		170		1,651
Selective Insurance Group, Inc.		90		1,600
State Auto Financial Corp.		90		1,373
Stewart Information Services Corp.		140		1,597
Tower Group, Inc.		60		1,562
United Fire & Casualty Co.		70		1,403
Universal Insurance Holdings, Inc.		320		1,735
Total Insurance				81,105
Internet & Catalog Retail 0.5%
1-800-FLOWERS.COM, Inc. — Class A*		910		2,493
Blue Nile, Inc.*		40		2,274
Gaiam, Inc. — Class A		290		2,213
HSN, Inc.*		80		2,253
NutriSystem, Inc.		110		2,086
Orbitz Worldwide, Inc.*		379		1,944
Overstock.com, Inc.*		140		2,089
PetMed Express, Inc.		849		12,811
Shutterfly, Inc.*		70		2,330
US Auto Parts Network, Inc.*		250		2,075
Vitacost.com, Inc.*		328		164
Total Internet & Catalog Retail				32,732
Internet Software & Services 1.9%
Ancestry.com, Inc.*		80		2,848
Archipelago Learning, Inc.*		259		2,688
comScore, Inc.*		100		2,396
Constant Contact, Inc.*		80		2,239
DealerTrack Holdings, Inc.*		110		2,174
Dice Holdings, Inc.*		190		2,481
Digital River, Inc.*		60		1,904
EarthLink, Inc.		249		2,124
Envestnet, Inc.*		150		2,138
GSI Commerce, Inc.*		100		2,304
InfoSpace, Inc.*		279		2,282
Internap Network Services Corp.*		390		2,843
Internet Capital Group, Inc.*		170		2,071

9

RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
IntraLinks Holdings, Inc.*		120	$	2,429
j2 Global Communications, Inc.*		440		12,144
Keynote Systems, Inc.		160		2,789
KIT Digital, Inc.*		150		2,067
Knot, Inc.(The)*		220		2,438
Limelight Networks, Inc.*		340		2,120
Liquidity Services, Inc.*		170		2,426
LivePerson, Inc.*		220		2,413
Local.com Corp.*		400		1,624
LogMeIn, Inc.*		50		1,927
LoopNet, Inc.*		229		2,352
Marchex, Inc. — Class B		260		2,475
Mediamind Technologies, Inc.*		170		2,572
ModusLink Global Solutions, Inc.*		320		1,962
Move, Inc.*		790		1,778
NIC, Inc.		250		2,557
OpenTable, Inc.*		30		2,359
Openwave Systems, Inc.*		980		1,989
Perficient, Inc.*		190		2,221
QuinStreet, Inc.*		110		2,476
Rackspace Hosting, Inc.*		70		2,346
RealNetworks, Inc.*		570		2,143
RightNow Technologies, Inc.*		90		2,334
Saba Software, Inc.*		360		2,344
SAVVIS, Inc.*		90		2,769
SPS Commerce, Inc.*		150		2,381
Stamps.com, Inc.		160		2,035
support.com, Inc.*		330		1,828
TechTarget, Inc.*		330		2,426
Terremark Worldwide, Inc.*		180		3,409
Travelzoo, Inc.*		60		2,820
United Online, Inc.		340		2,404
ValueClick, Inc.*		140		1,961
Vocus, Inc.*		80		2,074
Zix Corp.*		550		2,475
Total Internet Software & Services				121,359
IT Services 1.1%
Acxiom Corp.*		130		2,240
CACI International, Inc. — Class A*		40		2,220
Cass Information Systems, Inc.		40		1,450
Ciber, Inc.*		600		2,736
Computer Task Group, Inc.*		210		2,484
CSG Systems International, Inc.*		120		2,334
Echo Global Logistics, Inc.*		209		2,428
Euronet Worldwide, Inc.*		90		1,646
ExlService Holdings, Inc.*		120		2,287
Forrester Research, Inc.		80		2,851
Global Cash Access Holdings, Inc.*		537		1,638
Hackett Group, Inc.(The)*		737		2,572
Heartland Payment Systems, Inc.		100		1,580
iGate Corp.		110		1,694
Integral Systems, Inc.*		240		2,926
Jack Henry & Associates, Inc.		50		1,478
Lionbridge Technologies, Inc.*		608		2,335
Mantech International Corp. — Class A*		60		2,412
MAXIMUS, Inc.		40		2,714
MoneyGram International, Inc.*		570		1,408
NCI, Inc. — Class A*		100		2,100
Online Resources Corp.*		340		2,285
Sapient Corp.		180		2,151
SRA International, Inc. — Class A*		110		2,935
Syntel, Inc.		50		2,788
TeleTech Holdings, Inc.*		120		2,569
Tier Technologies, Inc.*		429		2,484
TNS, Inc.*		110		1,945
Unisys Corp.*		90		2,550
VeriFone Systems, Inc.*		50		1,997
Virtusa Corp.*		150		2,415
Wright Express Corp.*		40		1,893
Total IT Services				71,545
Leisure Equipment & Products 0.5%
Arctic Cat, Inc.*		140		2,243
Brunswick Corp.		130		2,590
Callaway Golf Co.		280		2,058
Eastman Kodak Co.*		430		1,574
Jakks Pacific, Inc.*		110		1,902
Johnson Outdoors, Inc. — Class A*		180		2,739
Leapfrog Enterprises, Inc.*		370		1,428
Marine Products Corp.*		359		2,585
Polaris Industries, Inc.		30		2,308
Pool Corp.		100		2,438
RC2 Corp.*		100		2,032
Smith & Wesson Holding Corp.*		599		2,126
Steinway Musical Instruments, Inc.*		120		2,293
Sturm Ruger & Co., Inc.		140		2,087
Summer Infant, Inc.*		299		2,280
Total Leisure Equipment & Products				32,683
Life Sciences Tools & Services 0.6%
Accelrys, Inc.*		270		2,219
Affymetrix, Inc.*		509		2,469
Albany Molecular Research, Inc.*		428		2,136
Bruker Corp.*		130		2,275
Caliper Life Sciences, Inc.*		370		2,383
Cambrex Corp.*		440		2,006
Complete Genomics, Inc.*		325		2,463
Dionex Corp.*		20		2,360
Enzo Biochem, Inc.*		450		2,232
eResearchTechnology, Inc.*		349		2,244
Furiex Pharmaceuticals, Inc.*		180		3,006
Kendle International, Inc.*		250		2,840
Luminex Corp.*		120		2,038
Pacific Biosciences of California, Inc.*		167		2,638
PAREXEL International Corp.*		120		2,785
Pure Bioscience*		880		1,769
Sequenom, Inc.*		349		2,391
Total Life Sciences Tools & Services				40,254
Machinery 2.7%
3D Systems Corp.*		80		2,283
Actuant Corp. — Class A		90		2,496
Alamo Group, Inc.		100		2,595
Albany International Corp. — Class A		110		2,480
Altra Holdings, Inc.*		140		2,927
American Railcar Industries, Inc.*		120		2,276
Ampco-Pittsburgh Corp.		200		4,982
Astec Industries, Inc.*		80		2,408
Badger Meter, Inc.		60		2,459
Barnes Group, Inc.		130		2,577
Blount International, Inc.*		160		2,402
Briggs & Stratton Corp.		130		2,596
Cascade Corp.		60		2,824
Chart Industries, Inc.*		80		2,906
CIRCOR International, Inc.		60		2,423
CLARCOR, Inc.		130		5,613
Colfax Corp.*		140		2,610
Columbus McKinnon Corp.*		130		2,193
Commercial Vehicle Group, Inc.*		150		2,421
Douglas Dynamics, Inc.		170		2,479
Dynamic Materials Corp.		310		6,122
Energy Recovery, Inc.*		669		2,288

10

RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
EnPro Industries, Inc.*		60	$	2,491
ESCO Technologies, Inc.		70		2,540
Federal Signal Corp.		400		2,784
Flow International Corp.*		660		2,475
Force Protection, Inc.*		479		2,654
FreightCar America, Inc.		90		2,567
Gorman-Rupp Co.(The)		70		2,225
Graham Corp.		140		3,248
Greenbrier Cos., Inc.*		120		2,840
John Bean Technologies Corp.		130		2,347
Kadant, Inc.*		110		2,328
Kaydon Corp.		150		5,806
LB Foster Co. — Class A*		150		5,962
Lindsay Corp.		40		2,603
Lydall, Inc.*		310		2,480
Met-Pro Corp.		220		2,387
Middleby Corp.*		30		2,454
Miller Industries, Inc.		160		2,442
Mueller Industries, Inc.		180		5,886
Mueller Water Products, Inc. — Class A		1,470		5,880
NACCO Industries, Inc. — Class A		20		2,005
Nordson Corp.		30		2,769
PMFG, Inc.*		169		2,768
RBC Bearings, Inc.*		160		5,563
Robbins & Myers, Inc.		70		2,907
Sauer-Danfoss, Inc.*		80		2,292
Sun Hydraulics Corp.		70		2,610
Tecumseh Products Co. — Class A*		190		2,295
Tennant Co.		70		2,824
Titan International, Inc.		140		2,660
Trimas Corp.*		110		2,094
Twin Disc, Inc.		100		3,257
Wabash National Corp.*		210		2,386
Watts Water Technologies, Inc. — Class A		70		2,518
Xerium Technologies, Inc.*		180		3,555
Total Machinery				171,262
Marine 0.2%
Baltic Trading Ltd.		230		1,907
Eagle Bulk Shipping, Inc.*		499		2,041
Excel Maritime Carriers Ltd.*		439		1,989
Genco Shipping & Trading Ltd.*		170		1,965
Horizon Lines, Inc. — Class A		609		3,014
International Shipholding Corp.		100		2,506
Ultrapetrol Bahamas Ltd.*		330		1,732
Total Marine				15,154
Media 1.5%
AH Belo Corp. — ClassA*		260		2,109
Arbitron, Inc.		60		2,501
Ascent Media Corp. — Series A*		60		2,282
Ballantyne Strong, Inc.*		339		2,549
Belo Corp. — Class A*		330		2,224
Carmike Cinemas, Inc.*		259		1,694
Cinemark Holdings, Inc.		120		2,034
CKX, Inc.*		548		1,743
Crown Media Holdings, Inc. — Class A*		830		1,992
Cumulus Media, Inc. — Class A*		620		2,368
Dex One Corp.*		288		1,584
E.W. Scripps Co.(The)*		220		1,998
Entercom Communications Corp. — Class A*		230		2,254
Entravision Communications Corp. — Class A*		900		1,944
Fisher Communications, Inc.*		100		2,414
Global Sources Ltd.*		250		2,473
Gray Television, Inc.*		1,128		2,233
Harte-Hanks, Inc.		170		2,120
Journal Communications, Inc. — Class A*		460		2,208
Knology, Inc.*		140		2,048
Lee Enterprises, Inc.*		917		2,641
LIN TV Corp. — Class A*		440		2,121
Lions Gate Entertainment Corp.*		339		2,102
Live Nation Entertainment, Inc.*		190		1,976
LodgeNet Interactive Corp.*		570		1,961
Martha Stewart Living Omnimedia — Class A*		469		1,815
McClatchy Co.(The) — Class A*		500		2,550
Media General, Inc. — Class A*		387		1,943
Mediacom Communications Corp. — Class A*		260		2,279
National CineMedia, Inc.		110		1,940
Nexstar Broadcasting Group, Inc. — Class A*		370		1,817
Outdoor Channel Holdings, Inc.*		320		2,560
Playboy Enterprises, Inc. — Class B*		449		2,757
PRIMEDIA, Inc.		440		2,319
ReachLocal, Inc.*		130		2,834
Rentrak Corp.*		80		2,196
Scholastic Corp.		70		2,081
Sinclair Broadcast Group, Inc. — Class A		270		2,368
SuperMedia, Inc.*		259		1,841
Valassis Communications, Inc.*		60		1,820
Warner Music Group Corp.*		400		2,092
Westwood One, Inc.*		240		1,910
World Wrestling Entertainment, Inc. — Class A		150		1,808
Total Media				92,503
Metals & Mining 2.4%
Allied Nevada Gold Corp.*		220		5,817
AM Castle & Co.*		150		2,353
AMCOL International Corp.		190		5,685
Brush Engineered Materials, Inc.*		150		5,247
Capital Gold Corp.*		1,148		5,499
Century Aluminum Co.*		370		5,502
Coeur d’Alene Mines Corp.*		210		4,910
General Moly, Inc.*		1,080		5,497
Globe Specialty Metals, Inc.		330		6,059
Golden Star Resources Ltd.*		1,276		4,708
Haynes International, Inc.		140		6,821
Hecla Mining Co.*		530		4,770
Horsehead Holding Corp.*		470		5,974
Jaguar Mining, Inc.*		819		4,881
Kaiser Aluminum Corp.		120		5,725
Metals USA Holdings Corp.*		420		6,384
Molycorp, Inc.*		170		7,958
Noranda Aluminum Holding Corp.*		500		7,395
Olympic Steel, Inc.		230		6,295
RTI International Metals, Inc.*		209		6,038
Stillwater Mining Co.*		270		5,854
Thompson Creek Metals Co, Inc.*		430		5,822
Universal Stainless & Alloy*		180		5,760
US Energy Corp. Wyoming*		1,050		6,363
US Gold Corp.*		790		5,056
Worthington Industries, Inc.		330		6,270
Total Metals & Mining				148,643
Multi-Utilities 0.8%
Avista Corp.		590		13,364
Black Hills Corp.		429		13,303
CH Energy Group, Inc.		270		13,125
NorthWestern Corp.		459		12,962
Total Multi-Utilities				52,754

11

RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Multiline Retail 0.3%
99 Cents Only Stores*		139	$	2,071
Bon-Ton Stores, Inc.(The)*		170		1,885
Dillard’s, Inc. — Class A		60		2,383
Fred’s, Inc. — Class A		160		2,149
Gordmans Stores, Inc.*		130		1,941
Retail Ventures, Inc.*		140		2,111
Saks, Inc.*		190		2,227
Tuesday Morning Corp.*		410		2,030
Total Multiline Retail				16,797
Oil, Gas & Consumable Fuels 7.8%
Abraxas Petroleum Corp.*		1,710		8,191
Amyris, Inc.*		305		9,626
Apco Oil and Gas International, Inc.		140		8,715
Approach Resources, Inc.*		340		9,068
ATP Oil & Gas Corp.*		440		7,462
Berry Petroleum Co. — Class A		160		7,467
Bill Barrett Corp.*		180		7,376
BPZ Resources, Inc.*		1,679		9,654
Brigham Exploration Co.*		260		7,699
Callon Petroleum Co.*		1,150		10,016
CAMAC Energy, Inc.*		2,433		4,355
Carrizo Oil & Gas, Inc.*		240		8,124
Cheniere Energy, Inc.*		1,270		9,284
Clayton Williams Energy, Inc.*		90		7,978
Clean Energy Fuels Corp.*		489		5,804
Cloud Peak Energy, Inc.*		330		7,514
Contango Oil & Gas Co.*		120		6,960
Crosstex Energy, Inc.		770		6,514
CVR Energy, Inc.*		520		9,006
Delta Petroleum Corp.*		8,293		6,004
DHT Holdings, Inc.		579		2,947
Endeavour International Corp.*		620		7,738
Energy Partners Ltd.*		490		7,884
Energy XXI (Bermuda) Ltd.*		260		7,491
FX Energy, Inc.*		1,120		10,192
Gastar Exploration Ltd.*		1,638		6,896
General Maritime Corp.		765		2,341
Georesources, Inc.*		320		8,845
GMX Resources, Inc.*		1,290		6,734
Golar LNG Ltd.		460		8,027
Goodrich Petroleum Corp.*		400		8,488
Green Plains Renewable Energy, Inc.*		609		6,790
Gulfport Energy Corp.*		330		7,900
Harvest Natural Resources, Inc.*		570		6,338
Houston American Energy Corp.		400		6,252
International Coal Group, Inc.*		970		8,972
James River Coal Co.*		300		6,746
Knightsbridge Tankers Ltd.		120		2,882
Kodiak Oil & Gas Corp.*		1,110		7,049
L&L Energy, Inc.*		610		5,185
Magnum Hunter Resources Corp.*		1,150		8,096
McMoRan Exploration Co.*		449		7,027
Nordic American Tanker Shipping Ltd.		100		2,445
Northern Oil and Gas, Inc.*		280		7,720
Oasis Petroleum, Inc.*		270		8,632
Overseas Shipholding Group, Inc.		70		2,327
Panhandle Oil and Gas, Inc. — Class A		270		7,222
Patriot Coal Corp.*		410		10,730
Penn Virginia Corp.		390		6,778
Petroleum Development Corp.*		180		8,192
Petroquest Energy, Inc.*		890		6,978
Rentech, Inc.*		4,320		5,314
Resolute Energy Corp.*		490		8,869
Rex Energy Corp.*		529		6,367
Rosetta Resources, Inc.*		190		7,590
Scorpio Tankers, Inc.*		249		2,443
Ship Finance International Ltd.		120		2,401
Stone Energy Corp.*		310		7,208
Swift Energy Co.*		170		7,252
Syntroleum Corp.*		3,645		5,613
Teekay Tankers Ltd. — Class A		219		2,617
TransAtlantic Petroleum Ltd.*		2,030		5,826
Uranium Energy Corp.*		1,040		5,439
USEC, Inc.*		1,190		6,605
Vaalco Energy, Inc.*		960		6,989
Venoco, Inc.*		379		7,906
W&T Offshore, Inc.		400		8,140
Warren Resources, Inc.*		1,530		8,537
Western Refining, Inc.*		740		9,013
World Fuel Services Corp.		210		7,883
Total Oil, Gas & Consumable Fuels				490,673
Paper & Forest Products 0.9%
Buckeye Technologies, Inc.		280		7,045
Clearwater Paper Corp.*		70		5,535
Deltic Timber Corp.		100		5,999
KapStone Paper and Packaging Corp.*		390		6,642
Louisiana-Pacific Corp.*		620		6,225
Neenah Paper, Inc.		300		5,778
PH Glatfelter Co.		459		5,522
Schweitzer-Mauduit International, Inc.		100		5,996
Wausau Paper Corp.		708		6,067
Total Paper & Forest Products				54,809
Personal Products 0.6%
Elizabeth Arden, Inc.*		100		2,559
Inter Parfums, Inc.		110		1,962
Medifast, Inc.*		530		12,678
Nu Skin Enterprises, Inc. — Class A		70		2,106
Prestige Brands Holdings, Inc.*		200		2,208
Revlon, Inc. — Class A*		219		2,133
USANA Health Sciences, Inc.*		350		13,272
Total Personal Products				36,918
Pharmaceuticals 1.5%
Aegerion Pharmaceuticals, Inc.*		187		2,225
Akorn, Inc.*		440		2,200
Alexza Pharmaceuticals, Inc.*		2,256		3,204
Aoxing Pharmaceutical Co, Inc.*		788		1,694
Ardea Biosciences, Inc.*		100		2,652
Auxilium Pharmaceuticals, Inc.*		110		2,496
AVANIR Pharmaceuticals, Inc. — Class A*		610		2,470
BioMimetic Therapeutics, Inc.*		200		2,594
BMP Sunstone Corp.*		230		2,286
Cadence Pharmaceuticals, Inc.*		289		2,244
Caraco Pharmaceutical Laboratories, Ltd.*		459		2,171
Corcept Therapeutics, Inc.*		560		2,268
Cornerstone Therapeutics, Inc.*		388		2,258
Cumberland Pharmaceuticals, Inc.*		320		1,984
Depomed, Inc.*		410		3,436
Durect Corp.*		720		2,246
Eurand NV*		200		2,390
Hi-Tech Pharmacal Co., Inc.*		90		2,054
Impax Laboratories, Inc.*		120		2,786
Inspire Pharmaceuticals, Inc.*		320		1,264
Jazz Pharmaceuticals, Inc.*		130		2,907
Lannett Co., Inc.*		470		2,458
MAP Pharmaceuticals, Inc.*		160		2,460
Medicines Co.(The)*		160		2,509
Medicis Pharmaceutical Corp. — Class A		80		2,034
Nektar Therapeutics*		179		2,007

12

RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Neostem, Inc.*		1,571	$	2,247
Obagi Medical Products, Inc.*		200		2,124
Optimer Pharmaceuticals, Inc.*		210		2,310
Pain Therapeutics, Inc.*		350		2,167
Par Pharmaceutical Cos., Inc.*		60		2,143
Pozen, Inc.*		320		1,936
Questcor Pharmaceuticals, Inc.*		150		2,319
Salix Pharmaceuticals Ltd.*		50		2,049
Santarus, Inc.*		779		2,543
Somaxon Pharmaceuticals, Inc.*		796		2,404
Sucampo Pharmaceuticals, Inc. — Class A*		629		2,717
SuperGen, Inc.*		830		2,498
ViroPharma, Inc.*		140		2,296
Vivus, Inc.*		250		2,238
XenoPort, Inc.*		310		2,443
Total Pharmaceuticals				95,731
Professional Services 1.1%
Acacia Research — Acacia Technologies*		90		2,196
Administaff, Inc.		90		2,549
Advisory Board Co.(The)*		50		2,473
Barrett Business Services, Inc.		160		2,355
CBIZ, Inc.*		400		2,788
CDI Corp.		130		2,088
Corporate Executive Board Co.(The)		70		2,720
CoStar Group, Inc.*		50		2,814
CRA International, Inc.*		120		2,914
Dolan Co.(The)*		150		2,056
Exponent, Inc.*		70		2,570
Franklin Covey Co.*		240		1,879
GP Strategies Corp.*		240		2,374
Heidrick & Struggles International, Inc.		90		2,411
Hill International, Inc.*		430		2,795
Huron Consulting Group, Inc.*		100		2,561
ICF International, Inc.*		100		2,410
Kelly Services, Inc. — Class A*		130		2,558
Kforce, Inc.*		160		2,861
Korn/Ferry International*		110		2,574
Mistras Group, Inc.*		210		3,001
Navigant Consulting, Inc.*		269		2,741
On Assignment, Inc.*		300		2,370
Resources Connection, Inc.		140		2,806
School Specialty, Inc.*		180		2,349
SFN Group, Inc.*		260		2,517
TrueBlue, Inc.*		140		2,388
VSE Corp.		80		2,393
Total Professional Services				70,511
Real Estate Investment Trusts (REITs) 2.6%
Acadia Realty Trust		90		1,663
Agree Realty Corp.		60		1,395
American Campus Communities, Inc.		50		1,617
American Capital Agency Corp.		50		1,435
Anworth Mortgage Asset Corp.		220		1,511
Apollo Commercial Real Estate Finance, Inc.		100		1,643
Ashford Hospitality Trust, Inc.*		170		1,658
Associated Estates Realty Corp.		110		1,629
BioMed Realty Trust, Inc.		90		1,607
Campus Crest Communities, Inc.		128		1,690
CapLease, Inc.		270		1,490
Capstead Mortgage Corp.		130		1,652
CBL & Associates Properties, Inc.		90		1,535
Cedar Shopping Centers, Inc.		250		1,513
Chatham Lodging Trust		90		1,489
Chesapeake Lodging Trust		80		1,464
Cogdell Spencer, Inc.		259		1,567
Colonial Properties Trust		90		1,727
Colony Financial, Inc.		80		1,616
Coresite Realty Corp.		118		1,696
Cousins Properties, Inc.		200		1,704
CreXus Investment Corp.		120		1,609
Cypress Sharpridge Investments, Inc.		130		1,696
DCT Industrial Trust, Inc.		310		1,717
DiamondRock Hospitality Co.*		150		1,819
DuPont Fabros Technology, Inc.		70		1,604
Dynex Capital, Inc.		150		1,602
EastGroup Properties, Inc.		40		1,744
Education Realty Trust, Inc.		210		1,638
Entertainment Properties Trust		30		1,381
Equity Lifestyle Properties, Inc.		30		1,706
Equity One, Inc.		90		1,678
Excel Trust, Inc.		130		1,661
Extra Space Storage, Inc.		90		1,731
FelCor Lodging Trust, Inc.*		240		1,687
First Industrial Realty Trust, Inc.*		200		2,044
First Potomac Realty Trust		100		1,610
Franklin Street Properties Corp.		120		1,799
Getty Realty Corp.		50		1,452
Gladstone Commercial Corp.		90		1,655
Glimcher Realty Trust		200		1,762
Government Properties Income Trust		60		1,554
Hatteras Financial Corp.		50		1,429
Healthcare Realty Trust, Inc.		80		1,680
Hersha Hospitality Trust		250		1,648
Highwoods Properties, Inc.		50		1,639
Home Properties, Inc.		30		1,670
Hudson Pacific Properties, Inc.		110		1,615
Inland Real Estate Corp.		190		1,763
Invesco Mortgage Capital, Inc.		70		1,566
Investors Real Estate Trust		170		1,520
iStar Financial, Inc.*		220		1,745
Kilroy Realty Corp.		50		1,907
Kite Realty Group Trust		300		1,584
LaSalle Hotel Properties		60		1,666
Lexington Realty Trust		200		1,694
LTC Properties, Inc.		60		1,640
Medical Properties Trust, Inc.		160		1,757
MFA Financial, Inc.		190		1,552
Mid-America Apartment Communities, Inc.		30		1,912
Mission West Properties, Inc.		240		1,646
Monmouth Real Estate Investment Corp. — Class A		190		1,564
MPG Office Trust, Inc.*		659		2,425
National Health Investors, Inc.		40		1,829
National Retail Properties, Inc.		60		1,491
Newcastle Investment Corp.*		270		1,809
NorthStar Realty Finance Corp.		370		1,920
Omega Healthcare Investors, Inc.		80		1,782
One Liberty Properties, Inc.		90		1,456
Parkway Properties, Inc.		90		1,521
Pebblebrook Hotel Trust		80		1,645
Pennsylvania Real Estate Investment Trust		110		1,503
Pennymac Mortgage Investment Trust		90		1,668
Post Properties, Inc.		50		1,851
Potlatch Corp.		50		1,857
PS Business Parks, Inc.		30		1,746
RAIT Financial Trust		760		1,923
Ramco-Gershenson Properties Trust		140		1,800
Redwood Trust, Inc.		110		1,647
Resource Capital Corp.		220		1,569
Retail Opportunity Investments Corp.		160		1,567
Sabra Health Care REIT, Inc.		90		1,675

13

RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Saul Centers, Inc.		30	$	1,421
Sovran Self Storage, Inc.		40		1,538
Starwood Property Trust, Inc.		80		1,801
Strategic Hotels & Resorts, Inc.*		320		1,763
Sun Communities, Inc.		50		1,656
Sunstone Hotel Investors, Inc.*		150		1,532
Tanger Factory Outlet Centers		60		1,567
Terreno Realty Corp.*		90		1,605
Two Harbors Investment Corp.		160		1,608
U-Store-It Trust		180		1,739
UMH Properties, Inc.		169		1,763
Universal Health Realty Income Trust		40		1,454
Urstadt Biddle Properties, Inc. — Class A		80		1,553
Walter Investment Management Corp.		90		1,629
Washington Real Estate Investment Trust		50		1,534
Winthrop Realty Trust		120		1,476
Total Real Estate Investment Trusts (REITs)				161,970
Real Estate Management & Development 0.2%
Avatar Holdings, Inc.*		90		1,797
Consolidated-Tomoka Land Co.		60		1,731
Forestar Group, Inc.*		90		1,680
Kennedy-Wilson Holdings, Inc.*		160		1,688
Tejon Ranch Co.*		60		1,579
Thomas Properties Group, Inc.*		380		1,444
Total Real Estate Management & Development				9,919
Road & Rail 0.7%
Amerco, Inc.*		20		1,820
Arkansas Best Corp.		90		2,300
Avis Budget Group, Inc.*		150		2,076
Celadon Group, Inc.*		170		2,491
Dollar Thrifty Automotive Group, Inc.*		50		2,426
Genesee & Wyoming, Inc. — Class A*		50		2,587
Heartland Express, Inc.		160		2,564
Knight Transportation, Inc.		130		2,478
Marten Transport, Ltd.		120		2,557
Old Dominion Freight Line, Inc.*		80		2,574
PAM Transportation Services, Inc.*		209		2,412
Patriot Transportation Holding, Inc.*		90		2,544
Quality Distribution, Inc.*		290		2,665
RailAmerica, Inc.*		210		2,619
Roadrunner Transportation Systems, Inc.*		190		2,559
Saia, Inc.*		160		2,290
Universal Truckload Services, Inc.*		170		2,533
USA Truck, Inc.*		199		2,388
Werner Enterprises, Inc.		110		2,711
Total Road & Rail				46,594
Semiconductors & Semiconductor Equipment 2.8%
Advanced Analogic Technologies, Inc.*		580		2,308
Advanced Energy Industries, Inc.*		200		3,089
Alpha & Omega Semiconductor Ltd.*		170		2,404
Amkor Technology, Inc.*		310		2,523
Anadigics, Inc.*		300		2,049
Applied Micro Circuits Corp.*		220		2,165
ATMI, Inc.*		110		2,266
Axcelis Technologies, Inc.*		760		2,637
AXT, Inc.*		270		2,924
Brooks Automation, Inc.*		260		3,052
Cabot Microelectronics Corp.*		140		6,315
Cavium Networks, Inc.*		60		2,372
CEVA, Inc.*		110		2,659
Cirrus Logic, Inc.*		140		2,944
Cohu, Inc.		140		2,092
Conexant Systems, Inc.*		1,387		2,899
Cymer, Inc.*		50		2,430
Diodes, Inc.*		80		2,059
DSP Group, Inc.*		280		2,097
Entegris, Inc.*		320		2,448
Entropic Communications, Inc.*		200		2,194
Evergreen Solar, Inc.*		1,736		3,906
Exar Corp.*		330		2,119
FEI Co.*		90		2,453
Formfactor, Inc.*		240		2,052
FSI International, Inc.*		490		2,048
GSI Technology, Inc.*		290		2,668
Hittite Microwave Corp.*		40		2,391
Ikanos Communications, Inc.*		1,714		2,057
Inphi Corp.*		118		2,234
Integrated Device Technology, Inc.*		320		2,042
Integrated Silicon Solution, Inc.*		279		2,907
IXYS Corp.*		190		2,153
Kopin Corp.*		510		2,071
Kulicke & Soffa Industries, Inc.*		300		2,925
Lattice Semiconductor Corp.*		430		2,679
LTX-Credence Corp.*		300		2,660
Mattson Technology, Inc.*		720		1,649
MaxLinear, Inc. — Class A*		209		2,333
Micrel, Inc.		170		2,276
Microsemi Corp.*		100		2,249
Mindspeed Technologies, Inc.*		368		2,583
MIPS Technologies, Inc.*		150		1,863
MKS Instruments, Inc.*		100		2,871
Monolithic Power Systems, Inc.*		140		2,054
MoSys, Inc.*		469		2,720
Nanometrics, Inc.*		189		3,236
Netlogic Microsystems, Inc.*		70		2,440
NVE Corp.*		40		2,323
Omnivision Technologies, Inc.*		80		2,066
PDF Solutions, Inc.*		470		2,721
Pericom Semiconductor Corp.*		210		2,106
Photronics, Inc.*		360		2,372
PLX Technology, Inc.*		639		2,054
Power Integrations, Inc.		60		2,216
RF Micro Devices, Inc.*		290		1,949
Rubicon Technology, Inc.*		100		1,801
Rudolph Technologies, Inc.*		289		2,907
Semtech Corp.*		90		1,965
Sigma Designs, Inc.*		170		2,368
Silicon Image, Inc.*		310		2,127
Spansion, Inc. — Class A*		110		2,187
Standard Microsystems Corp.*		80		1,924
Supertex, Inc.*		100		2,291
Tessera Technologies, Inc.*		110		1,905
Trident Microsystems, Inc.*		1,258		1,875
TriQuint Semiconductor, Inc.*		190		2,500
Ultra Clean Holdings*		250		3,125
Ultratech, Inc.*		110		2,479
Veeco Instruments, Inc.*		50		2,163
Volterra Semiconductor Corp.*		100		2,485
Zoran Corp.*		280		2,657
Total Semiconductors & Semiconductor Equipment				176,131
Software 2.6%
ACI Worldwide, Inc.*		80		2,119
Actuate Corp.*		410		2,275
Advent Software, Inc.*		60		1,774
American Software, Inc. — Class A		350		2,317
Ariba, Inc.*		100		2,809
Aspen Technology, Inc.*		180		2,547
Blackbaud, Inc.		80		2,103
Blackboard, Inc.*		50		1,943

14

RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Bottomline Technologies, Inc.*		110	$	2,522
BroadSoft, Inc.*		90		2,494
CDC Corp. — Class A*		677		2,153
CommVault Systems, Inc.*		70		2,162
Concur Technologies, Inc.*		40		2,041
Convio, Inc.*		289		2,627
Deltek, Inc.*		309		2,197
DemandTec, Inc.*		210		2,530
Digimarc Corp.*		70		2,101
Ebix, Inc.*		100		2,255
Epicor Software Corp.*		220		2,279
EPIQ Systems, Inc.		170		2,185
ePlus, Inc.*		100		2,584
Fair Isaac Corp.		70		1,777
FalconStor Software, Inc.*		748		2,711
Fortinet, Inc.*		70		2,691
Guidance Software, Inc.*		350		2,439
Interactive Intelligence, Inc.*		80		2,618
JDA Software Group, Inc.*		80		2,414
Kenexa Corp.*		100		2,074
Lawson Software, Inc.*		250		2,350
Magma Design Automation, Inc.*		490		2,661
Manhattan Associates, Inc.*		70		2,066
Mentor Graphics Corp.*		190		2,420
MicroStrategy, Inc. — Class A*		30		3,191
Monotype Imaging Holdings, Inc.*		200		2,247
Motricity, Inc.*		110		2,118
Netscout Systems, Inc.*		100		2,292
NetSuite, Inc.*		90		2,424
Opnet Technologies, Inc.		90		2,573
Parametric Technology Corp.*		100		2,223
Pegasystems, Inc.		60		2,051
Progress Software Corp.*		75		2,148
PROS Holdings, Inc.*		200		1,996
QAD, Inc. — Class A*		220		1,888
QLIK Technologies, Inc.*		100		2,321
Quest Software, Inc.*		80		2,066
Radiant Systems, Inc.*		110		2,008
RealD, Inc.*		90		2,130
RealPage, Inc.*		80		2,191
Renaissance Learning, Inc.		170		1,804
Rosetta Stone, Inc.*		100		1,881
S1 Corp.*		240		1,546
Smith Micro Software, Inc.*		140		1,767
SolarWinds, Inc.*		120		2,268
Sonic Solutions, Inc.*		209		3,048
Sourcefire, Inc.*		90		2,215
SRS Labs, Inc.*		249		2,522
SS&C Technologies Holdings, Inc.*		120		2,168
SuccessFactors, Inc.*		80		2,330
Synchronoss Technologies, Inc.*		80		2,277
Take-Two Interactive Software, Inc.*		190		2,370
Taleo Corp. — Class A*		80		2,357
TeleCommunication Systems, Inc. — Class A*		510		2,086
TeleNav, Inc.*		310		3,255
THQ, Inc.*		400		2,324
TIBCO Software, Inc.*		110		2,418
TiVo, Inc.*		269		2,601
Tyler Technologies, Inc.*		110		2,282
Ultimate Software Group, Inc.*		50		2,430
VASCO Data Security International, Inc.*		270		2,044
VirnetX Holding Corp.		169		2,129
Wave Systems Corp. — Class A*		700		2,674
Websense, Inc.*		110		2,108
Total Software				165,009
Specialty Retail 2.3%
America’s Car-Mart, Inc.*		80		1,995
AnnTaylor Stores Corp.*		80		1,770
Asbury Automotive Group, Inc.*		130		2,393
Ascena Retail Group, Inc.*		90		2,440
Barnes & Noble, Inc.		150		2,362
Bebe Stores, Inc.		359		2,016
Big 5 Sporting Goods Corp.		150		1,902
Body Central Corp.*		148		2,523
Books-A-Million, Inc.		379		2,156
Borders Group, Inc.*		1,837		1,341
Brown Shoe Co., Inc.		160		2,027
Buckle, Inc.(The)		60		2,145
Build-A-Bear Workshop, Inc.*		300		2,298
Cabela’s, Inc.*		100		2,490
Casual Male Retail Group, Inc.*		450		1,890
Cato Corp.(The) — Class A		80		1,955
Charming Shoppes, Inc.*		609		1,894
Children’s Place Retail Stores, Inc.(The)*		40		1,676
Christopher & Banks Corp.		417		2,381
Citi Trends, Inc.*		90		2,061
Coldwater Creek, Inc.*		803		2,337
Collective Brands, Inc.*		110		2,240
Conn’s, Inc.*		558		2,466
Destination Maternity Corp.*		60		2,432
DSW, Inc. — Class A*		60		1,997
Express, Inc.		140		2,436
Finish Line, Inc.(The) — Class A		120		1,847
Genesco, Inc.*		60		2,228
Group 1 Automotive, Inc.		50		1,892
Haverty Furniture Cos., Inc.		170		2,047
hhgregg, Inc.*		100		1,833
Hibbett Sports, Inc.*		60		1,921
HOT Topic, Inc.		369		2,004
Jo-Ann Stores, Inc.*		50		3,016
JOS A Bank Clothiers, Inc.*		60		2,564
Kirkland’s, Inc.*		170		2,252
Lithia Motors, Inc. — Class A		170		2,295
Lumber Liquidators Holdings, Inc.*		100		2,794
MarineMax, Inc.*		260		2,350
Men’s Wearhouse, Inc.(The)		90		2,359
Midas, Inc.*		240		1,706
Monro Muffler, Inc.		60		1,985
New York & Co., Inc.*		540		3,019
OfficeMax, Inc.*		130		2,089
Pacific Sunwear of California, Inc.*		390		1,661
Penske Automotive Group, Inc.*		130		2,197
PEP Boys-Manny Moe & Jack		160		2,230
Pier 1 Imports, Inc.*		210		1,968
Rent-A-Center, Inc.		70		2,082
Rex American Resources Corp.*		430		6,476
Rue21, Inc.*		70		2,065
Sally Beauty Holdings, Inc.*		160		2,106
Select Comfort Corp.*		250		2,540
Shoe Carnival, Inc.*		80		1,980
Sonic Automotive, Inc. — Class A		170		2,116
Stage Stores, Inc.		140		2,170
Stein Mart, Inc.		240		1,880
Systemax, Inc.*		170		2,322
Talbots, Inc.*		258		1,409
Ulta Salon Cosmetics & Fragrance, Inc.*		70		2,593
Vitamin Shoppe, Inc.*		70		2,221
West Marine, Inc.*		220		2,814

15

RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Wet Seal, Inc.(The) — Class A*		590	$	2,018
Winmark Corp.		70		2,368
Zumiez, Inc.*		80		1,858
Total Specialty Retail				144,898
Textiles, Apparel & Luxury Goods 1.3%
American Apparel, Inc.*		1,380		1,421
Carter’s, Inc.*		70		1,939
Cherokee, Inc.		120		1,924
Columbia Sportswear Co.		40		2,439
CROCS, Inc.*		130		2,131
Culp, Inc.*		540		5,395
Deckers Outdoor Corp.*		30		2,202
Delta Apparel, Inc.*		169		2,175
G-III Apparel Group, Ltd.*		60		2,093
Iconix Brand Group, Inc.*		110		2,184
Joe’s Jeans, Inc.*		1,363		2,085
Jones Group, Inc.(The)		139		1,764
K-Swiss, Inc. — Class A*		180		2,070
Kenneth Cole Productions, Inc. — Class A*		179		2,442
Lacrosse Footwear, Inc.		140		2,160
Liz Claiborne, Inc.*		310		1,531
Maidenform Brands, Inc.*		90		2,317
Movado Group, Inc.*		140		2,017
Oxford Industries, Inc.		90		2,130
Perry Ellis International, Inc.*		90		2,533
Quiksilver, Inc.*		420		1,877
RG Barry Corp.		190		2,010
Skechers U.S.A., Inc. — Class A*		100		2,057
Steven Madden, Ltd.*		50		1,909
Timberland Co.(The) — Class A*		90		2,406
True Religion Apparel, Inc.*		100		2,055
Under Armour, Inc. — Class A*		40		2,394
Unifi, Inc.*		360		5,987
UniFirst Corp.		50		2,788
Vera Bradley, Inc.*		59		2,029
Volcom, Inc.		120		1,992
Warnaco Group, Inc.(The)*		40		2,043
Weyco Group, Inc.		90		2,082
Wolverine World Wide, Inc.		70		2,230
Total Textiles, Apparel & Luxury Goods				78,811
Thrifts & Mortgage Finance 1.1%
Abington Bancorp, Inc.		130		1,615
Astoria Financial Corp.		120		1,709
Bank Mutual Corp.		309		1,369
BankFinancial Corp.		170		1,550
Beneficial Mutual Bancorp, Inc.*		189		1,669
Berkshire Hills Bancorp, Inc.		80		1,699
BofI Holding, Inc.*		110		1,662
Brookline Bancorp, Inc.		150		1,625
Clifton Savings Bancorp, Inc.		160		1,829
Dime Community Bancshares, Inc.		110		1,659
Doral Financial Corp.*		1,155		1,432
ESB Financial Corp.		100		1,376
ESSA Bancorp, Inc.		120		1,516
Federal Agricultural Mortgage Corp. — Class C		100		1,544
First Financial Holdings, Inc.		130		1,347
Flagstar Bancorp, Inc.*		1,085		1,714
Flushing Financial Corp.		110		1,568
Fox Chase Bancorp, Inc.*		150		1,843
Home Federal Bancorp, Inc.		120		1,286
Kaiser Federal Financial Group, Inc.		160		1,910
Kearny Financial Corp.		190		1,771
Meridian Interstate Bancorp, Inc.*		150		1,830
MGIC Investment Corp.*		170		1,426
NASB Financial, Inc.		100		1,501
NewAlliance Bancshares, Inc.		110		1,645
Northwest Bancshares, Inc.		140		1,640
OceanFirst Financial Corp.		120		1,662
Ocwen Financial Corp.*		170		1,717
Oritani Financial Corp.		130		1,559
PMI Group, Inc.(The)*		469		1,365
Provident Financial Services, Inc.		110		1,612
Provident New York Bancorp		160		1,493
Radian Group, Inc.		200		1,436
Rockville Financial, Inc.		150		2,223
Roma Financial Corp.		169		1,720
Territorial Bancorp, Inc.		80		1,543
TrustCo Bank Corp. NY		260		1,556
United Financial Bancorp, Inc.		110		1,686
ViewPoint Financial Group		140		1,774
Waterstone Financial, Inc.*		439		1,185
Westfield Financial, Inc.		180		1,526
WSFS Financial Corp.		30		1,347
Total Thrifts & Mortgage Finance				67,139
Tobacco 0.7%
Alliance One International, Inc.*		3,686		14,117
Universal Corp.		380		14,398
Vector Group Ltd.		849		13,593
Total Tobacco				42,108
Trading Companies & Distributors 1.0%
Aceto Corp.		720		6,199
Aircastle Ltd.		250		2,655
Applied Industrial Technologies, Inc.		80		2,533
Beacon Roofing Supply, Inc.*		320		5,811
DXP Enterprises, Inc.*		110		2,396
H&E Equipment Services, Inc.*		220		2,556
Houston Wire & Cable Co.		210		2,741
Interline Brands, Inc.*		260		5,520
Kaman Corp.		90		2,649
Lawson Products, Inc.		227		5,305
RSC Holdings, Inc.*		260		3,110
Rush Enterprises, Inc. — Class A*		130		2,479
SeaCube Container Leasing Ltd.		187		2,502
TAL International Group, Inc.		80		2,498
Textainer Group Holdings Ltd.		90		2,790
Titan Machinery, Inc.*		130		3,150
United Rentals, Inc.*		110		2,931
Watsco, Inc.		90		5,645
Total Trading Companies & Distributors				63,470
Transportation Infrastructure 0.1%
CAI International, Inc.*		150		2,856
Total Transportation Infrastructure				2,856
Water Utilities 1.2%
American States Water Co.		379		12,886
California Water Service Group		349		12,738
Connecticut Water Service, Inc.		490		11,990
Middlesex Water Co.		710		12,624
SJW Corp.		490		11,976
York Water Co.(The)		740		12,484
Total Water Utilities				74,698
Wireless Telecommunication Services 0.8%
FiberTower Corp.*		3,105		11,489
NTELOS Holdings Corp.		700		14,112
Shenandoah Telecom Co.		679		11,360

16

RYDEX RUSSELL 2000® EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)	January 31, 2011

			Market
	Shares		Value
USA Mobility, Inc.		730	$	12,468
Total Wireless Telecommunication Services				49,429
Total Common Stocks (Cost $6,044,159)				6,220,279

	Face
	Amount
CORPORATE BONDS 0.0%(a)
Diversified Financial Services 0.0%(a)
GAMCO Investors, Inc. 0.00%, 2015(b)		116	71
Total Diversified Financial Services			71
Total Corporate Bonds (Cost $231)			71

	Shares
SHORT TERM INVESTMENTS 0.6%
SSgA Government Money Market Fund		40,396		40,396
Total Short Term Investments (Cost $40,396)				40,396
Total Investments 99.9%(c) (Cost $6,084,786)				6,260,746
Other Assets in Excess of Liabilities — 0.1%				4,839
Net Assets — 100.0%			$	6,265,585

*	Non-Income Producing Security.
(a)	Amount represents less than 0.05% of net assets.
(b)	Values determined based on Level 2 inputs. (Note G)
(c)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. (Note G)

17

RYDEX MSCI EAFE EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited)	January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 99.5%
Aerospace & Defense 0.9%
BAE Systems PLC		3,425	$	18,762
Cobham PLC		5,880		19,778
European Aeronautic Defence and Space Co. NV*		784		22,626
Finmeccanica SpA		1,553		21,004
Rolls-Royce Group PLC*		1,856		18,967
Safran SA		560		20,269
Singapore Technologies Engineering Ltd.		8,000		20,250
Thales SA		504		18,757
Total Aerospace & Defense				160,413
Air Freight & Logistics 0.5%
Deutsche Post AG		1,097		20,138
TNT NV		736		19,944
Toll Holdings Ltd.		2,961		17,359
Yamato Holdings Co., Ltd.		1,600		24,333
Total Air Freight & Logistics				81,774
Airlines 0.7%
Air France-KLM*		1,004		18,376
Airlines*		824		17,335
All Nippon Airways Co., Ltd.*		4,000		14,696
Cathay Pacific Airways Ltd.		8,000		20,155
International Consolidated Airlines Group SA*		4,482		18,434
Qantas Airways Ltd.*		6,981		16,704
Ryanair Holdings PLC ADR		576		17,603
Total Airlines				123,303
Auto Components 1.4%
Aisin Seiki Co., Ltd.		400		15,208
Bridgestone Corp.		800		15,389
Cie Generale des Etablissements Michelin		260		18,953
Continental AG*		228		17,974
Denso Corp.		400		14,744
NOK Corp.		800		16,131
Nokian Renkaat OYJ		544		19,675
Pirelli & C SpA		2,312		17,687
Stanley Electric Co., Ltd.		1,200		22,526
Sumitomo Rubber Industries Ltd.		1,600		16,912
Toyoda Gosei Co., Ltd.		800		18,709
Toyota Boshoku Corp.		1,200		21,296
Toyota Industries Corp.		800		25,407
Total Auto Components				240,611
Automobiles 1.9%
Bayerische Motoren Werke AG		232		17,838
Daimler AG*		272		19,921
Fiat SpA		1,060		10,304
Fuji Heavy Industries Ltd.		4,000		34,322
Honda Motor Co., Ltd.		400		16,966
Isuzu Motors Ltd.		4,000		18,845
Mazda Motor Corp.		8,000		23,630
Mitsubishi Motors Corp.*		12,000		16,697
Nissan Motor Co., Ltd.		2,000		20,261
Peugeot SA*		472		19,811
Porsche Automobil Holding SE		232		21,578
Renault SA*		336		22,012
Suzuki Motor Corp.		800		19,392
Toyota Motor Corp.		400		16,600
Volkswagen AG		108		17,472
Yamaha Motor Co., Ltd.*		1,200		22,204
Total Automobiles				317,853
Beverages 1.3%
Anheuser-Busch InBev NV		320		17,731
Asahi Breweries Ltd.		800		15,057
Carlsberg A/S		184		18,358
Coca-Cola Amatil Ltd.		1,648		18,468
Coca-Cola West Co., Ltd.		1,200		21,897
Diageo PLC		988		19,022
Foster’s Group Ltd.		3,252		18,319
Heineken Holding NV		436		19,379
Heineken NV		380		19,154
Pernod-Ricard SA		216		20,620
SABMiller PLC		556		17,998
Sapporo Holdings Ltd.		4,000		17,771
Total Beverages				223,774
Biotechnology 0.4%
Actelion Ltd.*		332		18,037
CSL Ltd.		524		19,440
Grifols SA		1,520		23,194
Total Biotechnology				60,671
Building Products 0.8%
Assa Abloy AB		656		17,904
Cie de St-Gobain		392		22,744
Daikin Industries Ltd.		400		13,846
Geberit AG		84		17,808
JS Group Corp.		800		17,517
Nippon Sheet Glass Co., Ltd.		8,000		20,798
TOTO Ltd.		4,000		28,610
Total Building Products				139,227
Capital Markets 2.1%
3i Group PLC		3,788		18,809
Credit Suisse Group AG		476		21,382
Daiwa Securities Group, Inc.		4,000		19,773
Deutsche Bank AG		372		22,017
GAM Holding AG*		1,192		21,439
ICAP PLC		2,381		20,461
Investec PLC		2,276		17,451
Julius Baer Group Ltd.		460		20,913
Macquarie Group Ltd.		517		20,938
Man Group PLC		4,268		20,112
Matsui Securities Co., Ltd.		2,800		18,626
Mediobanca SpA		2,133		21,582
Mizuho Securities Co., Ltd.		8,000		21,091
Nomura Holdings, Inc.		3,200		19,490
Ratos AB		528		19,863
SBI Holdings Inc.		128		17,107
Schroders PLC		708		20,447
UBS AG*		1,168		21,044
Total Capital Markets				362,545
Chemicals 5.1%
Air Liquide SA		152		19,012
Akzo Nobel NV		324		20,294
Asahi Kasei Corp.		4,000		27,340
BASF SE		236		18,177
Daicel Chemical Industries Ltd.		4,000		29,147
Denki Kagaku Kogyo K.K		4,000		19,529
Givaudan SA		20		19,901
Hitachi Chemical Co. Ltd.		800		18,181
Incitec Pivot Ltd.		4,909		21,045
Israel Chemicals Ltd.		1,220		19,113
Israel Corp. Ltd.(The)*		16		18,298
Johnson Matthey PLC		633		19,518
JSR Corp.		1,200		24,782
K+S AG		264		19,541

RYDEX MSCI EAFE EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Koninklijke DSM NV		360	$	21,344
Kuraray Co., Ltd.		1,200		16,873
Lanxess AG		248		18,051
Linde AG		128		18,681
Makhteshim-Agan Industries Ltd.*		4,272		20,669
Mitsubishi Chemical Holdings Corp.		4,000		27,926
Mitsubishi Gas Chemical Co, Inc.		4,000		27,926
Mitsui Chemicals, Inc.		4,000		14,354
Nissan Chemical Industries Ltd.		1,600		19,802
Nitto Denko Corp.		400		19,968
Novozymes A/S		136		18,846
Orica Ltd.		736		18,602
Shin-Etsu Chemical Co., Ltd.		400		22,556
Showa Denko KK		8,000		17,674
Sika AG		8		17,632
Solvay SA		180		18,854
Sumitomo Chemical Co., Ltd.		4,000		20,701
Syngenta AG		60		19,418
Taiyo Nippon Sanso Corp.		4,000		34,078
Teijin Ltd.		4,000		19,285
Tokuyama Corp.		4,000		20,994
Toray Industries, Inc.		4,000		26,559
Tosoh Corp.		8,000		25,973
Ube Industries Ltd.		8,000		24,118
Umicore SA		372		19,100
Wacker Chemie AG		104		18,821
Yara International ASA		372		20,938
Total Chemicals				863,621
Commercial Banks 7.6%
Australia & New Zealand Banking Group Ltd.		812		19,162
Banca Monte dei Paschi di Siena SpA*		16,410		20,912
Banco Bilbao Vizcaya Argentaria SA		1,913		23,518
Banco Comercial Portugues SA		23,008		18,516
Banco de Sabadell SA		4,524		21,671
Banco Espirito Santo SA		4,848		19,674
Banco Popolare SC		4,252		15,142
Banco Popular Espanol SA		3,440		20,714
Banco Santander SA		1,852		22,725
Bank Hapoalim BM*		3,765		17,051
Bank Leumi Le-Israel BM		3,741		16,862
Bank of East Asia Ltd.		4,000		17,343
Bank of Kyoto Ltd.(The)		4,000		37,007
Bank of Yokohama Ltd.(The)		4,000		20,066
Bankinter SA		3,476		23,752
Barclays PLC		4,414		20,769
Bendigo and Adelaide Bank Ltd.		1,860		18,136
BNP Paribas		296		22,158
BOC Hong Kong Holdings Ltd.		6,000		19,357
Chiba Bank Ltd.(The)		4,000		24,948
Chuo Mitsui Trust Holdings, Inc.		4,000		16,111
Commerzbank AG*		2,412		18,403
Commonwealth Bank of Australia		380		19,875
Credit Agricole SA		1,434		21,213
Danske Bank A/S*		708		19,010
Dexia SA*		4,793		20,022
DnB NOR ASA		1,437		19,779
Erste Group Bank AG		448		22,480
Fukuoka Financial Group, Inc.		4,000		17,185
Governor & Co. of the Bank of Ireland.(The) ADR		10,241		21,199
Hang Seng Bank Ltd.		1,200		19,795
HSBC Holdings PLC		1,744		19,012
Intesa Sanpaolo SpA		6,749		22,485
Israel Discount Bank Ltd. — Class A*		8,094		16,082
Joyo Bank Ltd.(The)		4,000		17,674
KBC Groep NV*		504		20,215
Lloyds Banking Group PLC*		18,722		18,946
Mitsubishi UFJ Financial Group, Inc.		4,000		20,798
Mizrahi Tefahot Bank Ltd.		1,740		16,528
Mizuho Financial Group, Inc.		11,200		21,599
Mizuho Trust & Banking Co. Ltd.*		20,000		19,529
National Australia Bank Ltd.		784		19,275
National Bank of Greece SA ADR		10,485		20,026
Natixis*		3,985		21,182
Nordea Bank AB		1,768		21,529
Oversea-Chinese Banking Corp. Ltd.		4,000		30,844
Raiffeisen Bank International AG		356		20,963
Resona Holdings, Inc.		2,800		14,456
Royal Bank of Scotland Group PLC*		30,085		20,085
Shinsei Bank Ltd.*		20,000		22,946
Shizuoka Bank Ltd.(The)		4,000		36,714
Skandinaviska Enskilda Banken AB-Class A		2,428		22,108
Societe Generale		380		24,606
Standard Chartered PLC		652		17,012
Sumitomo Mitsui Financial Group, Inc.		400		13,631
Sumitomo Trust & Banking Co., Ltd.(The)		4,000		24,167
Suruga Bank Ltd.		4,000		37,447
Svenska Handelsbanken AB		592		20,227
Swedbank AB*		1,392		21,908
UniCredit SpA		9,073		22,502
Unione di Banche Italiane SCPA		2,120		21,988
Westpac Banking Corp.		860		19,712
Total Commercial Banks				1,300,751
Commercial Services & Supplies 1.2%
Aggreko PLC		772		17,744
Babcock International Group PLC		2,172		20,074
Brambles Ltd.		2,698		19,313
Edenred*		788		18,868
G4S PLC		4,756		20,462
Secom Co., Ltd.		400		18,894
Securitas AB		1,660		20,059
Serco Group PLC		2,084		18,393
Societe BIC SA		216		18,574
Toppan Printing Co., Ltd.		4,000		36,421
Total Commercial Services & Supplies				208,802
Communications Equipment 0.4%
Alcatel-Lucent*		6,468		21,637
Nokia OYJ		1,901		20,381
Telefonaktiebolaget LM Ericsson		1,708		21,117
Total Communications Equipment				63,135
Computers & Peripherals 0.5%
Fujitsu Ltd.		4,000		24,948
Logitech International SA*		916		17,245
Seiko Epson Corp.		1,200		19,948
Toshiba Corp.		4,000		23,679
Total Computers & Peripherals				85,820
Construction & Engineering 1.9%
ACS Actividades de Construccion y Servicios SA		400		20,675
Balfour Beatty PLC		4,128		22,183
Bouygues SA		440		20,516
Chiyoda Corp.		4,000		35,592
Ferrovial SA		1,852		21,986
Fomento de Construcciones y Contratas SA		772		22,523
Hochtief AG		236		20,918
Kajima Corp.		8,000		21,091
Koninklijke Boskalis Westminster NV		408		19,656
Leighton Holdings Ltd.		584		18,370

2

RYDEX MSCI EAFE EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Obayashi Corp.		4,000	$	19,138
Shimizu Corp.		4,000		17,039
Skanska AB		988		20,067
Taisei Corp.		8,000		19,138
Vinci SA		364		21,102
Total Construction & Engineering				319,994
Construction Materials 0.9%
Boral Ltd.		4,081		19,612
CRH PLC ADR		1,004		21,897
Fletcher Building Ltd.		2,976		17,781
HeidelbergCement AG		324		21,202
Holcim Ltd.		272		19,134
Imerys SA		304		20,047
James Hardie Industries SE*		3,393		21,109
Lafarge SA		320		18,986
Total Construction Materials				159,768
Consumer Finance 0.3%
Aeon Credit Service Co., Ltd.		1,600		22,478
Credit Saison Co., Ltd.		1,200		20,578
Total Consumer Finance				43,056
Containers & Packaging 0.4%
Amcor Ltd.		2,848		19,535
Rexam PLC		3,749		20,507
Toyo Seikan Kaisha Ltd.		1,200		22,512
Total Containers & Packaging				62,554
Diversified Consumer Services 0.1%
Benesse Holdings, Inc.		400		17,967
Total Diversified Consumer Services				17,967
Diversified Financial Services 1.7%
ASX Ltd.		488		18,177
Criteria Caixacorp SA		3,576		24,714
Deutsche Boerse AG		289		21,935
Exor SpA		664		20,501
Groupe Bruxelles Lambert SA		224		20,189
Hong Kong Exchanges and Clearing Ltd.		800		18,348
Industrivarden AB		1,196		19,976
ING Groep NV*		1,992		22,733
Investor AB		908		21,054
Kinnevik Investment AB		892		19,920
London Stock Exchange Group PLC		1,492		20,218
Mitsubishi UFJ Lease & Finance Co., Ltd.		480		19,480
ORIX Corp.		200		19,773
Singapore Exchange Ltd.		4,000		26,438
Total Diversified Financial Services				293,456
Diversified Telecommunication Services 2.6%
Belgacom SA		517		18,603
Bezeq The Israeli Telecommunication Corp. Ltd.		6,594		17,584
BT Group PLC		6,653		18,702
Cable & Wireless Worldwide PLC		18,342		20,786
Deutsche Telekom AG		1,372		18,317
Elisa OYJ		888		19,577
France Telecom SA		865		18,921
Iliad SA		173		18,394
Inmarsat PLC		1,744		19,009
Koninklijke KPN NV		1,232		19,450
Nippon Telegraph & Telephone Corp.		400		18,601
PCCW Ltd.		48,000		22,658
Portugal Telecom SGPS SA		1,384		16,053
Singapore Telecommunications Ltd.		8,000		19,375
Swisscom AG		44		19,503
Tele2 AB		880		19,502
Telecom Corp. of New Zealand Ltd.		10,959		19,313
Telecom Italia SpA		14,257		20,289
Telefonica SA		828		20,825
Telekom Austria AG		1,264		17,433
Telenor ASA		1,224		18,881
TeliaSonera AB		2,284		18,861
Telstra Corp. Ltd.		6,537		18,249
Total Diversified Telecommunication Services				438,886
Electric Utilities 2.6%
Acciona SA		272		23,564
Cheung Kong Infrastructure Holdings Ltd.		4,000		19,010
Chubu Electric Power Co, Inc.		800		20,037
Chugoku Electric Power Co., Inc.(The)		800		16,599
CLP Holdings Ltd.		2,000		16,227
E.ON AG		612		20,431
EDF SA		420		18,541
EDP — Energias de Portugal SA		5,489		21,116
Enel SpA		3,737		21,147
Fortum OYJ		664		20,483
Hokkaido Electric Power Co, Inc.		800		16,658
Hokuriku Electric Power Co.		800		19,529
Hongkong Electric Holdings Ltd.		2,000		12,674
Iberdrola SA		2,556		21,937
Kansai Electric Power Co., Inc.(The)		800		19,822
Kyushu Electric Power Co., Inc.		800		18,025
Red Electrica Corp. SA		402		20,541
Scottish & Southern Energy PLC		1,008		18,713
Shikoku Electric Power Co, Inc.		800		23,679
Terna Rete Elettrica Nazionale SpA		4,284		18,736
Tohoku Electric Power Co, Inc.		800		17,820
Tokyo Electric Power Co., Inc.(The)		800		19,480
Verbund AG		556		22,255
Total Electric Utilities				447,024
Electrical Equipment 1.6%
ABB Ltd.*		900		21,349
Alstom SA		424		23,697
Bekaert SA		184		18,461
Fuji Electric Holdings Co., Ltd.		8,000		25,778
Furukawa Electric Co., Ltd.		4,000		17,820
GS Yuasa Corp.		4,000		27,975
Legrand SA		460		18,551
Mabuchi Motor Co., Ltd.		400		19,700
Prysmian SpA		1,104		22,310
Schneider Electric SA		124		19,364
Sumitomo Electric Industries Ltd.		1,200		17,459
Ushio, Inc.		1,200		24,357
Vestas Wind Systems A/S*		620		21,402
Total Electrical Equipment				278,223
Electronic Equipment, Instruments & Components 2.0%
Citizen Holdings Co., Ltd.		2,800		18,147
Foxconn International Holdings Ltd.*		24,000		16,994
FUJIFILM Holdings Corp.		400		14,476
Hamamatsu Photonics KK		400		14,647
Hitachi High-Technologies Corp.		800		19,802
Hitachi Ltd.		4,000		21,872
Hoya Corp.		800		18,884
Ibiden Co., Ltd.		800		27,087
Mitsumi Electric Co., Ltd.		1,200		19,861
Murata Manufacturing Co., Ltd.		400		30,367
Omron Corp.		800		20,613
Shimadzu Corp.		4,000		31,686
TDK Corp.		400		26,315
Yaskawa Electric Corp.		4,000		43,305

3

RYDEX MSCI EAFE EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Yokogawa Electric Corp.		2,800	$	22,522
Total Electronic Equipment, Instruments & Components				346,578
Energy Equipment & Services 1.5%
Aker Solutions ASA		1,192		21,669
AMEC PLC		1,048		20,144
Cie Generale de Geophysique — Veritas*		756		22,968
Fugro NV		260		20,981
Petrofac Ltd.		812		20,368
Saipem SpA		420		21,040
SBM Offshore NV		880		21,005
Seadrill Ltd.		576		18,948
Technip SA		228		22,184
Tenaris SA		836		19,599
Transocean Ltd.*		256		20,270
WorleyParsons Ltd.		732		20,179
Total Energy Equipment & Services				249,355
Food & Staples Retailing 2.2%
Aeon Co., Ltd.		1,600		20,154
Carrefour SA		388		19,036
Casino Guichard Perrachon SA		200		19,570
Colruyt SA		352		18,042
Delhaize Group SA		260		20,546
FamilyMart Co., Ltd.		400		14,891
J Sainsbury PLC		3,177		19,413
Jeronimo Martins SGPS SA		1,240		18,768
Kesko OYJ		384		18,510
Koninklijke Ahold NV		1,452		19,688
Lawson, Inc.		400		19,993
Metcash Ltd.		4,404		18,441
Metro AG		244		17,204
Olam International Ltd.		8,000		19,000
Seven & I Holdings Co., Ltd.		800		20,740
Tesco PLC		2,729		17,603
UNY Co., Ltd.		2,000		19,382
Wesfarmers Ltd.		584		19,814
WM Morrison Supermarkets PLC		4,160		17,758
Woolworths Ltd.		684		18,208
Total Food & Staples Retailing				376,761
Food Products 1.7%
Aryzta AG		412		18,218
Associated British Foods PLC		1,068		18,167
Danone		300		18,093
Golden Agri-Resources Ltd.		32,000		17,625
Goodman Fielder Ltd.		13,355		16,777
MEIJI Holdings Co., Ltd.		400		18,137
Nestle SA		320		17,385
Nisshin Seifun Group, Inc.		2,000		25,192
Nissin Foods Holdings Co., Ltd.		400		14,222
Parmalat SpA		7,062		22,414
Suedzucker AG		820		21,905
Unilever NV		624		18,483
Unilever PLC		637		18,529
Wilmar International Ltd.		4,000		16,438
Yakult Honsha Co., Ltd.		800		22,615
Total Food Products				284,200
Gas Utilities 0.8%
Enagas		952		20,107
Gas Natural SDG SA		1,300		21,512
Hong Kong & China Gas Co., Ltd.		8,000		18,102
Osaka Gas Co., Ltd.		4,000		15,135
Snam Rete Gas SpA		3,696		19,420
Toho Gas Co., Ltd.		4,000		20,554
Tokyo Gas Co., Ltd.		4,000		17,430
Total Gas Utilities				132,260
Health Care Equipment & Supplies 1.6%
BioMerieux		196		21,422
Cie Generale d’Optique Essilor International SA		284		19,011
Cochlear Ltd.		236		18,141
Coloplast A/S		132		19,202
Getinge AB		840		20,457
Olympus Corp.		800		22,478
Smith & Nephew PLC		1,940		21,565
Sonova Holding AG		140		17,656
Straumann Holding AG		84		20,659
Synthes, Inc.		144		19,095
Sysmex Corp.		400		26,169
Terumo Corp.		400		20,749
William Demant Holding A/S*		252		20,206
Total Health Care Equipment & Supplies				266,810
Health Care Providers & Services 1.0%
Alfresa Holdings Corp.		400		16,526
Celesio AG		746		18,870
Fresenius Medical Care AG & Co. KGaA		304		17,811
Fresenius SE & Co. KGaA		204		17,810
Medipal Holdings Corp.		1,600		16,717
Miraca Holdings, Inc.		400		15,355
Ramsay Health Care Ltd.		1,180		20,117
Sonic Healthcare Ltd.		1,557		18,535
Suzuken Co., Ltd.		800		22,849
Total Health Care Providers & Services				164,590
Hotels, Restaurants & Leisure 2.3%
Accor SA		412		18,866
Autogrill SpA*		1,372		19,769
Carnival PLC		432		19,721
Compass Group PLC		2,036		18,116
Crown Ltd.		2,238		19,144
Genting Singapore PLC*		12,000		18,937
Intercontinental Hotels Group PLC		992		20,894
Oriental Land Co., Ltd.		400		36,909
Sands China Ltd.*		8,000		19,806
Shangri-La Asia Ltd.		4,000		10,442
SJM Holdings Ltd.		12,000		20,103
Sodexo		280		19,298
TABCORP Holdings Ltd.		2,586		17,919
Tatts Group Ltd.		7,406		18,312
Thomas Cook Group PLC		6,069		18,528
TUI AG*		1,666		22,978
TUI Travel PLC		5,357		21,709
Whitbread PLC		668		18,564
Wynn Macau Ltd.		9,600		26,661
Total Hotels, Restaurants & Leisure				386,676
Household Durables 0.9%
Casio Computer Co., Ltd.		2,400		17,986
Electrolux AB		744		21,231
Husqvarna AB		2,536		21,159
Panasonic Corp.		1,200		16,463
Rinnai Corp.		400		25,339
Sekisui Chemical Co., Ltd.		4,000		30,758
Sony Corp.		400		13,812
Total Household Durables				146,748
Household Products 0.3%
Henkel AG & Co. KGaA		288		17,586
Reckitt Benckiser Group PLC		332		18,054

4

RYDEX MSCI EAFE EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Unicharm Corp.		400	$	15,428
Total Household Products				51,068
Independent Power Producers & Energy Traders 0.6%
EDP Renovaveis SA*		3,641		21,664
Electric Power Development Co., Ltd.		400		12,425
Enel Green Power SpA*		8,902		19,784
Iberdrola Renovables SA		5,985		22,647
International Power PLC		2,776		18,800
Total Independent Power Producers & Energy Traders				95,320
Industrial Conglomerates 1.2%
CSR Ltd.		10,801		17,284
Delek Group Ltd.		64		14,363
Fraser and Neave Ltd.		4,000		19,844
Hankyu Hanshin Holdings, Inc.		4,000		18,552
Keppel Corp. Ltd.		4,000		36,562
Koninklijke Philips Electronics NV		648		20,225
Orkla ASA		2,100		18,906
SembCorp Industries Ltd.		4,000		16,125
Siemens AG		164		21,052
Smiths Group PLC		992		21,609
Total Industrial Conglomerates				204,522
Insurance 4.6%
Admiral Group PLC		740		19,474
Aegon NV*		3,196		23,705
Ageas		7,689		21,832
AIA Group Ltd.*		6,400		17,610
Allianz SE		160		22,254
AMP Ltd.		3,637		19,399
Assicurazioni Generali SpA		1,000		21,840
Aviva PLC		3,189		22,618
AXA Asia Pacific Holdings Ltd.		2,976		19,108
AXA SA		1,220		25,859
Baloise Holding AG		204		21,081
CNP Assurances		1,093		24,126
Dai-ichi Life Insurance Co., Ltd.(The)		12		18,865
Delta Lloyd NV		981		24,781
Hannover Rueckversicherung AG		376		21,060
Insurance Australia Group Ltd.		4,870		18,499
Legal & General Group PLC		12,374		22,000
Mapfre SA		6,913		23,524
MS&AD Insurance Group Holdings		800		19,060
Muenchener Rueckversicherungs AG		128		20,076
NKSJ Holdings, Inc.*		4,000		27,340
Old Mutual PLC		9,545		19,203
Prudential PLC		1,992		21,569
QBE Insurance Group Ltd.		1,090		19,018
Resolution Ltd.		5,353		22,413
RSA Insurance Group PLC		9,417		20,499
Sampo OYJ		720		21,223
SCOR SE		753		20,869
Sony Financial Holdings, Inc.		4		14,817
Standard Life PLC		5,621		20,645
Suncorp Group Ltd.		2,033		17,472
Swiss Life Holding AG*		160		25,661
Swiss Reinsurance Co., Ltd.		380		21,818
T&D Holdings, Inc.		800		20,163
Tokio Marine Holdings, Inc.		800		23,884
Tryg A/S		405		21,987
Zurich Financial Services AG		76		20,859
Total Insurance				786,211
Internet & Catalog Retail 0.4%
Dena Co., Ltd.		800		28,893
Home Retail Group PLC		5,609		19,397
Rakuten, Inc.*		24		21,150
Total Internet & Catalog Retail				69,440
Internet Software & Services 0.4%
Gree, Inc.		1,600		25,719
United Internet AG		1,240		20,596
Yahoo Japan Corp.		52		19,644
Total Internet Software & Services				65,959
IT Services 1.1%
Amadeus IT Holding SA*		912		19,155
Atos Origin SA*		428		23,862
Cap Gemini SA		416		20,991
Computershare Ltd.		1,860		18,674
Indra Sistemas SA		1,097		20,680
Itochu Techno-Solutions Corp.		400		13,953
Nomura Research Institute Ltd.		800		17,400
NTT Data Corp.		4		13,016
Obic Co., Ltd.		120		23,083
Otsuka Corp.		400		25,388
Total IT Services				196,202
Leisure Equipment & Products 0.7%
Namco Bandai Holdings, Inc.		2,000		21,946
Nikon Corp.		800		18,552
Sankyo Co., Ltd.		400		22,238
Sega Sammy Holdings, Inc.		1,200		24,079
Shimano, Inc.		400		20,017
Yamaha Corp.		1,600		19,666
Total Leisure Equipment & Products				126,498
Life Sciences Tools & Services 0.2%
Lonza Group AG		228		18,041
QIAGEN NV*		964		17,789
Total Life Sciences Tools & Services				35,830
Machinery 4.7%
Alfa Laval AB		1,000		21,368
Amada Co., Ltd.		4,000		34,908
Atlas Copco AB		796		19,163
Cosco Corp. Singapore Ltd.		12,000		20,437
Fiat Industrial SpA*		1,060		14,365
GEA Group AG		732		20,899
Hexagon AB		932		20,103
Hino Motors Ltd.		4,000		22,556
Hitachi Construction Machinery Co., Ltd.		800		18,865
IHI Corp.		8,000		18,162
Invensys PLC		3,521		18,961
JTEKT Corp.		1,600		20,056
Kawasaki Heavy Industries Ltd.		4,000		14,256
Komatsu Ltd.		800		23,864
Kone OYJ		336		18,325
Kubota Corp.		4,000		40,767
Kurita Water Industries Ltd.		800		25,046
Makita Corp.		400		17,356
MAN SE		152		17,597
Metso OYJ		340		18,170
Minebea Co., Ltd.		4,000		23,776
Mitsubishi Heavy Industries Ltd.		4,000		15,867
Mitsui Engineering & Shipbuilding Co., Ltd.		8,000		22,165
Nabtesco Corp.		800		18,875
NSK Ltd.		4,000		38,374
NTN Corp.		4,000		21,824
Sandvik AB		1,040		20,476
Scania AB		862		19,411
Schindler Holding AG		156		17,498
SembCorp Marine Ltd.		4,000		16,844
SKF AB		660		18,896
Sumitomo Heavy Industries Ltd.		4,000		25,534

5

RYDEX MSCI EAFE EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
THK Co., Ltd.		800	$	20,857
Vallourec SA		184		20,015
Volvo AB*		1,213		21,071
Wartsila OYJ		256		19,795
Weir Group PLC (The)		648		16,441
Yangzijiang Shipbuilding Holdings Ltd.		12,000		17,437
Total Machinery				800,380
Marine 0.9%
AP Moller — Maersk A/S		4		38,952
Kawasaki Kisen Kaisha Ltd.		4,000		16,697
Kuehne + Nagel International AG		136		17,672
Mitsui OSK Lines Ltd.		4,000		26,120
Neptune Orient Lines Ltd.*		12,000		20,625
Nippon Yusen KK		4,000		17,527
Orient Overseas International Ltd.		2,000		20,049
Total Marine				157,642
Media 3.0%
Axel Springer AG		124		19,738
British Sky Broadcasting Group PLC		1,568		18,962
Dentsu, Inc.		800		24,421
Eutelsat Communications		521		19,032
Fairfax Media Ltd.		13,406		18,044
Fuji Media Holdings, Inc.		12		18,660
Gestevision Telecinco SA		1,852		23,309
ITV PLC*		16,966		21,115
Kabel Deutschland Holding AG*		380		19,172
Lagardere SCA		476		21,213
Mediaset SpA		3,173		20,631
Modern Times Group AB		240		16,702
PagesJaunes Groupe		1,984		20,398
Pearson PLC		1,220		20,010
ProSiebenSat.1 Media AG		660		20,301
Publicis Groupe SA		396		20,408
Reed Elsevier NV		1,500		19,561
Reed Elsevier PLC		2,224		19,682
Sanoma OYJ		869		20,349
SES SA		756		18,242
Singapore Press Holdings Ltd.		4,000		12,406
Societe Television Francaise 1		1,206		23,454
Toho Co., Ltd.		1,200		19,758
Vivendi SA		720		20,665
Wolters Kluwer NV		884		20,288
WPP PLC		1,588		19,649
Total Media				516,170
Metals & Mining 5.0%
Acerinox SA		1,224		20,876
Alumina Ltd.		9,227		21,894
Anglo American PLC		402		19,720
Antofagasta PLC		860		19,368
ArcelorMittal		556		20,284
BHP Billiton Ltd.		428		18,882
BHP Billiton PLC		496		18,908
BlueScope Steel Ltd.		9,513		20,107
Boliden AB		1,024		21,419
Daido Steel Co., Ltd.		4,000		25,241
Dowa Holdings Co., Ltd.		4,000		28,170
Eramet		57		20,279
Eurasian Natural Resources Corp. PLC		1,288		20,775
Fortescue Metals Group Ltd.*		2,908		18,497
Fresnillo PLC		800		16,607
JFE Holdings, Inc.		400		12,865
Kazakhmys PLC		816		19,684
Kobe Steel Ltd.		8,000		19,627
Lonmin PLC		668		17,697
MacArthur Coal Ltd.		1,540		19,162
Mitsubishi Materials Corp.*		4,000		12,303
Mitsui Mining & Smelting Co., Ltd.		8,000		28,317
Newcrest Mining Ltd.		464		17,107
Nippon Steel Corp.		4,000		13,670
Nisshin Steel Co., Ltd.		8,000		15,818
Norsk Hydro ASA		2,996		22,481
OneSteel Ltd.		7,345		19,918
Outokumpu OYJ		1,072		20,003
OZ Minerals Ltd.		12,003		19,506
Randgold Resources Ltd.		188		14,243
Rautaruukki OYJ		968		24,180
Rio Tinto Ltd.		224		18,771
Rio Tinto PLC		280		19,195
Salzgitter AG		276		22,363
Sims Metal Management Ltd.		1,032		19,827
SSAB AB		1,308		21,562
Sumitomo Metal Industries Ltd.		8,000		18,748
ThyssenKrupp AG		460		18,642
Tokyo Steel Manufacturing Co., Ltd.		2,000		21,311
Vedanta Resources PLC		568		20,671
Voestalpine AG		432		19,412
Xstrata PLC		872		19,345
Yamato Kogyo Co., Ltd.		800		24,099
Total Metals & Mining				851,554
Multi-Utilities 1.0%
A2A SpA		13,707		20,390
AGL Energy Ltd.		1,196		17,767
Centrica PLC		3,684		18,877
GDF Suez		528		20,975
National Grid PLC		1,992		17,629
RWE AG		284		20,484
Suez Environnement Co.		985		20,371
United Utilities Group PLC		1,894		16,488
Veolia Environnement SA		668		20,908
Total Multi-Utilities				173,889
Multiline Retail 1.0%
Harvey Norman Holdings Ltd.		6,142		18,432
Isetan Mitsukoshi Holdings Ltd.		1,600		17,986
J Front Retailing Co., Ltd.		4,000		20,701
Marks & Spencer Group PLC		3,036		17,336
Marui Group Co., Ltd.		2,400		20,329
Next PLC		564		17,860
PPR		112		17,927
Takashimaya Co., Ltd.		4,000		33,004
Total Multiline Retail				163,575
Office Electronics 0.4%
Brother Industries Ltd.		1,200		18,381
Canon, Inc.		400		19,651
Konica Minolta Holdings, Inc.		2,000		19,334
Neopost SA		200		18,127
Total Office Electronics				75,493
Oil, Gas & Consumable Fuels 2.9%
BG Group PLC		974		21,857
BP PLC		2,656		20,627
Cairn Energy PLC*		2,926		19,417
Caltex Australia Ltd.		1,400		18,759
Cosmo Oil Co., Ltd.		8,000		25,876
ENI SpA		872		20,682
Essar Energy PLC*		2,164		18,007
Galp Energia SGPS SA		1,048		21,423
Inpex Corp.		4		25,680
Japan Petroleum Exploration Co.		400		16,282
JX Holdings, Inc.		2,800		18,967

6

RYDEX MSCI EAFE EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Mongolia Energy Corp. Ltd.*		56,000	$	15,732
Neste Oil OYJ		1,248		23,578
OMV AG		521		23,143
Origin Energy Ltd.		1,168		19,133
Paladin Energy Ltd.*		3,741		18,239
Repsol YPF SA		728		22,931
Royal Dutch Shell PLC		584		20,565
Santos Ltd.		1,476		19,881
Showa Shell Sekiyu KK		2,000		17,356
Statoil ASA		888		21,554
Total SA		364		21,317
Tullow Oil PLC		985		20,952
Woodside Petroleum Ltd.		436		18,101
Total Oil, Gas & Consumable Fuels				490,059
Paper & Forest Products 0.8%
Holmen AB		592		22,537
Nippon Paper Group, Inc.		800		20,857
OJI Paper Co., Ltd.		4,000		18,699
Stora Enso OYJ		2,040		24,305
Svenska Cellulosa AB		1,209		21,152
UPM-Kymmene OYJ		1,184		24,414
Total Paper & Forest Products				131,964
Personal Products 0.4%
Beiersdorf AG		300		16,460
Kao Corp.		800		20,945
L’Oreal SA		168		19,532
Shiseido Co., Ltd.		800		16,131
Total Personal Products				73,068
Pharmaceuticals 2.5%
Astellas Pharma, Inc.		400		15,306
AstraZeneca PLC		380		18,446
Bayer AG		244		18,017
Chugai Pharmaceutical Co., Ltd.		1,200		22,131
Daiichi Sankyo Co., Ltd.		800		17,400
Dainippon Sumitomo Pharma Co., Ltd.		2,000		17,991
Eisai Co., Ltd.		400		13,880
Elan Corp. PLC ADR*		3,421		23,092
GlaxoSmithKline PLC		932		16,847
Hisamitsu Pharmaceutical Co., Inc.		400		16,160
Merck KGaA		224		19,194
Novartis AG		328		18,343
Novo Nordisk A/S		176		19,858
Ono Pharmaceutical Co., Ltd.		400		19,480
Orion OYJ		865		19,579
Roche Holding AG		128		19,561
Sanofi-Aventis SA		289		19,761
Santen Pharmaceutical Co., Ltd.		400		14,383
Shionogi & Co., Ltd.		800		14,725
Shire PLC		753		19,865
Takeda Pharmaceutical Co., Ltd.		400		19,285
Teva Pharmaceutical Industries Ltd. ADR		352		19,237
Tsumura & Co.		400		12,606
UCB SA		544		19,485
Total Pharmaceuticals				434,632
Professional Services 0.8%
Adecco SA		304		19,783
Bureau Veritas SA		240		17,436
Capita Group PLC (The)		1,736		18,881
Experian PLC		1,540		19,117
Intertek Group PLC		624		17,361
Randstad Holding NV*		384		20,990
SGS SA		12		19,616
Total Professional Services				133,184
Real Estate Investment Trusts (REITs) 2.6%
Ascendas Real Estate Investment Trust		12,000		19,594
British Land Co. PLC		2,350		19,517
Capital Shopping Centres Group PLC		2,888		17,005
CapitaMall Trust		12,000		17,812
CFS Retail Property Trust		10,259		18,564
Corio NV		304		19,853
Dexus Property Group		23,542		19,481
Fonciere Des Regions		192		19,340
Gecina SA		172		20,589
Goodman Group		28,695		19,025
GPT Group		6,606		19,495
Hammerson PLC		2,876		19,772
ICADE		188		20,437
Japan Retail Fund Investment Corp.		12		22,072
Klepierre		556		20,246
Land Securities Group PLC		1,797		19,414
Link REIT (The)		6,000		18,818
Mirvac Group		14,346		17,736
Nomura Real Estate Office Fund, Inc.		4		28,463
Segro PLC		4,136		19,762
Stockland		5,001		17,950
Unibail-Rodamco SE		100		19,112
Westfield Group		1,512		14,833
Westfield Retail Trust*		1,134		2,996
Total Real Estate Investment Trusts (REITs)				451,886
Real Estate Management & Development 2.6%
Aeon Mall Co., Ltd.		800		20,984
CapitaLand Ltd.		8,000		22,500
CapitaMalls Asia Ltd.		12,000		17,531
Daito Trust Construction Co., Ltd.		400		28,073
Global Logistic Properties Ltd.*		12,000		19,500
Hang Lung Group Ltd.		4,000		25,270
Hang Lung Properties Ltd.		4,000		17,548
Henderson Land Development Co. Ltd.		4,000		27,733
Hysan Development Co., Ltd.		4,000		19,087
IMMOFINANZ AG*		4,948		21,843
Keppel Land Ltd.		4,000		14,000
Kerry Properties Ltd.		4,000		21,371
Lend Lease Group		2,424		21,291
New World Development Ltd.		8,000		15,147
Nomura Real Estate Holdings, Inc.		1,200		21,853
NTT Urban Development Corp.		20		20,652
Sino Land Co. Ltd.		8,000		15,126
Swire Pacific Ltd. — Class A		2,000		31,453
Tokyo Tatemono Co., Ltd.		4,000		18,406
Tokyu Land Corp.		4,000		20,554
Wharf Holdings Ltd.		4,000		30,222
Total Real Estate Management & Development				450,144
Road & Rail 2.2%
Asciano Ltd.*		11,333		18,135
Central Japan Railway Co.		4		33,785
DSV A/S		892		18,652
East Japan Railway Co.		400		26,462
Firstgroup PLC		3,128		18,743
Keikyu Corp.		4,000		34,273
Keio Corp.		4,000		26,901
Keisei Electric Railway Co., Ltd.		4,000		27,096
Kintetsu Corp.		8,000		24,704
MTR Corp.		4,000		14,623
Nippon Express Co., Ltd.		4,000		16,893
Odakyu Electric Railway Co., Ltd.		4,000		37,154
QR National Ltd.*		6,561		18,316
Tobu Railway Co., Ltd.		4,000		22,116
Tokyu Corp.		4,000		18,162

7

RYDEX MSCI EAFE EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)	January 31, 2011

			Market
	Shares		Value
West Japan Railway Co.		4	$	15,281
Total Road & Rail				371,296
Semiconductors & Semiconductor Equipment 1.6%
Advantest Corp.		800		16,394
ARM Holdings PLC		2,856		23,605
ASM Pacific Technology Ltd.		2,000		23,872
ASML Holding NV		540		22,580
Elpida Memory, Inc.*		1,600		23,200
Infineon Technologies AG*		1,976		20,917
Renewable Energy Corp. ASA*		7,089		22,718
Rohm Co. Ltd.		400		25,925
Shinko Electric Industries Co., Ltd.		1,600		18,064
STMicroelectronics NV		1,960		23,752
Sumco Corp.*		1,200		18,323
Tokyo Electron Ltd.		400		26,120
Total Semiconductors & Semiconductor Equipment				265,470
Software 1.0%
Autonomy Corp. PLC*		848		20,320
Dassault Systemes SA		256		20,132
Konami Corp.		800		16,023
NICE Systems Ltd. ADR*		576		18,847
Oracle Corp. Japan		400		18,333
Sage Group PLC (The)		4,396		20,779
SAP AG		376		21,764
Square Enix Holdings Co., Ltd.		800		13,963
Trend Micro, Inc.*		400		12,088
Total Software				162,249
Specialty Retail 0.8%
ABC-Mart, Inc.		400		14,569
Esprit Holdings Ltd.		3,600		17,063
Hennes & Mauritz AB		521		17,145
Inditex SA		232		17,554
Kingfisher PLC		4,813		19,427
Nitori Holdings Co., Ltd.		200		16,770
USS Co., Ltd.		240		19,275
Yamada Denki Co., Ltd.		280		19,036
Total Specialty Retail				140,839
Textiles, Apparel & Luxury Goods 1.2%
Adidas AG		280		17,463
Billabong International Ltd.		2,172		17,584
Burberry Group PLC		1,136		19,542
Christian Dior SA		128		17,610
Cie Financiere Richemont SA-Class A		324		17,706
Hermes International		92		18,592
Luxottica Group SpA		660		20,034
LVMH Moet Hennessy Louis Vuitton SA		116		18,138
Puma AG Rudolf Dassler Sport		57		17,849
Swatch Group AG (The)		44		17,728
Yue Yuen Industrial Holdings Ltd.		6,000		20,665
Total Textiles, Apparel & Luxury Goods				202,911
Tobacco 0.4%
British American Tobacco PLC		488		18,017
Imperial Tobacco Group PLC		600		17,145
Japan Tobacco, Inc.		4		15,037
Swedish Match AB		632		18,252
Total Tobacco				68,451
Trading Companies & Distributors 1.4%
Brenntag AG*		200		18,980
Bunzl PLC		1,612		19,636
ITOCHU Corp.		2,000		21,775
Marubeni Corp.		4,000		30,123
Mitsubishi Corp.		800		22,312
Mitsui & Co., Ltd.		1,200		20,212
Noble Group Ltd.		12,000		20,437
Sojitz Corp.		9,200		20,325
Sumitomo Corp.		1,200		17,298
Toyota Tsusho Corp.		1,200		21,135
Wolseley PLC*		656		22,875
Total Trading Companies & Distributors				235,108
Transportation Infrastructure 0.9%
Abertis Infraestructuras SA		1,101		21,631
Atlantia SpA		896		20,416
Brisa Auto-Estradas de Portugal SA		2,740		19,970
Fraport AG Frankfurt Airport Services Worldwide		296		20,867
Groupe Eurotunnel SA		2,052		19,952
Koninklijke Vopak NV		384		18,592
MAp Group		6,041		18,008
Transurban Group		3,533		18,387
Total Transportation Infrastructure				157,823
Water Utilities 0.1%
Severn Trent PLC		780		17,091
Total Water Utilities				17,091
Wireless Telecommunication Services 0.9%
Cellcom Israel Ltd.		528		16,125
KDDI Corp.		4		22,507
Millicom International Cellular SA		200		18,942
Mobistar SA		300		18,757
NTT DoCoMo, Inc.		12		21,457
Partner Communications Co., Ltd. ADR		852		16,188
Softbank Corp.		400		13,783
Vodafone Group PLC		7,036		19,762
Total Wireless Telecommunication Services				147,521
Total Common Stocks (Cost $16,239,143)				16,950,655
RIGHTS 0.0%(a)
Commercial Banks 0.0%(a)
Banco Popolare SC*		4,252		5,742
Banco Santander SA*		1,852		351
Total Commercial Banks				6,093
Hotels, Restaurants & Leisure 0.0%(a)
Shangri-La Asia Ltd.*		333		36
Total Hotels, Restaurants & Leisure				36
Total Rights (Cost $5,111)				6,129
SHORT TERM INVESTMENTS 0.5%
SSgA Government Money Market Fund		76,398		76,398
Total Short Term Investments (Cost $76,398)				76,398
Total Investments 100.0%(b) (Cost $16,320,652)				17,033,182
Other Assets in Excess of Liabilities — 0.0%(a)				4,073
Net Assets — 100.0%			$	17,037,255

*	Non-Income Producing Security.
(a)	Amount represents less than 0.05% of net assets.
(b)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. (Note G)
ADR	— American Depositary Receipt
REIT	— Real Estate Investment Trust

8

RYDEX MSCI EAFE EQUAL WEIGHT ETF

INVESTMENT CONCENTRATION

At January 31, 2011, the investment diversification of the Portfolio was as follows:

Country	% of Net Assets
Japan		35.3	%
Britain		10.5
France		7.7
Australia		6.8
Germany		5.2
Spain		4.2
Switzerland		3.3
Sweden		3.1
Netherlands		3.0
Italy		2.9
Hong Kong		2.6
Singapore		2.3
Finland		2.0
Belgium		1.4
Israel		1.3
Denmark		1.1
Austria		1.0
Bermuda		1.0
Norway		1.0
Ireland		0.7
Jersey		0.7
Portugal		0.7
Cayman Islands		0.6
United States		0.6
Luxembourg		0.4
New Zealand		0.2
Greece		0.1
Guernsey		0.1
Isle Of Man		0.1
Mauritius		0.1
Total Investments		100.0	%

RYDEX MSCI EMERGING MARKETS EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited)	January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 92.0%
Aerospace & Defense 0.2%
Embraer SA ADR		642	$	21,186
Total Aerospace & Defense				21,186
Air Freight & Logistics 0.1%
Glovis Co. Ltd.*		120		16,695
Total Air Freight & Logistics				16,695
Airlines 1.6%
Air China Ltd. — Class H*		18,000		18,541
AirAsia BHD*		22,500		20,211
China Airlines Ltd.*		24,000		18,433
China Southern Airlines Co. Ltd. — Class H*		24,000		12,253
Eva Airways Corp.*		18,000		20,892
Gol Linhas Aereas Inteligentes SA ADR		1,155		16,724
Korean Air Lines Co. Ltd.		264		17,116
Lan Airlines SA ADR		608		17,054
TAM SA ADR		768		16,896
Thai Airways International PCL		10,200		12,381
Turk Hava Yollari*		5,161		16,676
Total Airlines				187,177
Auto Components 0.8%
Cheng Shin Rubber Industry Co. Ltd.		9,000		19,931
Hankook Tire Co. Ltd.		630		15,535
Hyundai Mobis*		69		15,907
Mando Corp.		144		18,621
Nan Kang Rubber Tire Co. Ltd.*		12,000		19,094
Total Auto Components				89,088
Automobiles 1.7%
Astra International Tbk PT		3,000		16,213
Brilliance China Automotive Holdings Ltd.*		24,000		18,010
Byd Co. Ltd. — Class H		3,000		14,662
China Motor Corp.		21,000		19,926
Dongfeng Motor Group Co. Ltd. — Class H		12,000		21,181
Geely Automobile Holdings Ltd.		30,000		14,084
Great Wall Motor Co. Ltd. — Class H		15,000		23,628
Guangzhou Automobile Group Co. Ltd. — Class H		12,000		15,393
Hyundai Motor Co.		111		17,720
Kia Motors Corp.		390		19,025
Yulon Motor Co. Ltd.		9,000		18,877
Total Automobiles				198,719
Beverages 1.2%
Cia Cervecerias Unidas SA ADR		333		18,072
Cia de Bebidas das Americas ADR		690		18,423
Coca-Cola Femsa SAB de CV ADR		231		18,291
Embotelladoras Arca SAB de CV		4,363		23,259
Fomento Economico Mexicano SAB de CV ADR		330		17,513
Grupo Modelo SAB de CV		3,178		19,537
Tsingtao Brewery Co. Ltd. — Class H		6,000		27,553
Total Beverages				142,648
Building Products 0.1%
KCC Corp.		57		17,334
Total Building Products				17,334
Capital Markets 1.4%
Daewoo Securities Co. Ltd.		810		18,926
Hyundai Securities Co.		1,530		19,307
KGI Securities Co. Ltd.		39,000		22,633
Polaris Securities Co. Ltd.		33,000		23,185
Samsung Securities Co. Ltd.		288		22,679
Tong Yang Securities, Inc.		2,160		17,318
Woori Investment & Securities Co. Ltd.		990		19,027
Yuanta Financial Holding Co. Ltd.		33,000		26,766
Total Capital Markets				169,841
Chemicals 4.1%
Braskem SA ADR		872		22,001
Cheil Industries, Inc.		177		18,942
China BlueChemical Ltd.		24,000		19,826
China Petrochemical Development Corp.*		21,000		23,904
Formosa Chemicals & Fibre Corp.		6,000		21,904
Formosa Plastics Corp.		6,000		20,520
Hanwha Chem Corp.*		600		21,645
Hanwha Corp.*		420		21,388
Honam Petrochemical Corp.		78		25,112
Huabao International Holdings Ltd.		12,000		17,764
Hyosung Corp.*		177		14,522
LCY Chemical Corp.		9,000		23,092
LG Chem Ltd.		48		17,979
Mexichem SAB de CV		5,481		19,517
Nan Ya Plastics Corp.		9,000		24,952
OCI Co. Ltd.*		63		21,294
PTT Chemical PCL		3,600		16,255
Sinofert Holdings Ltd.*		36,000		19,996
Sinopec Shanghai Petrochemical Co. Ltd. — Class H		42,000		25,537
Sociedad Quimica y Minera de Chile SA ADR		369		19,734
Taiwan Fertilizer Co. Ltd.		6,000		22,627
TSRC Corp.		9,000		23,495
Uralkali GDR		693		26,299
Total Chemicals				488,305
Commercial Banks 9.7%
ABSA Group Ltd.		1,029		19,061
Agricultural Bank of China Ltd. — Class H*		36,000		17,733
Akbank TAS		3,316		15,555
Asya Katilim Bankasi AS		9,005		15,728
Banco Bradesco SA ADR		932		17,633
Banco do Brasil SA		978		17,393
Banco do Estado do Rio Grande do Sul		1,649		16,161
Banco Santander Brasil SA ADS		1,434		16,634
Banco Santander Chile ADR		204		17,316
BanColombia SA ADR		303		17,707
Bangkok Bank PCL		3,900		18,998
Bank Central Asia Tbk PT		27,000		16,860
Bank Mandiri Tbk PT		25,500		16,769
Bank Negara Indonesia Persero Tbk PT		42,000		14,970
Bank of Ayudhya PCL		25,200		20,065
Bank of China Ltd. — Class H		33,000		17,144
Bank of Communications Co. Ltd. — Class H		18,000		17,156
Bank Pekao SA		318		18,960
Bank Rakyat Indonesia Persero Tbk PT		33,000		17,689
Bank Zachodni WBK SA		276		21,046
Chang Hwa Commercial Bank		30,000		25,520
China Citic Bank Corp. Ltd. — Class H		27,000		17,594
China Construction Bank Corp. — Class H		21,000		18,452
China Merchants Bank Co. Ltd. — Class H		7,500		17,663
China Minsheng Banking Corp. Ltd. — Class H		21,000		17,806
Chinatrust Financial Holding Co. Ltd.		33,000		28,186
CIMB Group Holdings BHD		6,900		18,887
Credicorp Ltd.		156		16,265
First Financial Holding Co. Ltd.		30,000		27,587
Grupo Financiero Banorte SAB de CV		4,339		19,257
Hana Financial Group, Inc.		510		20,194

RYDEX MSCI EMERGING MARKETS EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Industrial & Commercial Bank of China — Class H		24,000	$	17,856
Industrial Bank of Korea*		1,170		17,686
Itau Unibanco Holding SA ADR		803		17,265
Itausa — Investimentos Itau SA		2,480		17,473
Kasikornbank PCL		4,500		17,187
KB Financial Group, Inc. ADR*		354		18,433
Komercni Banka AS		90		21,482
Korea Exchange Bank		1,710		16,013
Krung Thai Bank PCL		35,100		17,950
Malayan Banking BHD		6,900		19,608
Mega Financial Holding Co. Ltd.		30,000		24,384
Metropolitan Bank & Trust		11,870		17,394
Nedbank Group Ltd.		1,064		18,857
OTP Bank PLC*		822		22,968
Powszechna Kasa Oszczednosci Bank Polski SA		1,347		19,326
Public Bank BHD		4,500		19,696
Shinhan Financial Group Co. Ltd. ADR*		213		19,002
Siam Commercial Bank PCL		5,400		16,430
SinoPac Financial Holdings Co. Ltd.		51,000		24,766
Standard Bank Group Ltd.		1,299		19,036
Taishin Financial Holding Co. Ltd.*		42,000		24,446
Taiwan Business Bank*		57,000		26,502
Taiwan Cooperative Bank		27,000		22,922
Turkiye Garanti Bankasi AS		3,382		15,063
Turkiye Halk Bankasi AS		1,994		15,734
Turkiye Is Bankasi		4,843		15,225
Turkiye Vakiflar Bankasi Tao		6,759		16,654
VTB Bank OJSC GDR		2,939		21,029
Woori Finance Holdings Co. Ltd.*		1,320		16,716
Yapi ve Kredi Bankasi AS*		5,421		15,859
Total Commercial Banks				1,150,951
Communications Equipment 0.2%
ZTE Corp. — Class H		5,400		21,300
Total Communications Equipment				21,300
Computers & Peripherals 2.2%
Acer, Inc.		6,000		16,387
Asustek Computer, Inc.		3,000		27,070
Catcher Technology Co. Ltd.		6,000		24,901
Chicony Electronics Co. Ltd.		9,000		19,714
Clevo Co.		9,000		19,838
Compal Electronics, Inc.		15,000		19,889
Foxconn Technology Co. Ltd.		6,000		24,281
Lenovo Group Ltd.		30,000		17,394
Pegatron Corp.*		15,000		20,716
Qisda Corp.*		30,000		21,284
Quanta Computer, Inc.		9,000		19,063
Simplo Technology Co. Ltd.		2,000		14,189
Wistron Corp.		9,000		17,668
Total Computers & Peripherals				262,394
Construction & Engineering 2.5%
Aveng Ltd.		3,253		17,226
China Communications Construction Co. Ltd. — Class H		21,000		16,971
China Railway Construction Corp. Ltd. — Class H		16,500		20,276
China Railway Group Ltd. — Class H		27,000		19,568
Daelim Industrial Co. Ltd.*		174		19,320
Daewoo Engineering & Construction Co. Ltd.*		1,620		19,938
Doosan Heavy Industries and Construction Co. Ltd.		231		16,234
Gamuda BHD		16,100		20,036
GS Engineering & Construction Corp.		189		20,058
Hyundai Development Co.*		570		18,986
Hyundai Engineering & Construction Co. Ltd.*		297		23,017
IJM Corp. BHD		10,200		21,823
Metallurgical Corp. of China Ltd. — Class H*		42,000		18,533
Murray & Roberts Holdings Ltd.		3,448		14,935
Orascom Construction Industries GDR		422		14,048
Samsung Engineering Co. Ltd.		102		17,920
Total Construction & Engineering				298,889
Construction Materials 1.9%
Anhui Conch Cement Co. Ltd. — Class H		6,000		27,707
Asia Cement Corp.		21,000		23,216
BBMG Corp. — Class H		13,500		18,252
Cemex SAB de CV ADR*		2,069		19,594
China National Building Material Co. Ltd. — Class H		6,000		14,931
China Resources Cement Holdings Ltd.*		24,000		18,225
China Shanshui Cement Group Ltd.		24,000		18,749
Indocement Tunggal Prakarsa Tbk PT		10,500		15,725
Pretoria Portland Cement Co. Ltd.		4,081		17,734
Semen Gresik Persero Tbk PT		18,000		15,418
Siam Cement PCL		1,800		19,401
Taiwan Cement Corp.		18,000		19,435
Total Construction Materials				228,387
Consumer Finance 0.3%
Banco Compartamos SA de CV		2,249		17,566
Samsung Card Co.		297		14,674
Total Consumer Finance				32,240
Containers & Packaging 0.2%
Klabin SA		6,562		22,274
Total Containers & Packaging				22,274
Distributors 0.1%
Imperial Holdings Ltd.		1,085		16,633
Total Distributors				16,633
Diversified Consumer Services 0.1%
Anhanguera Educacional Participacoes SA		809		17,090
Total Diversified Consumer Services				17,090
Diversified Financial Services 1.4%
African Bank Investments Ltd.		3,775		19,191
AMMB Holdings BHD		9,600		20,790
BM&Fbovespa SA		2,463		17,148
China Everbright Ltd.		6,000		12,468
FirstRand Ltd.		6,616		17,959
Fubon Financial Holding Co. Ltd.		15,000		20,974
Haci Omer Sabanci Holding AS		3,800		16,166
Remgro Ltd.		1,280		19,521
RMB Holdings Ltd.		3,757		20,077
Total Diversified Financial Services				164,294
Diversified Telecommunication Services 2.5%
Brasil Telecom SA ADR		909		21,280
China Communications Services Corp. Ltd. — Class H		30,000		18,356
China Telecom Corp. Ltd. — Class H		36,000		21,427
China Unicom Hong Kong Ltd. ADR		1,391		22,896
Chunghwa Telecom Co. Ltd. ADR		619		18,489
KT Corp. ADR*		798		15,705
Magyar Telekom Telecommunications PLC		7,437		20,201
Tele Norte Leste Participacoes SA ADR		1,328		21,009
Telefonica O2 Czech Republic AS		966		22,068
Telefonos de Mexico SAB de CV ADR		1,170		20,253
Telekom Malaysia BHD		17,100		20,722

2

RYDEX MSCI EMERGING MARKETS EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Telekomunikacja Polska SA		3,581	$	20,976
Telekomunikasi Indonesia Tbk PT ADR		519		17,449
Telkom SA Ltd.		3,778		18,511
Turk Telekomunikasyon AS		4,489		18,425
Total Diversified Telecommunication Services				297,767
Electric Utilities 2.1%
Centrais Eletricas Brasileiras SA ADR		1,397		18,701
CEZ AS		480		22,610
Cia Energetica de Minas Gerais ADR		1,095		18,089
Cia Paranaense de Energia ADR		746		19,090
CPFL Energia SA ADR		264		19,856
EDP — Energias do Brasil SA		876		19,605
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		1,038		20,160
Enersis SA ADR		786		16,317
Federal Hydrogenerating Co. JSC ADR*		3,542		17,568
Korea Electric Power Corp. ADR*		1,365		17,377
PGE Polska Grupa Energetyczna SA		2,574		20,543
Tauron Polska Energia SA*		9,340		20,516
Tenaga Nasional BHD		8,625		17,326
Total Electric Utilities				247,758
Electrical Equipment 1.3%
China High Speed Transmission Equipment Group Co. Ltd.		12,000		18,533
Dongfang Electric Corp. Ltd. — Class H		4,200		17,806
LS Corp.		189		17,277
LS Industrial Systems Co. Ltd.		231		15,739
Shanghai Electric Group Co. Ltd. — Class H		30,000		18,048
Teco Electric and Machinery Co. Ltd.		33,000		20,685
Walsin Lihwa Corp.*		33,000		20,003
Zhuzhou CSR Times Electric Co. Ltd. — Class H		6,000		23,090
Total Electrical Equipment				151,181
Electronic Equipment, Instruments & Components 3.4%
AU Optronics Corp. ADR*		1,881		18,058
Cheng Uei Precision Industry Co. Ltd.		9,000		20,086
Chimei Innolux Corp.*		15,000		18,985
Coretronic Corp.		15,000		25,521
Delta Electronics, Inc.		3,000		13,897
E Ink Holdings, Inc.*		9,000		16,397
Everlight Electronics Co. Ltd.		6,000		18,267
Hon Hai Precision Industry Co. Ltd. GDR		2,615		23,195
Kingboard Chemical Holdings Ltd.		4,500		25,629
LG Display Co. Ltd. ADR*		954		16,170
LG Innotek Co. Ltd.		147		18,419
Nan Ya Printed Circuit Board Corp.		6,000		22,628
Samsung Electro-Mechanics Co. Ltd.		153		17,738
Samsung SDI Co. Ltd.		114		15,860
Synnex Technology International Corp.		9,000		23,743
Tripod Technology Corp.		3,000		13,897
Unimicron Technology Corp.		12,000		25,004
Wintek Corp.*		12,000		20,664
WPG Holdings Ltd.		12,000		23,640
Young Fast Optoelectronics Co. Ltd.		3,000		30,067
Total Electronic Equipment, Instruments & Components				407,865
Energy Equipment & Services 0.4%
China Oilfield Services Ltd. — Class H		12,000		23,213
TMK OAO GDR*		932		18,733
Total Energy Equipment & Services				41,946
Food & Staples Retailing 2.1%
Alliance Global Group, Inc.		72,600		18,818
BIM Birlesik Magazalar AS		551		17,735
China Resources Enterprise Ltd.		6,000		23,513
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		444		16,943
CP ALL PCL		13,800		17,197
Magnit OJSC GDR		708		18,528
Massmart Holdings Ltd.		947		18,841
Pick n Pay Stores Ltd.		2,822		16,822
President Chain Store Corp.		6,000		25,624
Shinsegae Co. Ltd.		33		16,952
Shoprite Holdings Ltd.		1,374		17,051
Spar Group Ltd.(The)		1,311		16,581
Wal-Mart de Mexico SAB de CV		6,645		18,411
Total Food & Staples Retailing				243,016
Food Products 3.1%
BRF — Brasil Foods SA ADR		1,227		20,430
Chaoda Modern Agriculture Holdings Ltd.		24,000		17,117
Charoen Pokphand Foods PCL		22,700		16,091
Charoen Pokphand Indonesia Tbk PT		84,500		13,915
China Agri-Industries Holdings Ltd.		15,000		16,047
China Mengniu Dairy Co. Ltd.		6,000		16,740
China Yurun Food Group Ltd.		6,000		19,395
CJ CheilJedang Corp.		90		15,451
Cosan SA Industria e Comercio		1,224		19,040
Grupo Bimbo SAB de CV		2,297		19,344
Indofood Sukses Makmur Tbk PT		37,500		19,480
IOI Corp. BHD		10,200		19,124
JBS SA		4,907		18,474
Kuala Lumpur Kepong Bhd		3,000		20,911
Marfrig Alimentos SA		2,463		19,841
Tiger Brands Ltd.		714		18,496
Tingyi Cayman Islands Holding Corp.		6,000		14,685
Uni-President Enterprises Corp.		15,000		20,613
Want Want China Holdings Ltd.		24,000		19,949
Wimm-Bill-Dann Foods OJSC ADR		792		26,192
Total Food Products				371,335
Gas Utilities 0.4%
China Gas Holdings Ltd.(a)		36,000		15,655
ENN Energy Holdings Ltd.		6,000		17,856
Perusahaan Gas Negara PT		39,000		18,211
Total Gas Utilities				51,722
Health Care Equipment & Supplies 0.3%
Shandong Weigao Group Medical Polymer Co. Ltd. — Class H		12,000		31,094
Total Health Care Equipment & Supplies				31,094
Health Care Providers & Services 0.7%
Amil Participacoes SA		1,920		18,462
Diagnosticos da America SA		1,461		17,680
Netcare Ltd.		9,048		18,209
Odontoprev SA		1,266		17,023
Sinopharm Group Co. — Class H		4,800		16,963
Total Health Care Providers & Services				88,337
Hotels, Restaurants & Leisure 0.3%
Genting BHD		5,700		19,847
Genting Malaysia BHD		18,300		19,905
Total Hotels, Restaurants & Leisure				39,752
Household Durables 1.9%
Arcelik AS		3,634		18,905
Brookfield Incorporacoes SA		3,950		18,129
Cyrela Brazil Realty SA Empreendimentos e Participacoes		1,482		16,305
Desarrolladora Homex SAB de CV ADR*		557		16,983
Gafisa SA ADR		1,302		16,301
LG Electronics, Inc.		183		19,095
MRV Engenharia e Participacoes SA		1,898		15,993

3

RYDEX MSCI EMERGING MARKETS EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
PDG Realty SA Empreendimentos e Participacoes		3,093	$	17,042
Rossi Residencial SA		2,121		16,617
Skyworth Digital Holdings Ltd.		36,000		22,443
Steinhoff International Holdings Ltd.*		6,163		19,982
Tatung Co. Ltd.*		78,000		18,321
Woongjin Coway Co. Ltd.		450		14,006
Total Household Durables				230,122
Household Products 0.2%
LG Household & Health Care Ltd.		51		18,512
Total Household Products				18,512
Independent Power Producers & Energy Traders 1.6%
Aboitiz Power Corp.		24,900		15,601
AES Tiete SA		1,368		19,195
China Longyuan Power Group Corp. — Class H*		21,000		18,857
China Resources Power Holdings Co. Ltd.		12,000		20,996
Cia Energetica de Sao Paulo		1,121		19,073
Datang International Power Generation Co. Ltd. — Class H		54,000		18,841
Empresa Nacional de Electricidad SA ADR		327		17,069
Energy Development Corp.		146,900		19,204
Huaneng Power International, Inc. — Class H		36,000		19,996
Tractebel Energia SA		1,187		18,301
Total Independent Power Producers & Energy Traders				187,133
Industrial Conglomerates 2.3%
Alfa SAB de CV		2,027		22,019
Beijing Enterprises Holdings Ltd.		3,000		17,587
Bidvest Group Ltd.		881		18,835
Citic Pacific Ltd.		9,000		24,186
Doosan Corp.		135		20,106
Enka Insaat ve Sanayi AS		5,182		19,588
Far Eastern New Century Corp.		12,000		20,478
KOC Holding AS		3,992		16,285
LG Corp.		228		17,324
Samsung Techwin Co. Ltd.		174		14,540
Shanghai Industrial Holdings Ltd.		6,000		24,129
Sime Darby BHD		6,900		20,713
SK Holdings Co. Ltd.		150		22,206
SM Investments Corp.		1,680		17,828
Total Industrial Conglomerates				275,824
Insurance 2.5%
Cathay Financial Holding Co. Ltd.		12,000		22,318
China Life Insurance Co. Ltd. — Class H		6,000		23,320
China Life Insurance Co. Ltd/Taiwan		24,000		25,211
China Pacific Insurance Group Co. Ltd. — Class H		4,800		18,995
China Taiping Insurance Holdings Co. Ltd.*		6,000		16,817
Discovery Holdings Ltd.		3,404		17,859
Korea Life Insurance Co. Ltd.		2,550		17,738
MMI Holdings Ltd.		372		850
PICC Property & Casualty Co. Ltd. — Class H*		12,000		15,008
Ping An Insurance Group Co. of China Ltd. — Class H		1,500		14,864
Porto Seguro SA		1,248		19,391
Powszechny Zaklad Ubezpieczen SA		162		19,487
Samsung Fire & Marine Insurance Co. Ltd.		99		20,439
Samsung Life Insurance Co. Ltd.		195		17,912
Sanlam Ltd.		5,107		19,347
Shin Kong Financial Holding Co. Ltd.*		51,000		25,908
Total Insurance				295,464
Internet & Catalog Retail 0.2%
B2W Cia Global Do Varejo		1,056		17,828
Total Internet & Catalog Retail				17,828
Internet Software & Services 0.5%
Alibaba.com Ltd.		12,000		23,705
NHN Corp.*		96		17,123
Tencent Holdings Ltd.		900		23,321
Total Internet Software & Services				64,149
IT Services 0.5%
Cielo SA		2,159		15,960
Redecard SA		1,440		17,727
SK C&C Co. Ltd.		213		19,376
Total IT Services				53,063
Machinery 2.0%
China National Materials Co. Ltd.		21,000		18,021
China Rongsheng Heavy Industry Group Co. Ltd.*		18,000		16,394
CSR Corp. Ltd.		15,000		21,550
Daewoo Shipbuilding & Marine Engineering Co. Ltd.*		630		22,980
Doosan Infracore Co. Ltd.*		750		19,999
Hanjin Heavy Industries & Construction Co. Ltd.*		510		17,465
Hyundai Heavy Industries Co. Ltd.		51		22,059
Hyundai Mipo Dockyard		108		19,793
Lonking Holdings Ltd.		30,000		17,510
Samsung Heavy Industries Co. Ltd.		570		21,681
United Tractors Tbk PT		7,500		17,697
Weichai Power Co. Ltd. — Class H		3,000		20,377
Total Machinery				235,526
Marine 1.3%
China COSCO Holdings Co. Ltd. — Class H*		16,500		17,800
China Shipping Container Lines Co. Ltd. — Class H*		45,000		20,781
China Shipping Development Co. Ltd. — Class H(a)		12,000		14,577
Evergreen Marine Corp. Taiwan Ltd.*		24,000		25,210
Hanjin Shipping Co. Ltd.		510		16,829
Hyundai Merchant Marine Co. Ltd.*		450		13,464
STX Pan Ocean Co. Ltd.*		1,590		15,385
Yang Ming Marine Transport Corp.*		24,000		24,219
Total Marine				148,265
Media 0.5%
BEC World PCL		16,100		16,416
Grupo Televisa SA ADR*		803		19,320
Naspers Ltd.		375		19,481
Total Media				55,217
Metals & Mining 7.1%
African Rainbow Minerals Ltd.		711		20,845
Aluminum Corp. of China Ltd. ADR*		846		20,938
Aneka Tambang Tbk PT		73,500		17,668
Angang Steel Co. Ltd. Class H		12,000		17,671
Anglo Platinum Ltd.*		201		19,680
AngloGold Ashanti Ltd. ADR		399		17,173
ArcelorMittal South Africa Ltd.		1,766		20,169
Bradespar SA		759		20,738
China Steel Corp.		18,000		20,954
China Zhongwang Holdings Ltd.		34,800		16,695
Cia de Minas Buenaventura SA ADR		369		15,129
Cia Siderurgica Nacional SA ADR		1,196		20,404
Dongkuk Steel Mill Co. Ltd.		660		21,131
Eregli Demir ve Celik Fabrikalari TAS*		5,581		17,546

4

RYDEX MSCI EMERGING MARKETS EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Exxaro Resources Ltd.		1,053	$	21,045
Fushan International Energy Group Ltd.		30,000		20,319
Gerdau SA ADR		1,610		21,332
Gold Fields Ltd. ADR		1,121		17,790
Grupo Mexico SAB de CV		5,500		21,434
Harmony Gold Mining Co. Ltd. ADR		1,652		18,023
Hidili Industry International Development Ltd.		21,000		17,941
Hyundai Steel Co.*		174		21,570
Impala Platinum Holdings Ltd.		654		18,571
Industrias Penoles SAB de CV		597		19,740
International Nickel Indonesia Tbk PT		37,500		19,065
Jiangxi Copper Co. Ltd. — Class H		6,000		19,164
KGHM Polska Miedz SA		432		25,335
Korea Zinc Co. Ltd.		69		18,276
Kumba Iron Ore Ltd.		333		20,882
Maanshan Iron & Steel — Class H		36,000		20,088
Mechel ADR		798		25,161
Metalurgica Gerdau SA		1,382		21,052
MMC Norilsk Nickel OJSC ADR		938		23,788
MMX Mineracao e Metalicos SA*		2,634		15,757
Novolipetsk Steel OJSC GDR		504		21,501
Polyus Gold OJSC ADR		543		18,272
POSCO ADR		165		16,853
Severstal OAO GDR		1,322		23,862
Southern Copper Corp.		447		20,034
Usinas Siderurgicas de Minas Gerais SA		1,719		19,960
Vale SA ADR		591		20,584
Zhaojin Mining Industry Co. Ltd.		4,500		16,480
Zijin Mining Group Co. Ltd. — Class H		18,000		14,223
Total Metals & Mining				844,843
Multiline Retail 1.2%
Far Eastern Department Stores Co. Ltd.		15,000		26,812
Golden Eagle Retail Group Ltd.		6,000		16,470
Hyundai Department Store Co. Ltd.*		159		18,576
Lojas Americanas SA		1,979		15,836
Lojas Renner SA		537		15,532
Lotte Shopping Co. Ltd.		39		15,756
Parkson Retail Group Ltd.		12,000		20,442
Woolworths Holdings Ltd/South Africa		5,020		16,430
Total Multiline Retail				145,854
Oil, Gas & Consumable Fuels 6.2%
Adaro Energy Tbk PT		73,500		18,278
Banpu PCL		750		17,818
Bumi Resources Tbk PT		63,000		18,974
China Coal Energy Co. Ltd. Class H		12,000		17,517
China Petroleum & Chemical Corp. — Class H		24,000		26,445
China Shenhua Energy Co. Ltd. — Class H		4,500		18,270
CNOOC Ltd. ADR		87		19,371
Ecopetrol SA ADR		465		19,874
Formosa Petrochemical Corp.		6,000		19,466
Gazprom OAO ADR		840		22,226
GS Holdings		300		22,287
Indo Tambangraya Megah PT		3,000		15,351
IRPC PCL		122,400		20,007
Kunlun Energy Co. Ltd.		12,000		17,517
Lukoil OAO ADR		339		20,747
MOL Hungarian Oil and Gas PLC*		219		24,575
NovaTek OAO GDR		198		22,334
OGX Petroleo e Gas Participacoes SA*		1,617		16,630
PetroChina Co. Ltd. — Class H		18,000		24,983
Petroleo Brasileiro SA ADR		576		21,157
Polski Koncern Naftowy Orlen SA*		1,341		22,303
Polskie Gornictwo Naftowe © Gazownictwo SA		16,688		21,179
PTT Aromatics & Refining PCL		15,000		17,964
PTT Exploration & Production PCL		3,300		17,144
PTT PCL		1,800		19,518
Rosneft Oil Co. GDR		2,834		24,231
S-Oil Corp.		234		23,269
Sasol Ltd. ADR		419		20,460
SK Innovation Co. Ltd.		114		20,791
Surgutneftegas OJSC ADR		2,010		22,331
Tambang Batubara Bukit Asam Tbk PT		9,000		19,645
Tatneft ADR		606		21,543
Thai Oil PCL		8,400		18,488
Tupras Turkiye Petrol Rafinerileri AS		771		20,007
Ultrapar Participacoes SA ADR		315		19,980
Yanzhou Coal Mining Co. Ltd. — Class H		6,000		17,356
Total Oil, Gas & Consumable Fuels				730,036
Paper & Forest Products 0.9%
Duratex SA		1,640		15,681
Fibria Celulose SA ADR*		1,224		18,740
Lee & Man Paper Manufacturing Ltd.		24,000		16,625
Nine Dragons Paper Holdings Ltd.		12,000		16,963
Sappi Ltd.*		3,838		19,382
Suzano Papel e Celulose SA		2,144		18,578
Total Paper & Forest Products				105,969
Personal Products 0.5%
Amorepacific Corp.		18		17,450
Hengan International Group Co. Ltd.		1,500		11,227
Hypermarcas SA*		1,184		14,038
Natura Cosmeticos SA		696		17,760
Total Personal Products				60,475
Pharmaceuticals 0.7%
Aspen Pharmacare Holdings Ltd.*		1,425		16,909
Celltrion, Inc.*		585		18,730
China Shineway Pharmaceutical Group Ltd.		6,000		15,131
Kalbe Farma Tbk PT		49,000		15,299
Richter Gedeon Nyrt.		96		20,461
Total Pharmaceuticals				86,530
Real Estate Management & Development 3.4%
Agile Property Holdings Ltd.		12,000		17,825
BR Malls Participacoes SA		1,904		17,295
China Overseas Land & Investment Ltd.		12,000		22,659
China Resources Land Ltd.		12,000		21,643
Country Garden Holdings Co.		51,000		19,103
Evergrande Real Estate Group Ltd.		36,000		19,118
Farglory Land Development Co. Ltd.		9,000		22,472
Growthpoint Properties Ltd.		7,581		18,171
Guangzhou R&F Properties Co. Ltd.		13,200		19,404
Highwealth Construction Corp.		9,000		21,047
KWG Property Holding Ltd.		24,000		17,856
Longfor Properties Co. Ltd.		15,000		22,358
Multiplan Empreendimentos Imobiliarios SA		846		16,173
Poly Hong Kong Investments Ltd.		21,000		19,611
Renhe Commercial Holdings Co. Ltd.		102,000		17,009
Ruentex Development Co. Ltd.		12,000		18,185
Shimao Property Holdings Ltd.		13,500		20,503
Shui On Land Ltd.		37,500		18,039
Sino-Ocean Land Holdings Ltd.		31,500		20,971
Soho China Ltd.		24,000		18,933
Yuexiu Property Co. Ltd.*		66,000		16,086
Total Real Estate Management & Development				404,461
Road & Rail 0.5%
All America Latina Logistica SA		2,015		16,954

5

RYDEX MSCI EMERGING MARKETS EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued)	January 31, 2011

			Market
	Shares		Value
Evergreen International Storage & Transport Corp.		21,000	$	19,564
Localiza Rent a Car SA		1,140		17,066
Total Road & Rail				53,584
Semiconductors & Semiconductor Equipment 4.3%
Advanced Semiconductor Engineering, Inc.		18,000		22,689
Epistar Corp.		6,000		22,008
GCL Poly Energy Holdings Ltd.*		57,000		26,541
Hynix Semiconductor, Inc.*		810		21,418
Inotera Memories, Inc. ADR*		28,000		17,744
Kinsus Interconnect Technology Corp.		6,000		19,425
Macronix International		33,000		25,629
MediaTek, Inc.		2,000		27,277
Motech Industries, Inc.		6,000		24,074
Nanya Technology Corp.*		36,000		22,875
Novatek Microelectronics Corp.		6,000		19,962
Phison Electronics Corp.		3,000		19,683
Powerchip Technology Corp.*		105,000		25,278
Powertech Technology, Inc.		6,000		22,524
Realtek Semiconductor Corp.		9,000		21,202
Richtek Technology Corp.		3,000		23,454
Samsung Electronics Co. Ltd. GDR		48		20,971
Semiconductor Manufacturing International Corp.*		255,000		19,953
Seoul Semiconductor Co. Ltd.*		486		17,705
Siliconware Precision Industries Co. ADR		3,640		25,225
Sino-American Silicon Products, Inc.		6,000		24,694
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		1,742		22,768
United Microelectronics Corp. ADR		6,561		20,864
Total Semiconductors & Semiconductor Equipment				513,963
Software 0.3%
NCSoft Corp.		78		13,391
Totvs SA		189		18,297
Total Software				31,688
Specialty Retail 0.9%
Belle International Holdings Ltd.		12,000		20,534
Foschini Group Ltd.(The)		1,497		16,573
GOME Electrical Appliances Holdings Ltd.*		48,000		18,164
Grupo Elektra SA de CV		465		19,275
Hengdeli Holdings Ltd.		36,000		20,273
Truworths International Ltd.		1,841		16,356
Total Specialty Retail				111,175
Textiles, Apparel & Luxury Goods 1.2%
Anta Sports Products Ltd.		9,000		14,408
Bosideng International Holdings Ltd.		36,000		11,175
China Dongxiang Group Co.		42,000		18,318
Cia Hering		1,064		16,278
Indorama Ventures PCL		10,500		13,255
Li Ning Co. Ltd.		7,500		14,296
Pou Chen Corp.		21,000		19,998
Ruentex Industries Ltd.		6,000		14,196
Tainan Spinning Co. Ltd.		27,000		19,202
Total Textiles, Apparel & Luxury Goods				141,126
Tobacco 0.4%
Gudang Garam Tbk PT		4,500		18,526
KT&G Corp.		300		15,812
Souza Cruz SA		372		17,700
Total Tobacco				52,038
Trading Companies & Distributors 0.5%
Daewoo International Corp.		600		20,307
Samsung C&T Corp.		243		15,495
SK Networks Co. Ltd.		1,740		19,164
Total Trading Companies & Distributors				54,966
Transportation Infrastructure 1.3%
Beijing Capital International Airport Co. Ltd. — Class H		36,000		19,210
China Merchants Holdings International Co. Ltd.		6,000		26,091
Cia de Concessoes Rodoviarias		687		18,898
COSCO Pacific Ltd.		12,000		22,351
EcoRodovias Infraestrutura e Logistica SA		2,313		17,969
Grupo Aeroportuario del Pacifico SAB de CV ADR		491		19,223
PLUS Expressways BHD		13,500		19,270
Zhejiang Expressway Co. Ltd. — Class H		18,000		16,740
Total Transportation Infrastructure				159,752
Water Utilities 0.2%
Cia de Saneamento Basico do Estado de Sao Paulo ADR		414		20,522
Total Water Utilities				20,522
Wireless Telecommunication Services 2.5%
Advanced Info Service PCL		6,300		16,313
America Movil SAB de CV ADR		330		18,807
Axiata Group BHD*		12,900		20,225
China Mobile Ltd. ADR		375		18,428
Maxis BHD		11,100		19,361
Mobile Telesystems OJSC ADR		891		17,027
MTN Group Ltd.		1,095		18,758
Orascom Telecom Holding SAE GDR*		5,194		15,998
Philippine Long Distance Telephone Co. ADR		345		19,216
Sistema JSFC GDR		723		16,557
SK Telecom Co. Ltd. ADR		906		15,674
Taiwan Mobile Co. Ltd.		9,000		21,233
Tim Participacoes SA ADR		582		22,116
Turkcell Iletisim Hizmet AS ADR		1,098		16,975
Vivo Participacoes SA ADR		648		22,058
Vodacom Group Ltd.		1,994		19,440
Total Wireless Telecommunication Services				298,186
Total Common Stocks (Cost $11,041,261)				10,913,489
EXCHANGE TRADED FUNDS 7.6%
WisdomTree India Earnings Fund		38,717		897,073
Total Exchange Traded Funds (Cost $997,345)				897,073
RIGHTS 0.0%(b)
Textiles, Apparel & Luxury Goods 0.0%(b)
Indorama Ventures PCL*		1,167		77
Total Textiles, Apparel & Luxury Goods				77
Total Rights (Cost $0)				77
SHORT TERM INVESTMENTS 0.4%
SsgA Government Money Market Fund		49,183		49,183
Total Short Term Investments (Cost $49,183)				49,183

6

RYDEX MSCI EMERGING MARKETS EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)	January 31, 2011

		Market
	Shares	Value
Total Investments 100.0%(c) (Cost $12,087,789)			11,859,822
Liabilities in Excess of Other Assets — 0.0%(b)			(258	)
Net Assets — 100.0%		$	11,859,564

*	Non-Income Producing Security.
(a)	Values determined based on Level 3 inputs. (Note G)
(b)	Amount represents less than 0.05% of net assets.
(c)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. (Note G)
ADR —	American Depositary Receipt
GDR —	Global Depository Receipt
ADS —	American Depositary Share

7

RYDEX MSCI EMERGING MARKETS EQUAL WEIGHT ETF

INVESTMENT CONCENTRATION

At January 31, 2011, the investment diversification of the Portfolio was as follows:

Country	% of Net Assets
Taiwan		18.0	%
South Korea		12.9
Brazil		11.1
China		9.8
India		7.6
South Africa		6.4
Cayman Islands		5.8
Mexico		3.6
Russia		3.4
Malaysia		3.2
Hong Kong		2.9
Indonesia		2.7
Thailand		2.7
Turkey		2.1
Poland		2.0
Bermuda		1.6
Philippines		0.9
Hungary		0.8
Chile		0.7
Czech		0.6
United States		0.5
Colombia		0.4
Egypt		0.2
Peru		0.1
Total Investments		100.0	%

RYDEX MSCI ACWI EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) January 31, 2011

			Market
	Shares		Value
COMMON STOCKS 28.3%
Aerospace & Defense 0.6%
Boeing Co.(The)		26	$	1,807
General Dynamics Corp.		26		1,960
Goodrich Corp.		20		1,812
Honeywell International, Inc.		34		1,904
ITT Corp.		36		2,121
L-3 Communications Holdings, Inc.		24		1,878
Lockheed Martin Corp.		24		1,910
Northrop Grumman Corp.		26		1,802
Precision Castparts Corp.		12		1,716
Raytheon Co.		36		1,800
Rockwell Collins, Inc.		30		1,924
United Technologies Corp.		22		1,789
Total Aerospace & Defense				22,423
Air Freight & Logistics 0.2%
C.H. Robinson Worldwide, Inc.		22		1,696
Expeditors International of Washington, Inc.		32		1,621
FedEx Corp.		18		1,626
United Parcel Service, Inc. — Class B		24		1,719
Total Air Freight & Logistics				6,662
Airlines 0.1%
Delta Air Lines, Inc.*		124		1,447
Southwest Airlines Co.		126		1,493
United Continental Holdings, Inc.*		60		1,524
Total Airlines				4,464
Auto Components 0.3%
Autoliv, Inc.		22		1,690
BorgWarner, Inc.*		28		1,887
Goodyear Tire & Rubber Co.(The)*		176		2,091
Johnson Controls, Inc.		46		1,766
Magna International, Inc.		34		1,984
TRW Automotive Holdings Corp.*		36		2,148
Total Auto Components				11,566
Automobiles 0.1%
Ford Motor Co.*		104		1,659
General Motors Co.*		48		1,751
Harley-Davidson, Inc.		54		2,141
Total Automobiles				5,551
Beverages 0.3%
Brown-Forman Corp. — Class B		26		1,725
Coca-Cola Co.(The)		26		1,634
Coca-Cola Enterprises, Inc.		68		1,711
Constellation Brands, Inc. — Class A*		80		1,538
Dr Pepper Snapple Group, Inc.		46		1,630
Hansen Natural Corp.*		32		1,812
Molson Coors Brewing Co. — Class B		34		1,594
PepsiCo, Inc.		26		1,672
Total Beverages				13,316
Biotechnology 0.4%
Alexion Pharmaceuticals, Inc.*		22		1,844
Amgen, Inc.*		32		1,763
Biogen Idec, Inc.*		26		1,702
Celgene Corp.*		28		1,443
Cephalon, Inc.*		26		1,536
Genzyme Corp.*		24		1,760
Gilead Sciences, Inc.*		46		1,765
Human Genome Sciences, Inc.*		68		1,650
Vertex Pharmaceuticals, Inc.*		50		1,945
Total Biotechnology				15,408
Building Products 0.1%
Masco Corp.		154		2,051
Total Building Products				2,051
Capital Markets 0.7%
Ameriprise Financial, Inc.		32		1,973
Bank of New York Mellon Corp.		62		1,936
BlackRock, Inc.		10		1,980
Charles Schwab Corp.(The)		112		2,022
Eaton Vance Corp.		56		1,697
Franklin Resources, Inc.		14		1,689
Goldman Sachs Group, Inc.(The)		10		1,636
Invesco Ltd.		76		1,880
Jefferies Group, Inc.		68		1,701
Legg Mason, Inc.		52		1,723
Morgan Stanley		68		1,999
Northern Trust Corp.		34		1,767
SEI Investments Co.		74		1,713
State Street Corp.		38		1,775
T. Rowe Price Group, Inc.		28		1,846
TD Ameritrade Holding Corp.		100		2,042
Total Capital Markets				29,379
Chemicals 0.8%
Agrium, Inc.		20		1,768
Air Products & Chemicals, Inc.		20		1,745
Airgas, Inc.		28		1,755
Celanese Corp. — Class A		44		1,826
CF Industries Holdings, Inc.		14		1,890
Dow Chemical Co.(The)		54		1,916
Du Pont (E.I.) de Nemours & Co.		36		1,824
Eastman Chemical Co.		22		2,043
Ecolab, Inc.		34		1,689
FMC Corp.		22		1,673
International Flavors & Fragrances, Inc.		32		1,826
Lubrizol Corp.		16		1,719
Monsanto Co.		28		2,055
Mosaic Co.(The)		24		1,945
PPG Industries, Inc.		22		1,854
Praxair, Inc.		18		1,675
Sherwin-Williams Co.(The)		22		1,864
Sigma-Aldrich Corp.		26		1,655
Total Chemicals				32,722
Commercial Banks 0.8%
Bank of Montreal		28		1,616
Bank of Nova Scotia		32		1,812
BB&T Corp.		72		1,990
Canadian Imperial Bank of Commerce		22		1,677
CIT Group, Inc.*		42		2,003
Comerica, Inc.		46		1,757
Fifth Third Bancorp		142		2,112
KeyCorp		224		1,994
M&T Bank Corp.		22		1,902
Marshall & Ilsley Corp.		352		2,460
PNC Financial Services Group, Inc.		30		1,800
Regions Financial Corp.		312		2,215
Royal Bank of Canada		32		1,718
SunTrust Banks, Inc.		72		2,191
Toronto-Dominion Bank (The)		22		1,648
U.S. Bancorp		70		1,890
Wells Fargo & Co.		62		2,010
Total Commercial Banks				32,795
Commercial Services & Supplies 0.4%
Avery Dennison Corp.		44		1,852
Cintas Corp.		62		1,740

RYDEX MSCI ACWI EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) January 31, 2011

			Market
	Shares		Value
Iron Mountain, Inc.		74	$	1,805
Pitney Bowes, Inc.		76		1,845
R.R. Donnelley & Sons Co.		106		1,878
Republic Services, Inc.		60		1,850
Ritchie Bros Auctioneers, Inc.		84		2,094
Stericycle, Inc.*		22		1,727
Waste Management, Inc.		48		1,818
Total Commercial Services & Supplies				16,609
Communications Equipment 0.3%
Cisco Systems, Inc.*		86		1,819
F5 Networks, Inc.*		12		1,301
Harris Corp.		38		1,768
Juniper Networks, Inc.*		48		1,782
Motorola Solutions, Inc.*		50		1,938
QUALCOMM, Inc.		36		1,949
Total Communications Equipment				10,557
Computers & Peripherals 0.4%
Apple, Inc.*		6		2,036
Dell, Inc.*		128		1,685
EMC Corp.*		78		1,941
Hewlett-Packard Co.		40		1,828
NetApp, Inc.*		32		1,751
SanDisk Corp.*		38		1,724
Seagate Technology PLC*		126		1,764
Western Digital Corp.*		50		1,701
Total Computers & Peripherals				14,430
Construction & Engineering 0.3%
Fluor Corp.		28		1,937
Foster Wheeler AG*		60		2,209
Jacobs Engineering Group, Inc.*		44		2,260
KBR, Inc.		62		1,990
Quanta Services, Inc.*		94		2,231
URS Corp.*		42		1,867
Total Construction & Engineering				12,494
Construction Materials 0.1%
Martin Marietta Materials, Inc.		20		1,670
Vulcan Materials Co.		42		1,788
Total Construction Materials				3,458
Consumer Finance 0.2%
American Express Co.		38		1,649
Capital One Financial Corp.		44		2,119
Discover Financial Services		92		1,894
SLM Corp.*		146		2,104
Total Consumer Finance				7,766
Containers & Packaging 0.2%
Ball Corp.		26		1,849
Crown Holdings, Inc.*		54		1,802
Owens-Illinois, Inc.*		62		1,828
Sealed Air Corp.		72		1,922
Total Containers & Packaging				7,401
Distributors 0.0%(a)
Genuine Parts Co.		34		1,759
Total Distributors				1,759
Diversified Consumer Services 0.1%
Apollo Group, Inc. — Class A*		48		1,981
DeVry, Inc.		38		1,980
H&R Block, Inc.		134		1,678
Total Diversified Consumer Services				5,639
Diversified Financial Services 0.4%
Bank of America Corp.		154		2,114
Citigroup, Inc.*		400		1,928
CME Group, Inc.		6		1,851
IntercontinentalExchange, Inc.*		14		1,687
JPMorgan Chase & Co.		44		1,977
Leucadia National Corp.		64		2,081
Moody’s Corp.		62		1,821
Nasdaq OMX Group (The)*		78		1,910
NYSE Euronext		60		1,909
Total Diversified Financial Services				17,278
Diversified Telecommunication Services 0.3%
AT&T, Inc.		60		1,651
BCE, Inc.		50		1,817
CenturyTel, Inc.		38		1,643
Frontier Communications Corp.		184		1,687
Qwest Communications International, Inc.		240		1,711
TELUS Corp.		38		1,806
Verizon Communications, Inc.		52		1,852
Windstream Corp.		130		1,665
Total Diversified Telecommunication Services				13,832
Electric Utilities 0.6%
Allegheny Energy, Inc.		72		1,856
American Electric Power Co., Inc.		46		1,641
Duke Energy Corp.		94		1,681
Edison International		46		1,669
Entergy Corp.		24		1,732
Exelon Corp.		42		1,785
FirstEnergy Corp.		48		1,878
NextEra Energy, Inc.		32		1,711
Northeast Utilities		54		1,778
Pepco Holdings, Inc.		90		1,671
Pinnacle West Capital Corp.		42		1,710
PPL Corp.		66		1,702
Progress Energy, Inc.		38		1,707
Southern Co.		44		1,655
Total Electric Utilities				24,176
Electrical Equipment 0.2%
AMETEK, Inc.		42		1,713
Cooper Industries PLC		30		1,838
Emerson Electric Co.		30		1,766
Rockwell Automation, Inc.		26		2,106
Roper Industries, Inc.		22		1,709
Total Electrical Equipment				9,132
Electronic Equipment, Instruments & Components 0.4%
Amphenol Corp. — Class A		34		1,882
Arrow Electronics, Inc.*		54		2,041
Avnet, Inc.*		54		1,923
Corning, Inc.		94		2,088
Dolby Laboratories, Inc. — Class A*		26		1,552
Flextronics International Ltd.*		232		1,854
FLIR Systems, Inc.*		62		1,925
Tyco Electronics Ltd.		54		1,956
Total Electronic Equipment, Instruments & Components				15,221
Energy Equipment & Services 0.7%
Baker Hughes, Inc.		32		2,192
Cameron International Corp.*		34		1,812
Diamond Offshore Drilling, Inc.		26		1,865
FMC Technologies, Inc.*		20		1,880
Halliburton Co.		44		1,980
Helmerich & Payne, Inc.		36		2,114
IHS, Inc. — Class A*		24		1,967
Nabors Industries, Ltd.*		76		1,854
National-Oilwell Varco, Inc.		28		2,069
Noble Corp.		50		1,913
Pride International, Inc.*		54		1,755
Rowan Cos., Inc.*		56		1,920

2

RYDEX MSCI ACWI EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) January 31, 2011

			Market
	Shares		Value
Schlumberger, Ltd.		22	$	1,958
Weatherford International Ltd.*		82		1,945
Total Energy Equipment & Services				27,224
Food & Staples Retailing 0.3%
Costco Wholesale Corp.		24		1,724
CVS Caremark Corp.		54		1,847
Kroger Co.(The)		70		1,498
Safeway, Inc.		72		1,490
Sysco Corp.		58		1,690
Wal-Mart Stores, Inc.		30		1,682
Walgreen Co.		48		1,941
Whole Foods Market, Inc.		36		1,862
Total Food & Staples Retailing				13,734
Food Products 0.7%
Archer-Daniels-Midland Co.		58		1,895
Bunge Ltd.		28		1,906
Campbell Soup Co.		50		1,707
ConAgra Foods, Inc.		78		1,742
General Mills, Inc.		48		1,669
H.J. Heinz Co.		34		1,615
Hershey Co.(The)		36		1,681
Hormel Foods Corp.		34		1,679
J.M. Smucker Co.(The)		26		1,616
Kellogg Co.		34		1,710
Kraft Foods, Inc. — Class A		56		1,712
McCormick & Co., Inc.		38		1,680
Mead Johnson Nutrition Co.		28		1,623
Ralcorp Holdings, Inc.*		26		1,591
Sara Lee Corp.		112		1,901
Tyson Foods, Inc. — Class A		106		1,744
Total Food Products				27,471
Gas Utilities 0.1%
Energen Corp.		38		2,124
Oneok, Inc.		32		1,885
Total Gas Utilities				4,009
Health Care Equipment & Supplies 0.8%
Baxter International, Inc.		34		1,649
Beckman Coulter, Inc.		30		2,160
Becton, Dickinson & Co.		22		1,825
Boston Scientific Corp.*		262		1,829
C.R. Bard, Inc.		20		1,887
CareFusion Corp.*		72		1,853
Covidien PLC		40		1,899
Dentsply International, Inc.		54		1,916
Edwards Lifesciences Corp.*		26		2,191
Hologic, Inc.*		102		2,032
Intuitive Surgical, Inc.*		6		1,937
Medtronic, Inc.		50		1,916
St Jude Medical, Inc.*		44		1,782
Stryker Corp.		34		1,957
Varian Medical Systems, Inc.*		26		1,757
Zimmer Holdings, Inc.*		34		2,011
Total Health Care Equipment & Supplies				30,601
Health Care Providers & Services 0.8%
Aetna, Inc.		56		1,845
AmerisourceBergen Corp.		54		1,936
Cardinal Health, Inc.		46		1,909
CIGNA Corp.		46		1,933
Coventry Health Care, Inc.*		66		1,978
DaVita, Inc.*		22		1,625
Express Scripts, Inc.*		32		1,803
Henry Schein, Inc.*		28		1,839
Humana, Inc.*		30		1,739
Laboratory Corp. of America Holdings*		20		1,798
McKesson Corp.		26		1,954
Medco Health Solutions, Inc.*		28		1,709
Omnicare, Inc.		72		1,866
Patterson Cos., Inc.		56		1,851
Quest Diagnostics, Inc.		34		1,936
UnitedHealth Group, Inc.		46		1,888
WellPoint, Inc.*		30		1,864
Total Health Care Providers & Services				31,473
Health Care Technology 0.0%(a)
Cerner Corp.*		18		1,779
Total Health Care Technology				1,779
Hotels, Restaurants & Leisure 0.6%
Carnival Corp.		40		1,788
Chipotle Mexican Grill, Inc. — Class A*		6		1,313
Darden Restaurants, Inc.		34		1,602
International Game Technology		110		1,889
Las Vegas Sands Corp.*		34		1,581
Marriott International, Inc. — Class A		42		1,659
McDonald’s Corp.		22		1,621
MGM Resorts International*		138		2,046
Royal Caribbean Cruises Ltd.*		42		1,886
Starbucks Corp.		54		1,703
Starwood Hotels & Resorts Worldwide, Inc.		30		1,769
Tim Hortons, Inc.		42		1,721
Wynn Resorts Ltd.		16		1,861
Yum! Brands, Inc.		34		1,590
Total Hotels, Restaurants & Leisure				24,029
Household Durables 0.5%
D.R. Horton, Inc.		168		2,082
Fortune Brands, Inc.		28		1,727
Garmin Ltd.		58		1,788
Leggett & Platt, Inc.		80		1,802
Mohawk Industries, Inc.*		32		1,778
Newell Rubbermaid, Inc.		100		1,925
Pulte Homes, Inc.*		268		2,114
Stanley Black & Decker, Inc.		28		2,035
Toll Brothers, Inc.*		92		1,862
Whirlpool Corp.		22		1,881
Total Household Durables				18,994
Household Products 0.3%
Church & Dwight Co., Inc.		26		1,789
Clorox Co.		26		1,635
Colgate-Palmolive Co.		22		1,689
Energizer Holdings, Inc.*		24		1,746
Kimberly-Clark Corp.		26		1,683
Procter & Gamble Co.		28		1,768
Total Household Products				10,310
Independent Power Producers & Energy Traders 0.2%
AES Corp.(The)*		156		1,934
Calpine Corp.*		140		1,998
Constellation Energy Group, Inc.		58		1,870
NRG Energy, Inc.*		86		1,785
Total Independent Power Producers & Energy Traders				7,587
Industrial Conglomerates 0.2%
3M Co.		20		1,758
General Electric Co.		106		2,135
Textron, Inc.		74		1,945
Tyco International Ltd.		44		1,973
Total Industrial Conglomerates				7,811
Insurance 1.6%
ACE Ltd.		28		1,725
AFLAC, Inc.		32		1,843

3

RYDEX MSCI ACWI EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) January 31, 2011

			Market
	Shares		Value
Allstate Corp.		58	$	1,806
American International Group, Inc.*		40		1,614
Aon Corp.		42		1,921
Arch Capital Group Ltd.*		18		1,589
Assurant, Inc.		48		1,883
Axis Capital Holdings Ltd.		48		1,708
Berkshire Hathaway, Inc. — Class B*		20		1,635
Chubb Corp.		30		1,738
Cincinnati Financial Corp.		56		1,794
Everest Re Group Ltd.		20		1,686
Fidelity National Financial, Inc. — Class A		126		1,695
Genworth Financial, Inc. — Class A*		144		1,954
Hartford Financial Services Group, Inc.		74		2,056
Lincoln National Corp.		70		2,019
Loews Corp.		44		1,762
Manulife Financial Corp.		122		2,128
Marsh & McLennan Cos., Inc.		66		1,840
MetLife, Inc.		44		2,014
Old Republic International Corp.		134		1,639
PartnerRe Ltd.		22		1,801
Principal Financial Group, Inc.		62		2,032
Progressive Corp.		82		1,624
Prudential Financial, Inc.		32		1,968
RenaissanceRe Holdings Ltd.		28		1,837
Sun Life Financial, Inc.		62		1,953
Torchmark Corp.		28		1,744
Transatlantic Holdings, Inc.		32		1,646
Travelers Cos., Inc.(The)		30		1,688
Unum Group		78		1,945
Validus Holdings, Ltd.		56		1,702
W.R. Berkley Corp.		62		1,752
Willis Group Holdings PLC		52		1,954
XL Group PLC		84		1,925
Total Insurance				63,620
Internet & Catalog Retail 0.2%
Amazon.com, Inc.*		10		1,696
Expedia, Inc.		64		1,610
Liberty Media Corp. — Interactive — Class A — Tracking Stock*		110		1,743
Netflix, Inc.*		8		1,713
Priceline.com, Inc.*		4		1,714
Total Internet & Catalog Retail				8,476
Internet Software & Services 0.2%
Akamai Technologies, Inc.*		32		1,546
eBay, Inc.*		58		1,761
Google, Inc. — Class A*		2		1,201
Open Text Corp.*		40		1,975
VeriSign, Inc.		48		1,615
Yahoo!, Inc.*		106		1,709
Total Internet Software & Services				9,807
IT Services 0.7%
Accenture PLC — Class A		38		1,956
Alliance Data Systems Corp.*		26		1,839
Automatic Data Processing, Inc.		38		1,820
Cognizant Technology Solutions Corp. — Class A*		26		1,897
Computer Sciences Corp.		38		2,025
Fidelity National Information Services, Inc.		62		1,887
Fiserv, Inc.*		30		1,853
International Business Machines Corp.		12		1,944
Lender Processing Services, Inc.		54		1,714
Mastercard, Inc. — Class A		8		1,892
Paychex, Inc.		58		1,856
SAIC, Inc.*		110		1,823
Teradata Corp.*		40		1,719
Total System Services, Inc.		112		1,950
Visa, Inc. — Class A		22		1,537
Western Union Co.		94		1,906
Total IT Services				29,618
Leisure Equipment & Products 0.1%
Hasbro, Inc.		34		1,499
Mattel, Inc.		64		1,516
Total Leisure Equipment & Products				3,015
Life Sciences Tools & Services 0.3%
Agilent Technologies, Inc.*		48		2,008
Covance, Inc.*		38		2,142
Illumina, Inc.*		28		1,941
Life Technologies Corp.*		34		1,846
Pharmaceutical Product Development, Inc.		66		1,923
Thermo Fisher Scientific, Inc.*		32		1,833
Waters Corp.*		22		1,681
Total Life Sciences Tools & Services				13,374
Machinery 0.8%
AGCO Corp.*		36		1,825
Bucyrus International, Inc. — Class A		18		1,634
Caterpillar, Inc.		20		1,940
Cummins, Inc.		18		1,906
Danaher Corp.		38		1,750
Deere & Co.		22		2,000
Dover Corp.		30		1,923
Eaton Corp.		18		1,943
Flowserve Corp.		16		2,000
Illinois Tool Works, Inc.		34		1,819
Ingersoll-Rand PLC		40		1,888
Joy Global, Inc.		22		1,918
PACCAR, Inc.		30		1,695
Pall Corp.		36		1,995
Parker-Hannifin Corp.		20		1,788
Pentair, Inc.		50		1,808
SPX Corp.		26		2,038
Total Machinery				31,870
Media 0.8%
Cablevision Systems Corp. — Class A		52		1,760
CBS Corp. — Class B		98		1,943
Comcast Corp. — Class A		84		1,911
DIRECTV — Class A*		40		1,696
Discovery Communications, Inc. — Class A*		40		1,560
DISH Network Corp. Class A*		90		1,900
Interpublic Group of Cos., Inc.*		158		1,689
Liberty Global, Inc. — Class A*		48		1,947
McGraw-Hill Cos., Inc.		48		1,871
News Corp.		112		1,857
Omnicom Group, Inc.		36		1,616
Scripps Networks Interactive — Class A		32		1,488
Time Warner Cable, Inc.		28		1,899
Time Warner, Inc.		56		1,761
Viacom, Inc. — Class B		44		1,828
Virgin Media, Inc.		66		1,661
Walt Disney Co.(The)		46		1,788
Washington Post Co. — Class B		4		1,713
Total Media				31,888
Metals & Mining 0.8%
Agnico-Eagle Mines Ltd.		20		1,369
Alcoa, Inc.		128		2,121
Allegheny Technologies, Inc.		32		2,086
Barrick Gold Corp.		32		1,520
Cliffs Natural Resources, Inc.		24		2,051
Eldorado Gold Corp.		96		1,547

4

RYDEX MSCI ACWI EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) January 31, 2011

			Market
	Shares		Value
Freeport-McMoRan Copper & Gold, Inc.		16	$	1,740
Goldcorp, Inc.		36		1,448
IAMGOLD Corp.		102		1,940
Ivanhoe Mines Ltd.*		68		1,879
Kinross Gold Corp.		96		1,597
Newmont Mining Corp.		28		1,542
Nucor Corp.		44		2,020
Pan American Silver Corp.		44		1,444
Silver Wheaton Corp.*		46		1,417
Teck Resources Ltd. — Class A		34		2,060
United States Steel Corp.		34		1,961
Yamana Gold, Inc.		144		1,627
Total Metals & Mining				31,369
Multi-Utilities 0.7%
Alliant Energy Corp.		46		1,709
Ameren Corp.		58		1,646
CenterPoint Energy, Inc.		106		1,712
Consolidated Edison, Inc.		34		1,697
Dominion Resources, Inc.		40		1,742
DTE Energy Co.		38		1,758
Integrys Energy Group, Inc.		34		1,618
MDU Resources Group, Inc.		82		1,741
NiSource, Inc.		100		1,862
NSTAR		40		1,735
PG&E Corp.		36		1,666
Public Service Enterprise Group, Inc.		54		1,751
SCANA Corp.		40		1,691
Sempra Energy		34		1,770
Wisconsin Energy Corp.		28		1,688
Xcel Energy, Inc.		70		1,650
Total Multi-Utilities				27,436
Multiline Retail 0.4%
Dollar General Corp.*		50		1,391
Dollar Tree, Inc.*		30		1,517
Family Dollar Stores, Inc.		34		1,444
J.C. Penney Co., Inc.		50		1,603
Kohl’s Corp.*		30		1,523
Macy’s, Inc.		64		1,482
Nordstrom, Inc.		38		1,565
Sears Holdings Corp.*		26		1,960
Target Corp.		30		1,645
Total Multiline Retail				14,130
Office Electronics 0.0%(a)
Xerox Corp.		148		1,572
Total Office Electronics				1,572
Oil, Gas & Consumable Fuels 2.2%
Alpha Natural Resources, Inc.*		34		1,827
Anadarko Petroleum Corp.		26		2,004
Apache Corp.		16		1,910
Arch Coal, Inc.		58		1,987
Cabot Oil & Gas Corp.		48		1,998
Cameco Corp.		46		1,908
Canadian Natural Resources Ltd.		44		1,959
Cenovus Energy, Inc.		58		2,007
Chesapeake Energy Corp.		78		2,303
Chevron Corp.		20		1,899
Cimarex Energy Co.		20		2,083
Concho Resources, Inc.*		20		1,925
ConocoPhillips		28		2,001
CONSOL Energy, Inc.		40		1,988
Denbury Resources, Inc.*		92		1,872
Devon Energy Corp.		24		2,129
El Paso Corp.		126		2,001
Enbridge, Inc.		30		1,738
Encana Corp.		60		1,936
EOG Resources, Inc.		18		1,915
EQT Corp.		42		2,024
Exxon Mobil Corp.		24		1,936
Hess Corp.		24		2,019
Kinder Morgan Management LLC*		26		1,695
Marathon Oil Corp.		50		2,285
Murphy Oil Corp.		24		1,591
Newfield Exploration Co.*		24		1,756
Nexen, Inc.		80		2,012
Noble Energy, Inc.		20		1,822
Occidental Petroleum Corp.		18		1,740
Peabody Energy Corp.		28		1,776
PetroHawk Energy Corp.*		94		1,885
Pioneer Natural Resources Co.		20		1,903
Plains Exploration & Production Co.*		58		2,053
QEP Resources, Inc.		48		1,951
Range Resources Corp.		40		1,995
Southwestern Energy Co.*		46		1,817
Spectra Energy Corp.		70		1,836
Suncor Energy, Inc.		50		2,075
Sunoco, Inc.		42		1,783
Talisman Energy, Inc.		86		1,971
TransCanada Corp.		48		1,754
Ultra Petroleum Corp.*		36		1,718
Valero Energy Corp.		86		2,181
Williams Cos., Inc.(The)		72		1,943
Total Oil, Gas & Consumable Fuels				86,911
Paper & Forest Products 0.1%
International Paper Co.		66		1,906
MeadWestvaco Corp.		68		1,947
Total Paper & Forest Products				3,853
Personal Products 0.1%
Avon Products, Inc.		58		1,642
Estee Lauder Cos., Inc. — Class A		22		1,771
Total Personal Products				3,413
Pharmaceuticals 0.6%
Abbott Laboratories		36		1,626
Allergan, Inc.		26		1,836
Bristol-Myers Squibb Co.		66		1,662
Eli Lilly & Co.		50		1,738
Forest Laboratories, Inc.*		52		1,677
Hospira, Inc.*		30		1,657
Johnson & Johnson, Inc.		28		1,674
Merck & Co., Inc.		48		1,592
Mylan, Inc.*		86		1,992
Perrigo Co.		28		2,037
Pfizer, Inc.		102		1,858
Valeant Pharmaceuticals International, Inc.		64		2,338
Warner Chilcott PLC — Class A		88		2,111
Watson Pharmaceuticals, Inc.*		34		1,854
Total Pharmaceuticals				25,652
Professional Services 0.2%
Dun & Bradstreet Corp.		22		1,869
Equifax, Inc.		48		1,714
Manpower, Inc.		30		1,937
Robert Half International, Inc.		60		1,882
Verisk Analytics, Inc. — Class A*		54		1,827
Total Professional Services				9,229
Real Estate Investment Trusts (REITs) 1.1%
AMB Property Corp.		58		1,946
Annaly Capital Management, Inc.		92		1,640
AvalonBay Communities, Inc.		16		1,855
Boston Properties, Inc.		20		1,887

5

RYDEX MSCI ACWI EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (continued) January 31, 2011

			Market
	Shares		Value
Duke Realty Corp.		152	$	2,082
Equity Residential		34		1,842
Federal Realty Investment Trust		22		1,769
General Growth Properties, Inc.*		102		1,511
HCP, Inc.		50		1,854
Health Care REIT, Inc.		36		1,767
Host Hotels & Resorts, Inc.		102		1,888
Kimco Realty Corp.		100		1,809
Liberty Property Trust		54		1,878
Macerich Co.(The)		36		1,752
Plum Creek Timber Co., Inc.		46		1,926
ProLogis		130		1,940
Public Storage, Inc.		18		1,962
Rayonier, Inc.		32		1,895
Regency Centers Corp.		40		1,724
Simon Property Group, Inc.		16		1,623
Ventas, Inc.		32		1,775
Vornado Realty Trust		20		1,762
Weyerhaeuser Co.		100		2,318
Total Real Estate Investment Trusts (REITs)				42,405
Real Estate Management & Development 0.1%
Brookfield Asset Management, Inc. — Class A		56		1,827
CB Richard Ellis Group, Inc. — Class A*		86		1,909
Total Real Estate Management & Development				3,736
Road & Rail 0.3%
Canadian National Railway Co.		26		1,766
Canadian Pacific Railway Ltd.		26		1,745
CSX Corp.		28		1,977
J.B. Hunt Transport Services, Inc.		46		1,886
Norfolk Southern Corp.		28		1,713
Union Pacific Corp.		18		1,703
Total Road & Rail				10,790
Semiconductors & Semiconductor Equipment 1.0%
Advanced Micro Devices, Inc.*		230		1,801
Altera Corp.		48		1,803
Analog Devices, Inc.		46		1,786
Applied Materials, Inc.		136		2,134
Avago Technologies Ltd.		64		1,838
Broadcom Corp. — Class A		38		1,713
Cree, Inc.*		26		1,313
First Solar, Inc.*		14		2,164
Intel Corp.		78		1,674
KLA-Tencor Corp.		46		2,028
Lam Research Corp.*		36		1,796
Linear Technology Corp.		52		1,809
LSI Corp.*		292		1,808
Marvell Technology Group Ltd.*		86		1,635
Maxim Integrated Products, Inc.		72		1,859
MEMC Electronic Materials, Inc.*		146		1,619
Microchip Technology, Inc.		50		1,824
Micron Technology, Inc.*		232		2,445
National Semiconductor Corp.		126		1,910
NVIDIA Corp.*		124		2,966
Texas Instruments, Inc.		52		1,763
Xilinx, Inc.		62		1,996
Total Semiconductors & Semiconductor Equipment				41,684
Software 0.8%
Activision Blizzard, Inc.		144		1,626
Adobe Systems, Inc.*		60		1,983
Autodesk, Inc.*		48		1,953
BMC Software, Inc.*		38		1,813
CA, Inc.		72		1,714
Citrix Systems, Inc.*		26		1,643
Electronic Arts, Inc.*		114		1,777
Intuit, Inc.*		38		1,783
McAfee, Inc.*		36		1,724
Microsoft Corp.		66		1,830
Nuance Communications, Inc.*		94		1,911
Oracle Corp.		62		1,986
Red Hat, Inc.*		38		1,570
Salesforce.com, Inc.*		12		1,550
Symantec Corp.*		100		1,761
Synopsys, Inc.*		64		1,736
VMware, Inc. — Class A*		20		1,710
Total Software				30,070
Specialty Retail 0.8%
Abercrombie & Fitch Co. — Class A		34		1,714
Advance Auto Parts, Inc.		26		1,662
American Eagle Outfitters, Inc.		100		1,446
AutoZone, Inc.*		6		1,521
Bed Bath & Beyond, Inc.*		38		1,824
Best Buy Co., Inc.		38		1,292
CarMax, Inc.*		50		1,633
GameStop Corp. — Class A*		84		1,770
Gap, Inc.(The)		78		1,503
Home Depot, Inc.		56		2,059
Limited Brands, Inc.		50		1,462
Lowe’s Cos., Inc.		74		1,835
O’Reilly Automotive, Inc.*		28		1,591
PetSmart, Inc.		44		1,771
Ross Stores, Inc.		26		1,695
Staples, Inc.		76		1,696
Tiffany & Co.		26		1,511
TJX Cos., Inc.		36		1,706
Urban Outfitters, Inc.*		44		1,488
Total Specialty Retail				31,179
Textiles, Apparel & Luxury Goods 0.2%
Coach, Inc.		30		1,623
Gildan Activewear, Inc.*		56		1,647
NIKE, Inc. — Class B		20		1,650
Polo Ralph Lauren Corp.		16		1,715
V.F. Corp.		20		1,654
Total Textiles, Apparel & Luxury Goods				8,289
Thrifts & Mortgage Finance 0.1%
Hudson City Bancorp, Inc.		148		1,625
New York Community Bancorp, Inc.		100		1,832
People’s United Financial, Inc.		136		1,756
Total Thrifts & Mortgage Finance				5,213
Tobacco 0.2%
Altria Group, Inc.		70		1,645
Lorillard, Inc.		20		1,505
Philip Morris International, Inc.		30		1,717
Reynolds American, Inc.		54		1,718
Total Tobacco				6,585
Trading Companies & Distributors 0.1%
Fastenal Co.		32		1,858
W.W. Grainger, Inc.		14		1,840
Total Trading Companies & Distributors				3,698
Water Utilities 0.0%(a)
American Water Works Co, Inc.		68		1,734
Total Water Utilities				1,734
Wireless Telecommunication Services 0.3%
American Tower Corp. — Class A*		32		1,628
Crown Castle International Corp.*		40		1,687
MetroPCS Communications, Inc.*		140		1,810
NII Holdings, Inc.*		42		1,763

6

RYDEX MSCI ACWI EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (concluded) January 31, 2011

			Market
	Shares		Value
Rogers Communications, Inc.		46	$	1,606
SBA Communications Corp. — Class A*		42		1,714
Sprint Nextel Corp.*		444		2,007
Telephone & Data Systems, Inc.		46		1,644
Total Wireless Telecommunication Services				13,859
Total Common Stocks (Cost $1,119,806)				1,135,586
EXCHANGE TRADED FUNDS 71.3%
Rydex MSCI EAFE Equal Weight ETF†		37,750		1,628,163
Rydex MSCI Emerging Markets Equal Weight ETF†		31,188		1,228,495
Total Exchange Traded Funds (Cost $2,855,474)				2,856,658
SHORT TERM INVESTMENTS 0.4%
SSgA Government Money Market Fund		15,500		15,500
Total Short Term Investments (Cost $15,500)				15,500
Total Investments 100.0%(b) (Cost $3,990,780)				4,007,744
Other Assets in Excess of Liabilities — 0.0%(a)				464
Net Assets — 100.0%			$	4,008,208

*	Non-Income Producing Security.
†	Investment in an affiliated issuer
(a)	Amount represents less than 0.05% of net assets.
(b)	Unless otherwise indicated, the values of the Portfolio are determined based on Level 1 inputs. (Note G)

Tracking Stock — A security issued by a parent company that tracks the performance of a particular division.

7

RYDEX MSCI ACWI EQUAL WEIGHT ETF

INVESTMENT CONCENTRATION

At January 31, 2011, the investment diversification of the Portfolio was as follows:

Country	% of Net Assets
International		71.3	%
United States		25.3
Canada		1.7
Ireland		0.6
Switzerland		0.4
Bermuda		0.3
Liberia		0.1
Netherlands Antilles		0.1
Panama		0.1
Singapore		0.1
Total Investments		100.0	%

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) January 31, 2011

For information on other significant accounting policies, please refer to the Fund’s most recent semiannual or annual shareholder report.

Significant Accounting Policies

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

A. 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 (“NYSE”) 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 Net Asset Value per share (NAV).

Investments for which market quotations are not readily are fair valued as determine in good faith by Security Global Investors, an affiliated entity, 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 instruments, 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 contacts and other derivative investments trade in the cash market, and (iii) other information and considerations, including current values in related-markets.

The value of futures contracts purchased and sold by the Trust is accounted for using the unrealized gain or loss on the contracts that is determined by marking the contracts to their current realized settlement prices. Financial futures contracts are valued at the last quoted sales price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the Official Settlement Price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.

The value of domestic equity index swap agreements entered into by a Fund is accounted for using the unrealized gain or loss on the agreements that is determined by marking the agreements to the last quoted value of the index that the swap pertains to at the close of the NYSE. The swap’s market value is then adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreements.

Debt securities with a maturity greater than 60 days are valued at the last traded fill price at the close of business, unless no trades were executed. If there are no trades, a security is valued at the reported bid price, at the close of business. Short-term debt securities, with a maturity of 60 days or less are valued at amortized cost, which approximates market value.

B. Security transactions are recorded on the trade date for financial reporting purposes. 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. Distributions received from investments in REITs are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distribution by the issuer.

C. Distributions of net investment income and net realized capital gains in the Funds, if any, are declared at least annually and are recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. generally accepted accounting principles. These differences are primarily due to differing treatments for items such as derivatives, losses deferred due to wash sales and post-October losses, and excise tax regulations. Net investment income and loss, net realized gains and losses, and net assets are not affected by these differences.

D. The Rydex 2x S&P 500 ETF and Rydex Inverse 2x S&P 500 ETF utilized stock index futures contracts for liquidity and to gain exposure to the Underlying Index. 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

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (continued) January 31, 2011

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. Since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default, there is minimal counterparty credit risk to the Funds.

E. The Rydex 2x S&P 500 ETF and Rydex Inverse 2x S&P 500 ETF utilized domestic equity index swap agreements for liquidity and to gain exposure to the Underlying Index, 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. Since swaps are not exchange-traded, there is an element of counterparty credit risk to the Funds. The risk is managed through the terms of the swap contracts which include trigger points to terminate the current contract based on pre-determined thresholds and limit the amount of potential loss. Although the Trust will not enter into any swap agreement unless Security Global Investors 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. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Trust does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain and loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized exchange gains and losses arise from changes in the fair values of assets and liabilities other than investments in securities at the fiscal period end, resulting from changes in exchange rates.

G. In accordance with U.S. generally accepted accounting principles, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. A three-tier hierarchy is utilized to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. The inputs are summarized in three broad levels listed below:

Level 1 — quoted prices in active markets for identical securities. The types of assets and liabilities carried at Level 1 fair value generally are government and agency securities, equities listed in active markets and stock index futures.

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). The types of assets and liabilities carried at Level 2 fair value generally are domestic equity index swaps and short term securities with maturities of 60 days or less, including repurchase agreements.

Level 3 — significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).

Transfers between investment Levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (continued) January 31, 2011

The following table summarizes the inputs used to value the Funds’ net assets as of January 31, 2011:

			Level 1				Level 2
	Level 1		Other		Level 2		Other		Level 3
	Investments in		Financial		Investments		Financial		Investments
Fund	Securities		Instruments		in Securities		Instruments		in Securities		Total
Assets
Rydex S&P Equal Weight ETF	$	3,347,975,326	$	—	$	—	$	—	$	—	$	3,347,975,326
Rydex Russell Top 50 ETF		367,184,963		—		—		—		—		367,184,963
Rydex S&P 500 Pure Value ETF		72,125,903		—		—		—		—		72,125,903
Rydex S&P 500 Pure Growth ETF		209,273,612		—		—		—		—		209,273,612
Rydex S&P MidCap 400 Pure Value ETF		52,181,142		—		—		—		—		52,181,142
Rydex S&P MidCap 400 Pure Growth ETF		490,760,035		—		—		—		—		490,760,035
Rydex S&P SmallCap 600 Pure Value ETF		103,770,456		—		—		—		—		103,770,456
Rydex S&P SmallCap 600 Pure Growth ETF		26,269,908		—		—		—		—		26,269,908
Rydex S&P Equal Weight Consumer Discretionary ETF		27,244,699		—		—		—		—		27,244,699
Rydex S&P Equal Weight Consumer Staples ETF		13,920,037		—		—		—		—		13,920,037
Rydex S&P Equal Weight Energy ETF		27,040,447		—		—		—		—		27,040,447
Rydex S&P Equal Weight Financials ETF		19,974,500		—		—		—		—		19,974,500
Rydex S&P Equal Weight Health Care ETF		58,061,207		—		—		—		—		58,061,207
Rydex S&P Equal Weight Industrials ETF		50,327,497		—		—		—		—		50,327,497
Rydex S&P Equal Weight Materials ETF		44,791,492		—		—		—		—		44,791,492
Rydex S&P Equal Weight Technology ETF		111,850,913		—		—		—		—		111,850,913
Rydex S&P Equal Weight Utilities ETF		20,552,311		—		—		—		—		20,552,311
Rydex 2x S&P 500 ETF		77,042,439		1,156,489		4,009,000		—		—		82,207,928
Rydex Inverse 2x S&P 500 ETF		—		—		41,619,000		1,021,817		—		42,640,817
Rydex Russell Midcap® Equal Weight ETF		6,345,891		—		—		—		—		6,345,891
Rydex Russell 1000® Equal Weight ETF		7,922,709		—		—		—		—		7,922,709
Rydex Russell 2000® Equal Weight ETF		6,260,675		—		71		—		—		6,260,746
Rydex MSCI EAFE Equal Weight ETF		17,033,182		—		—		—		—		17,033,182
Rydex MSCI Emerging Markets Equal Weight ETF		11,829,590		—		—		—		30,232		11,859,822
Rydex MSCI ACWI Equal Weight ETF		4,007,744		—		—		—		—		4,007,744
Liabilities
Rydex S&P Equal Weight ETF		—		—		—		—		—		—
Rydex Russell Top 50 ETF		—		—		—		—		—		—
Rydex S&P 500 Pure Value ETF		—		—		—		—		—		—
Rydex S&P 500 Pure Growth ETF		—		—		—		—		—		—
Rydex S&P MidCap 400 Pure Value ETF		—		—		—		—		—		—
Rydex S&P MidCap 400 Pure Growth ETF		—		—		—		—		—		—
Rydex S&P SmallCap 600 Pure Value ETF		—		—		—		—		—		—
Rydex S&P SmallCap 600 Pure Growth ETF		—		—		—		—		—		—
Rydex S&P Equal Weight Consumer Discretionary ETF		—		—		—		—		—		—
Rydex S&P Equal Weight Consumer Staples ETF		—		—		—		—		—		—
Rydex S&P Equal Weight Energy ETF		—		—		—		—		—		—
Rydex S&P Equal Weight Financials ETF		—		—		—		—		—		—
Rydex S&P Equal Weight Health Care ETF		—		—		—		—		—		—
Rydex S&P Equal Weight Industrials ETF		—		—		—		—		—		—
Rydex S&P Equal Weight Materials ETF		—		—		—		—		—		—

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (continued) January 31, 2011

			Level 1				Level 2
	Level 1		Other		Level 2		Other		Level 3
	Investments in		Financial		Investments		Financial		Investments
Fund	Securities		Instruments		in Securities		Instruments		in Securities		Total
Rydex S&P Equal Weight Technology ETF		—		—		—		—		—		—
Rydex S&P Equal Weight Utilities ETF		—		—		—		—		—		—
Rydex 2x S&P 500 ETF		—		—		—		808,485		—		808,485
Rydex Inverse 2x S&P 500 ETF		—		263,375		—		—		—		263,375
Rydex Russell Midcap® Equal Weight ETF		—		—		—		—		—		—
Rydex Russell 1000® Equal Weight ETF		—		—		—		—		—		—
Rydex Russell 2000® Equal Weight ETF		—		—		—		—		—		—
Rydex MSCI EAFE Equal Weight ETF		—		—		—		—		—		—
Rydex MSCI Emerging Markets Equal Weight ETF		—		—		—		—		—		—
Rydex MSCI ACWI Equal Weight ETF		—		—		—		—		—		—

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (concluded) January 31, 2011

Other financial instruments may include futures contracts and/or swap agreements, which are reported as unrealized gain/loss at period end.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended January 31, 2011:

LEVEL 3 — Fair value measurement using significant unobservable inputs

	Common Stock			Total
Rydex MSCI Emerging Markets Equal Weight ETF
Assets:
Beginning Balance	$	—		$	—
Total realized gains or losses included in earnings		—			—
Total unrealized gains or losses included in earnings		(3,846	)		(3,846	)
Purchases		34,078			34,078
Sales		—			—
Transfers in to Level 3		—			—
Transfers out of Level 3		—			—
Ending Balance	$	30,232		$	30,232

The Funds adopted updated provisions surrounding fair value measurements and disclosures effective November 1, 2009. This update applies to the Funds’ disclosures about transfers in and out of all Levels of the fair value hierarchy on a gross basis and the reasons for the transfers as well as to disclosures about the valuation techniques and inputs used to measure fair value for investments that fall in either Level 2 or Level 3 fair value hierarchy. Effective for interim and annual periods beginning after December 15, 2010, purchases, sales, issuances and settlements must be shown on a gross basis in the Level 3 roll forward rather than as one net number.

For the period ended January 31, 2011, there were no significant transfers between Levels.

Subsequent Events

Management has evaluated events or transactions that may have occurred since January 31, 2011, that would merit recognition or disclosure in the financial statements. This evaluation was completed through the issuance date of the financial statements and there were no transactions or events to be reported.

Item 2. Controls and Procedures.

(a)	The President and Treasurer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing date of this report and have concluded that these controls and procedures are effective.
(b)	There were no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation.

Item 3. Exhibits.

            A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act (17 CFR 270.30a-2(a)), exactly as set forth below: Attached hereto.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Rydex ETF Trust

By:	/s/ Richard Goldman
	Richard Goldman
	President
Date:	March 31, 2011

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Richard Goldman
	Richard Goldman
	President
Date:	March 31, 2011
By:	/s/ Nikolaos Bonos
	Nikolaos Bonos
	Treasurer
Date:	March 31, 2011