Weakening Dollar 2x Strategy

Investment Strategy

Seeks to provide investment results that match, before fees and expenses, 200% of the inverse performance of the U.S. Dollar Index on a daily basis by engaging in short sales and investing in derivative instruments, such as index swaps, options and future contracts.

Fund Highlights and Applications

Employs a strategy that seeks to inversely correspond 200% to the daily performance of the U.S. Dollar
Provides an alternative to shorting individual currencies
A potential portfolio hedge against dollar declines due to its inverse correlation to the underlying benchmark

Distributions

as of 12/12/23
Most Recent Income	$0.489375
Dividend	$0.489375
Most Recent Capital Gain	$0.000000

Fees and Expenses
Gross Expense Ratio	1.91%
Net Expense Ratio	1.83%

Symbols & CUSIPs

Class	Symbol	CUSIP	Inception
A	RYWDX	78356A889	5/25/05
C	RYWJX	78356A871	5/25/05
H	RYWBX	78356A863	5/25/05

Investment Team

Team Managed

Operations

Fund Type	Rydex
Distribution Frequency	Annual (if applicable)
Benchmark	U.S. Dollar Index
Telephone	800.820.0888
Trading Hours	Phone: 9:30 AM - 3:45 PM ET Web: 9:30 AM - 3:55 PM ET
Note: Each financial intermediary may have its own rules about shares transactions, and may have earlier cut - off times for processing your transaction.
Investment Adviser	Security Investors, LLC
Distributor	Guggenheim Funds Distributors, LLC

Performance displayed represents past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Current performance may be lower or higher than the performance data quoted. Returns for performance under one year are cumulative, not annualized. With Load performance reflects maximum sales charges or contingent deferred sales charges (CDSC) as applicable. Class A-shares have a maximum sales charge of 4.75%. Class C-shares have a maximum CDSC of 1% for shares redeemed within 12 months of purchase.

Data is subject to change on a daily basis. Partial year returns are cumulative, not annualized. Returns reflect the reinvestment of dividends.

Inverse and leveraged Funds are not suitable for all investors. •These Funds should be utilized only by investors who (a) understand the risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, (c) understand the risk of shorting, and (d) intend to actively monitor and manage their investments. •The more a Fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. •Inverse Funds involve certain risks, which include increased volatility due to the Funds’ possible use of short sales of securities and derivatives, such as options and futures. •The Funds’ use of derivatives, such as futures, options and swap agreements, may expose the Funds’ shareholders to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives. •Short-selling involves increased risks and costs. You risk paying more for a security than you received from its sale. •Leveraged and inverse Funds seek to provide investment results that match the performance of a specific benchmark, before fees and expenses, on a daily basis. Because the Funds seek to track the performance of their benchmark on a daily basis, mathematical compounding, especially with respect to those Funds that use leverage as part of their investment strategy, may prevent a fund from correlating with the monthly, quarterly, annual or other period performance of its benchmark. Due to the compounding of daily returns, leveraged and inverse Funds’ returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. For those Funds that consistently apply leverage, the value of the fund’s shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. The Funds rebalance their portfolios on a daily basis, increasing exposure in response to that day’s gains or reducing exposure in response to that day’s losses. Daily rebalancing will impair a fund’s performance if the benchmark experiences volatility. Investors should monitor their leveraged and inverse Funds’ holdings consistent with their strategies, as frequently as daily. •For more on these and other risks, please read the prospectus. •The fund’s exposure to foreign currencies subjects it to the risk that those currencies will decline in value relative to the U.S. dollar or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. The fund is subject to active trading and tracking error risks that may increase volatility, decrease performance and impact the fund’s ability to achieve its investment objectives. •This fund is considered non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single security could cause greater fluctuations in the value of fund shares than would occur in a more diversified fund.

The U.S. Dollar Index® and USDX® are trademarks and service marks of ICE Futures U.S., Inc. and used under license by Guggenheim Investments and its affiliates. Neither the publication of the USDX nor the licensing of the USDX trademarks by ICE Futures U.S., Inc. or its affiliates for use in connection with securities or other financial products derived from such Index in any way suggests or implies a representation or opinion by ICE Futures U.S., Inc. or any such affiliates as to the attractiveness of investment in any securities or other financial products based upon or derived from such Index. ICE Futures U.S., Inc. is not the issuer of any such securities or other financial products and makes no express or implied warranties of merchantability or fitness for any particular purpose with respect to such Index or any data included or reflected therein, nor as to results to be obtained by any person or any entity from the use of the Index or any data included or reflected therein.

The Advisor has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee paid to the Advisor by the Subsidiary through August 1, 2024. Read the prospectus for more information regarding fees and expenses.

RYWDX

Investment Strategy

Fund Highlights and Applications

Distributions

Fees and Expenses

Symbols & CUSIPs

Investment Team

Operations

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