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The S&P 500 2x Strategy Fund seeks to provide investment results that correspond to 200% of the daily performance of the S&P 500 on a daily basis. The fund will do this by utilizing futures and options contracts on securities. The fund will also hold U.S. Government securities to collateralize the futures and options contracts. The fund may also purchase equity securities, engage in equity index swaps, and enter into repurchase agreements.

The Inverse S&P 500 2x Strategy Fund seeks to provide investment results that correspond to 200% of the inverse performance of the S&P 500 on a daily basis. The fund will do this by engaging in short sales of securities and utilizing futures and options contracts on securities. The fund will also hold U.S. Government securities to collateralize the futures and options contracts. The fund may also engage in equity index swaps and enter into repurchase agreements.

Direxion S&P 500 Bull 2.5x Fund (DXSLX) seeks daily investment results, before fees and expenses, of 250% of the price performance of the S&P 500® Index.

Direxion S&P 500® Bear 2.5x Fund (DXSSX) seeks daily investment results, before fees and expenses, of 250% of the inverse (or opposite) of the price performance of the S&P 500® Index.

Ultra S&P500 ProShares (SSO) seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the S&P 500® Index.

UltraShort S&P500 ProShares (SDS) seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the S&P 500® Index.

The Rydex 2x S&P 500 ETF seeks to provide investment results that match the performance of a specific benchmark, before fees and expenses, on a daily basis. The Fund’s current benchmark is 200% of the performance of the S&P500 Index (the “Underlying Index”). The Fund’s investment objective is nonfundamental and may be changed without shareholder approval.

The Rydex Inverse 2x S&P 500 ETF seeks to provide investment results that match the performance of a specific benchmark, before fees and expenses, on a daily basis. The Fund’s current benchmark is 200% of the inverse (opposite) of the performance of the S&P 500 Index (the “Underlying Index”). The Fund’s investment objective is non-fundamental and may be changed without shareholder approval.