One of the more complex characteristics of exchange traded
funds (ETFs) is their pricing. Unlike most mutual funds, which can
be purchased or redeemed only at an end-of-day closing price,
ETFs can be traded on stock exchanges all day long—much like
stocks. ETFs are priced continuously during normal trading hours,
so you can get a price at which to buy or sell your fund when the
market is open. However, ETFs have a wider variety of pricing
terms—such as net asset value, market price, bid price, ask price
and intraday indicative value. It’s essential to understand these
terms when considering an investment in ETFs.
ETFs are subject to risks similar to those of stocks and may not be suitable for
all investors. Investment returns and principal value will fluctuate so that when
shares are redeemed, they may be worth more or less than original cost.
Securities are not guaranteed by any bank, are not insured by the FDIC or any
other agency, and involve investment risks, including the possible loss of the principal
amount invested.
RydexShares are distributed by Rydex Distributors, Inc., an affiliate of Rydex Investments.
Rydex Investments 9601 Blackwell Road Suite 500 Rockville, MD 20850
800.820.0888 Send us your comments
For more complete information regarding Rydex funds, call 800.820.0888 or click here for a prospectus. Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. The fund's prospectus contains this and other information about the fund. Read the prospectus carefully before you invest or send money.
Key Points to Remember
ETF market price is determined by the price of underlying securities, market supply and demand forces
and arbitrage opportunities.
An ETF’s net asset value (NAV) represents the value of the ETF’s underlying
securities as of market close.
Intraday Indicative Value is updated every 15 seconds and represents the approximate NAV throughout the
day.
Investors may purchase shares
at a premium or discount to the NAV.
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