RYDEX ETF TRUST

CUSIP: 78355w106 Class: ETF

Narwhal Capital Management's Holding History (CIK: 0001461287)

Note: Option positions (PUT/CALL) are excluded.

Q1 2015
Shares 3,000 Value ($000) $243 Avg Close — Range —
Q4 2014
Shares 3,000 Value ($000) $240 Avg Close — Range —
Q3 2014
Shares 14,545 Value ($000) $1,102 Avg Close — Range —
Q2 2014
Shares 12,117 Value ($000) $929 Avg Close — Range —
Q1 2014
Shares 7,816 Value ($000) $570 Avg Close — Range —
Q4 2013
Shares 7,553 Value ($000) $538 Avg Close — Range —