Fund Details

Fund Performance: (as of 09/30/2011)

An Investor should consider the investment objectives, risks, charges, and expenses of the ETF Market Opportunity Fund carefully before investing. The risks associated with the Fund, detailed in the Prospectus, include risks of investing in Exchange Traded Funds (ETFs), the risks of investing in small and medium sized companies and foreign securities which may result in additional risks such as the possibility of greater price volatility and reduced liquidity, fluctuations in currency exchange rates, and political, diplomatic and economic conditions as well as regulatory requirements in foreign countries. There also may be risks associated with the Fund’s investments in fixed income securities, significant investment in a specific sector, non-diversification, and high portfolio turnover. The Prospectus contains this and other information about the Fund. To obtain a Prospectus please call the ETF Market Opportunity Fund at 800-239-9136. The prospectus should be read carefully before investing. Fund distributed by Rafferty Capital Markets, LLC.

**Based on 60-month rolling period ending 09/30/11

Fund Asset Breakdown: (as of 09/30/2011)

For information about ETFOX call:
(800) 239 9136

Portfolio Manager: Paul M. Frank
ETF Market Opportunity Fund
Aviemore Asset Management, LLC
paul.frank@etfmutualfund.com

Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling the transfer agent at 800 239 9136. Investors should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. You may obtain a prospectus on this website or by calling the transfer agent at 800 239 9136. The prospectus should be read carefully before investing.

Morningstar Ratings™ are based on cost and risk-adjusted 3 and 5-year returns. Past performance is no guarantee of future results and ratings are subject to change every month. Morningstar™ categorizes the ETF Market Opportunity Fund as “Large Growth”. As of 9/30/2011, the “Large Growth” category included 1,479 funds in its Overall rating, 1,479 3-Year funds and 1,261 5-Year funds. A “5 star” Morningstar rating indicates that a fund’s risk-adjusted return measure is in the top 10% of funds in a category.