I called Rydex and they told me they have put options on the Dow stocks. Your comment is concerning to me. Who told you about the Fannie Mae position? rydex has several inverse funds, and one of them is flexible, i.e. they can be inverse a variety of things; however their inverse index funds are supposed to be just put options on most (but not all I think) of the stocks in that index.

I’m also interested in the ETFs. Do you have any names of inverse ETFs? I couldn’t google it.