Mr. Michael Paul Byrum, CFA serves as President at PADCO Advisors II Inc. and as President at Security Benefit Asset Management Holdings, LLC. He has been the President, Chief Investment Officer, Portfolio Manager and Secretary at Guggenheim Specialized Products, LLC, Director and Member of Board of Managers since September 2005.

Mr. Byrum serves as the Chief Investment Officer of Quantitative Strategies at Security Global Investors, LLC, as Senior Vice President and Portfolio Manager at Security Investors, LLC, as Portfolio Manager at Guggenheim Funds Investment Advisors, LLC and as Chairman of Advisor Research Center Inc.

Previously, he served as President at Rydex Global Advisors and was part of the original Rydex investment team when it was founded in July 1993. He served as President, Chief Investment Officer, Portfolio Manager and Secretary at Rydex Series Funds.

Mr. Byrum is a member of the CFA Institute and holds a Bachelor's Degree in Finance from the Miami University of Ohio.