Rydex Global Advisors announced yesterday it will start its first exchange-traded fund.

The Rydex S&P Equal Weight ETF, which is based on the Standard & Poor’s 500 equal-weight index, is to become available April 30.

The equal-weight index was developed by Standard & Poor’s in cooperation with Rydex in January. It is intended to give people an opportunity to invest equally in the 500 leading U.S. companies making up the S&P 500.

The 500 stocks are given equal weight through quarterly rebalancing. The fund is to be listed on the American Stock Exchange.

Rydex sells 34 flexible investment products, including 17 sector funds.

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