SOURCE: Rydex Investments

April 24, 2006 09:30 ET

Rydex's Premier Exchange Traded Fund, Rydex S&P Equal Weight ETF, Has Dual Reasons to Celebrate

Fund Declares a Four-for-One Split on the Date of Its Third Anniversary

ROCKVILLE, MD -- (MARKET WIRE) -- April 24, 2006 -- Reflecting its strong outperformance since inception, Rydex Investments today announced that Rydex S&P Equal Weight ETF (AMEX: RSP) will split its shares four-for-one effective as of the record date of April 24, 2006. On that same day, the fund will mark its third year anniversary.

Since inception, RSP's net asset value has appreciated from $101.03 on its first day of trading to $178.33 as of Friday's close. It is due to this price increase that Rydex's Board of Trustees has approved a share split of beneficial interest. This means that each shareholder of record at the close of business on April 24, 2006 will receive three additional shares for every outstanding share held in the fund. Neither the value of the fund nor the value of each shareholder's investments will change as a result of the share split. Trading will begin on a split-adjusted basis on April 27, 2006.

"By issuing a share split, initial investors will have easier access to Rydex S&P Equal Weight ETF at a lower price per share," commented Tim Meyer, ETF business manager at Rydex Investments.

Since its inception, RSP has returned 22.10% as compared to 14.74% for the S&P 500® Index(SPX) as of March 31, 2006. The fund returned 16.92% over the past year as compared to 11.73% for the SPX. The outperformance reflects the fact that the equal weighted index benefited from its smaller-cap holdings. Assets in the fund now stand at more than $1.6 billion. (Fund inception: 4/24/03) Performance displayed represents past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Total returns reflect the reinvestment of all dividends. Current performance may be lower or higher than the performance data quoted. For up-to-date Fund performance, including performance current to the most recent month-end, please visit our website at www.rydexfunds.com. For additional information, see the fund's prospectus.

"In the three years since its launch, RSP has attracted a wide range of investors from financial intermediaries as well as institutions and individuals," said Meyer. "The equal weighted index has been a very attractive way to invest in the broad market. The fund, which has a built-in rebalancing mechanism, attempts to avoid the negative effects of extreme price momentum driven markets."

In addition to RSP, Rydex offers seven other ETFs including Rydex Russell Top 50 ETF (AMEX: XLG) and six S&P pure style ETFs (launched in March 2006), as well as Rydex Euro Trust (NYSE: FXE) -- the industry's first currency exchange traded product.

About Rydex S&P Equal Weight ETF

Rydex S&P Equal Weight ETF tracks the S&P Equal Weight Index® (SPXEW), which includes the same stocks as the well-known S&P 500 Index. Unlike the S&P 500, which is capitalization weighted, the SPXEW is equal weighted. Each of the 500 stocks in the index is represented equally, eliminating the higher concentration in larger stocks.

The index is rebalanced quarterly so that each stock continues to represent 1/500th of the fund's assets.

As an exchange traded fund, Rydex S&P Equal Weight ETF combines the benefits of mutual funds with the flexibility of stocks. It enables investors to purchase a diversified pool of securities in a single transaction; and, since it is listed on the American Stock Exchange, it can be traded like a stock.

The SPXEW was developed by Standard & Poor's in coordination with Rydex Investments and is maintained by Standard & Poor's according to a methodology consistent with the S&P 500 Index.

About Rydex

Rydex Investments continues to drive change in the financial industry by introducing investment products and services that challenge conventional thinking, empower investors and provide essential new options for uncertain market conditions. Rydex manages $14 billion in assets via more than 60 mutual funds and exchange traded products.

For more complete information regarding Rydex funds, call 800.820.0888 for a prospectus. Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. The fund's prospectus contains this and other information about the fund. Read the prospectus carefully before you invest or send money.

ETFs are subject to risks similar to those of stocks and may not be suitable for all investors. Shares can be bought and sold through a broker and the selling shareholder may have to pay brokerage commissions in connection with the sale. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Shares may only be redeemed directly from the fund by Authorized Participants via Creation Units. There can be no assurance that an active trading market for the shares will develop or be maintained, and fund shares may trade at, above or below their NAV. The elimination of the bias toward large-cap companies in Rydex S&P Equal Weight ETF also lessens the impact of large-cap gains as compared to those reflected in the Funds benchmarked to the S&P 500 Index. Additionally, Rydex Russell Top 50 ETF is subject to the risk that large-capitalization stocks may underperform other segments of the equity market or the equity markets as a whole. Each Rydex S&P Pure Style ETF is subject to the risk that the market segment in which the fund is concentrated may underperform other segments of the equity market or the equity markets as a whole." See the Funds' prospectus for more details.

Euro Currency Trust shares are subject to risks similar to those of stocks and may not be suitable for all investors. Investors should consider the investment objectives, risks, charges and expenses of this product carefully before investing. The prospectus contains this and other information about the product. Please read the prospectus, including the Risk Factors section, carefully before you invest. Shares can be bought and sold through a broker and the selling shareholder may have to pay brokerage commissions in connection with the sale. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Shares may only be redeemed directly from the Trust by Authorized Participants via Baskets (as defined in the prospectus). There can be no assurance that an active trading market for the shares will develop or be maintained. The value of the shares relates directly to the value of the euro held by the Trust. Fluctuations in the price of the euro could materially and adversely affect the value of the shares. For a more complete discussion of risk factors applicable to the Trust, read the prospectus carefully.

"S&P®," "Standard & Poor's®" and "S&P 500®" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Rydex Investments and its affiliates. Rydex S&P Equal Weight ETF is not sponsored, endorsed, sold or promoted by Standard & Poor's, and Standard & Poor's makes no representation regarding the advisability of investing in the fund.

Securities are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Rydex Distributors, Inc., an affiliate of Rydex Investments, is the distributor of the Rydex funds.

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