Rydex is on the home stretch of preparing its new S&P index exchange-traded fund (ETF). The fund is the first based on an equal-weighted rather than market-cap weighted version of the index.

Standard & Poor's officials said that the Rydex S&P Equal Weight ETF fund will launch on April 30 when it is listed on the American Stock Exchange under the ticker RSP. The two firms announced their intent to offer the fund in January.

Bear Hunter Structured Products will be the Amex specialist on the ETF and Bank of New York will be the administrator.  

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