Rydex debuts ExpressShares ETFs

Rydex Investments has launched six ExpressShares exchange traded funds on the American Stock Exchange today, bringing the size of its ETF family to 30. The ExpressShares funds provide leveraged and inverse exposure to the Standard & Poor's 500, Standard & Poor's MidCap 400 and Russell 2000 indexes. The three leveraged ETFs — Rydex 2x S&P 500 ETF (RSU), Rydex 2x S&P MidCap 400 ETF (RMM) and Rydex 2x Russell 2000 ETF (RRY) — aim to magnify their benchmark exposure by 200%. The inverse ETFs — Rydex Inverse 2x S&P 500 ETF (RSW), Rydex Inverse 2x S&P MidCap 400 ETF (RMS) and Rydex Inverse 2x Russell 2000 ETF (RRZ) — seek to move in the opposite direction of their specific benchmarks by a magnified 200%. Each of the funds carry an expense ratio of 0.7%. The Rockville, Md.-based asset management firm manages approximately $16.8 billion in assets from mutual funds and exchange traded products.