Rockville, Maryland-based Rydex Investments is readying to offer its second exchange-traded fund. From the fund firm's latest prospectus, it looks like the fund will be launched sometime in April. Although Rydex has not disclosed the fund's operating expenses, or which market the fund will trade on, it did explain the fund's objective -- to replicate the performance of the Russell Top 50 Index. As such, the fund's name will be the Rydex Russell Top 50 ETF.

An investment team supervised by Michael Byrum, chief operating officer of Rydex, will manage the fund.  

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