And Now Something Completely the Same - Rydex Launches XLG

This is a play on words from Monty Python, writes Roger Nusbaum.

Rydex launched the Russell Top 50 Fund (ticker: XLG). This is an ETF that invests in the largest 50 American companies. I saw an interview with Steve Sachs from Rydex yesterday and he admitted this fund has a 0.98 correlation with one of the other large cap ETFs. Apologies, I do not recall if he said SPY or OEF or another one but XLG will correlate very highly to all of them.

I am surprised by this type of fund. Rydex' first foray into the ETF world was very innovative, the S&P 500 Equal Weight (ticker: RSP), so I'm not sure why they think we need another mega cap fund but so be it.