<Page>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-21261
Rydex ETF Trust
------------------------------------------------------
(Exact name of registrant as specified in charter)
9601 Blackwell Road, Suite 500
Rockville, Maryland 20850
------------------------------------------------------
(Address of principal executive offices) (Zip code)
Albert P. Viragh, Jr
Rydex ETF Trust
9601 Blackwell Road, Suite 500
Rockville, Maryland 20850
------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-301-296-5100
Date of fiscal year end: October 31, 2003
Date of reporting period: April 30, 2003
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. Section 3507.
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS.
RYDEX S&P EQUAL WEIGHT
ETF
Financial Statements for the Period Ended
April 30, 2003
(unaudited)
<Page>
DEAR RYDEX ETF SHAREHOLDER:
On April 23, Rydex introduced the latest in a long line of innovations: Rydex
S&P Equal Weight ETF, which enables investors to invest equally in the companies
in the S&P 500(R) Index. Rydex S&P Equal Weight ETF is based on the S&P Equal
Weight Index, developed by Standard & Poor's in cooperation with Rydex Global
Advisors. This product enables investors to attain broad exposure to all
companies in the S&P 500 without the domination of small stocks.
Rydex S&P Equal Weight ETF was introduced near the end of the reporting period.
Performance for the Rydex S&P Equal Weight ETF and the equal weighted index was
very strong when compared with market cap indices. Smaller, value-oriented
companies were the top performing equities during the period, and the natural
bias toward these companies in the equal weighted index generated significant
outperformance. The total return of the Rydex S&P Equal Weight ETF for the
period was 1.14% compared to -0.20% for the S&P 500 and -0.04% for the broader
market Russell 3000.
Sincerely,
Albert P. ("Skip") Viragh, Jr.
Chairman of the Board
<Page>
RYDEX S&P EQUAL WEIGHT ETF
SCHEDULE OF INVESTMENTS
APRIL 30, 2003 (UNAUDITED)
<Table>
<Caption>
NUMBER
OF SHARES VALUE
- --------- ---------------
COMMON STOCKS--100.0%
ADVERTISING AND MARKETING SERVICES--0.7%
1,988 Omnicom Group, Inc. $ 123,057
11,830 The Interpublic Group of Cos., Inc. 134,862
11,067 TMP Worldwide, Inc.* 185,594
---------------
443,513
---------------
AEROSPACE AND DEFENSE--1.6%
2,056 General Dynamics Corp. 127,616
7,668 Goodrich Corp. 107,889
2,587 Lockheed Martin Corp. 129,478
1,427 Northrop Grumman Corp. 125,505
4,228 Raytheon Co. 126,544
6,031 Rockwell Collins, Inc. 128,943
4,181 The Boeing Co. 114,058
1,837 United Technologies Corp. 113,545
---------------
973,578
---------------
AGRICULTURAL--0.2%
7,208 Monsanto Co. 125,419
---------------
AIRLINES--0.4%
10,443 Delta Air Lines, Inc. 133,566
7,689 Southwest Airlines Co. 122,716
---------------
256,282
---------------
ALUMINUM, STEEL AND OTHER METALS--1.2%
5,370 Alcoa, Inc. 123,134
35,278 Allegheny Technologies, Inc. 146,404
6,717 Freeport-McMoRan Copper & Gold, Inc., Class B* 116,271
2,803 Nucor Corp. 114,503
3,284 Phelps Dodge Corp.* 102,428
10,575 United States Steel Corp. 151,434
---------------
754,174
---------------
AUTOMOTIVE--2.3%
</Table>
<Page>
<Table>
8,826 AutoNation, Inc. 122,240
1,607 AutoZone, Inc.* 129,862
15,832 Dana Corp. 147,079
16,592 Delphi Corp. 139,373
14,649 Ford Motor Co. 150,884
3,332 General Motors Corp. 120,119
2,861 Harley-Davidson, Inc. 127,143
1,512 Johnson Controls, Inc. 124,347
4,270 Navistar International Corp.* 119,133
2,240 PACCAR, Inc. 130,838
18,797 Visteon Corp. 131,767
---------------
1,442,785
---------------
BANKING AND FINANCE--5.8%
5,695 AmSouth Bancorp 119,880
1,667 Bank of America Corp. 123,441
3,177 Bank One Corp. 114,531
3,523 BB&T Corp. 114,850
3,994 Charter One Financial, Inc. 116,026
2,936 Comerica, Inc. 127,745
2,162 Fifth Third Bancorp 106,565
2,943 First Tennessee National Corp. 128,903
4,599 FleetBoston Financial Corp. 121,965
1,578 Golden West Financial Corp. 119,013
6,144 Huntington Bancshares, Inc. 119,562
4,765 J.P. Morgan Chase & Co. 139,854
4,831 KeyCorp 116,475
4,364 Marshall & Ilsley Corp. 128,389
5,224 Mellon Financial Corp. 138,175
4,035 National City Corp. 120,889
3,729 North Fork Bancorp., Inc. 120,670
3,701 Northern Trust Corp. 129,905
3,513 Regions Financial Corp. 118,423
4,463 SouthTrust Corp. 119,881
3,445 State Street Corp. 120,678
2,096 SunTrust Banks, Inc. 119,933
5,291 The Bank of New York Co., Inc. 139,948
5,569 U.S. Bancorp 123,353
4,268 Union Planters Corp. 121,809
3,262 Wachovia Corp. 124,641
3,222 Washington Mutual, Inc. 127,269
2,486 Wells Fargo & Co. 119,974
2,642 Zions Bancorp. 130,171
---------------
3,572,918
---------------
BEVERAGES, FOOD AND TOBACCO--4.0%
2,401 Adolph Coors Co. 128,526
3,353 Altria Group, Inc. 103,138
2,427 Anheuser-Busch Cos., Inc. 121,059
10,490 Archer-Daniels-Midland Co. 116,229
1,566 Brown-Forman Corp., Class B 119,862
5,256 Campbell Soup Co. 115,790
</Table>
<Page>
<Table>
5,802 Coca-Cola Enterprises, Inc. 113,081
5,264 ConAgra Foods, Inc. 110,544
2,514 General Mills, Inc. 113,407
3,897 H.J. Heinz Co. 116,442
1,778 Hershey Foods Corp. 116,015
3,802 Kellogg Co. 124,477
4,537 McCormick & Co., Inc. 112,472
8,019 McDonald's Corp. 137,124
2,832 PepsiCo, Inc. 122,569
3,219 R.J. Reynolds Tobacco Holdings, Inc. 90,679
7,965 SUPER VALU, INC. 131,183
2,780 The Coca-Cola Co. 112,312
5,903 The Pepsi Bottling Group, Inc. 121,248
4,063 UST, Inc. 127,294
2,045 Wm. Wrigley Jr. Co. 115,972
---------------
2,469,423
---------------
BIOSCIENCES--0.6%
2,006 Amgen, Inc.* 122,988
3,513 Biogen, Inc.* 133,458
2,961 Chiron Corp.* 120,898
---------------
377,344
---------------
BUILDING AND BUILDING PRODUCTS--1.4%
2,272 Ecolab, Inc. 116,076
7,436 Georgia-Pacific Group 114,812
13,097 Louisiana-Pacific Corp.* 105,824
6,046 Masco Corp. 127,389
4,557 The Home Depot, Inc. 128,188
4,194 The Sherwin-Williams Co. 116,929
3,638 Vulcan Materials Co. 127,221
---------------
836,439
---------------
BUSINESS EQUIPMENT AND SERVICES--0.9%
8,740 Convergys Corp.* 141,763
1,779 Lexmark International, Inc.* 132,553
3,582 Pitney Bowes, Inc. 125,764
13,053 Xerox Corp.* 128,703
---------------
528,783
---------------
CHEMICALS--2.1%
2,733 Air Products and Chemicals, Inc. 117,710
3,968 Ashland, Inc. 117,651
2,822 duPont (E.I.) de Nemours & Co. 120,020
3,623 Eastman Chemical Co. 110,610
4,783 Great Lakes Chemical Corp. 117,470
12,366 Hercules, Inc.* 125,515
2,351 PPG Industries, Inc. 114,047
</Table>
<Page>
<Table>
1,991 Praxair, Inc. 115,637
3,722 Rohm and Haas Co. 123,235
2,535 Sigma-Aldrich Corp. 126,294
3,914 The Dow Chemical Co. 127,754
---------------
1,315,943
---------------
COMMUNICATIONS, MEDIA AND ENTERTAINMENT--1.6%
10,261 AOL Time Warner, Inc.* 140,371
2,993 Clear Channel Communications, Inc.* 117,056
3,814 Comcast Corp.* 121,705
1,584 Gannett Co., Inc. 119,940
2,862 Meredith Corp. 123,696
1,980 The McGraw-Hill Cos., Inc. 115,612
4,288 Univision Communications, Inc.* 129,841
2,832 Viacom, Inc., Class B* 122,937
---------------
991,158
---------------
COMPUTER SERVICES--1.8%
3,642 Computer Sciences Corp.* 120,004
29,078 Compuware Corp.* 127,652
1,309 eBay, Inc.* 121,436
6,663 Electronic Data Systems Corp. 120,933
3,033 Intuit, Inc.* 117,620
9,474 Network Appliance, Inc.* 125,815
5,228 SunGard Data Systems, Inc.* 112,402
11,771 Unisys Corp.* 122,418
4,902 Yahoo!, Inc.* 121,472
---------------
1,089,752
---------------
COMPUTERS - MICRO--1.1%
7,833 Apple Computer, Inc.* 111,229
4,083 Dell Computer Corp.* 118,039
48,948 Gateway, Inc.* 140,969
6,709 Hewlett-Packard Co. 109,357
1,383 International Business Machines Corp. (IBM) 117,417
31,579 Sun Microsystems, Inc.* 104,211
---------------
701,222
---------------
COMPUTERS - SOFTWARE AND PERIPHERALS--3.7%
3,664 Adobe Systems, Inc. 126,628
7,556 Autodesk, Inc. 117,571
7,081 BMC Software, Inc.* 105,649
8,451 Cisco Systems, Inc.* 127,103
8,343 Citrix Systems, Inc.* 158,183
8,034 Computer Associates International, Inc. 130,472
1,984 Electronic Arts, Inc.* 117,592
15,854 EMC Corp.* 144,113
3,500 Mercury Interactive Corp.* 118,790
</Table>
<Page>
<Table>
4,422 Microsoft Corp.* 113,071
5,856 NCR Corp.* 128,364
8,296 NVIDIA Corp.* 118,384
48,147 Parametric Technology Corp.* 158,885
6,972 PeopleSoft, Inc.* 104,789
13,126 Siebel Systems, Inc.* 113,802
2,911 Symantec Corporation 127,938
6,412 VERITAS Software Corp.* 141,128
4,396 Xilinx, Inc.* 119,000
---------------
2,271,462
---------------
CONGLOMERATES--0.4%
4,196 General Electric Co. 123,572
4,114 Textron, Inc. 121,322
---------------
244,894
---------------
CONSUMER GOODS AND SERVICES--1.9%
8,391 American Greetings Corp.* 122,173
1,891 Avery Dennison Corp. 100,242
5,879 Brunswick Corp. 128,339
8,403 Cendant Corp.* 119,995
3,690 Eastman Kodak Co. 110,368
2,624 Fortune Brands, Inc. 127,002
8,046 Hasbro, Inc. 128,735
5,097 Mattel, Inc. 110,809
5,818 Sara Lee Corp. 97,626
8,391 Tupperware Corp. 116,299
---------------
1,161,588
---------------
CONTAINERS AND PACKAGING--0.8%
2,103 Ball Corp. 118,104
2,573 Bemis Co., Inc. 117,483
5,388 Pactiv Corp.* 110,562
2,799 Sealed Air Corp.* 119,938
---------------
466,087
---------------
DATA PROCESSING SYSTEMS--0.8%
3,626 Automatic Data Processing, Inc. 121,942
3,097 First Data Corp. 121,495
3,437 Fiserv, Inc.* 101,185
3,993 Paychex, Inc. 124,343
---------------
468,965
---------------
EDUCATION--0.2%
2,313 Apollo Group, Inc.* 125,362
---------------
</Table>
<Page>
<Table>
ELECTRONIC EQUIPMENT AND COMPONENTS--6.1%
16,430 Advanced Micro Devices, Inc.* 122,239
7,937 Agilent Technologies, Inc.* 127,151
7,729 Altera Corp.* 122,195
7,199 American Power Conversion Corp.* 112,160
3,835 Analog Devices, Inc.* 127,015
8,256 Applied Materials, Inc.* 120,538
32,274 Applied Micro Circuits Corp.* 144,588
3,029 Cooper Industries, Ltd. 112,376
2,328 Emerson Electric Co. 118,030
6,210 Intel Corp. 114,264
1,347 International Game Technology* 116,246
6,339 Jabil Circuit, Inc.* 118,539
2,937 KLA-Tencor Corp.* 120,417
3,365 Linear Technology Corp. 115,992
22,293 LSI Logic Corp.* 119,490
2,905 Maxim Integrated Products, Inc.* 114,137
13,230 Micron Technology, Inc.* 112,455
5,001 Molex, Inc. 116,723
6,147 National Semiconductor Corp.* 115,133
3,806 Novellus Systems, Inc.* 106,720
17,101 PMC - Sierra, Inc.* 141,083
23,543 Power-One, Inc.* 137,727
2,934 QLogic Corp.* 129,067
5,226 Rockwell Automation, Inc. 119,153
25,373 Sanmina-SCI Corp.* 121,790
33,660 Solectron Corp.* 107,375
12,048 Symbol Technologies, Inc. 131,685
6,563 Tektronix, Inc.* 123,188
8,619 Teradyne, Inc.* 99,980
6,291 Texas Instruments, Inc. 116,321
7,497 Thomas & Betts Corp.* 118,528
---------------
3,722,305
---------------
FINANCIAL SERVICES--6.3%
2,263 Ambac Financial Group, Inc. 132,046
3,103 American Express Co. 117,480
3,604 Capital One Financial Corp. 150,898
3,159 Citigroup, Inc. 123,991
12,174 Concord EFS, Inc.* 168,365
2,031 Countrywide Credit Industries, Inc. 137,296
2,946 Deluxe Corp. 129,653
5,565 Equifax, Inc. 129,052
1,738 Fannie Mae 125,814
4,411 Federated Investors, Inc. 120,376
3,365 Franklin Resources, Inc. 117,371
2,113 Freddie Mac 122,343
2,704 H&R Block, Inc. 104,428
9,474 Janus Capital Group Inc. 131,689
3,989 John Hancock Financial Services, Inc. 115,761
1,972 Lehman Brothers Holdings, Inc. 124,177
2,629 Marsh & McLennan Cos., Inc. 125,351
2,888 MBIA, Inc. 129,094
</Table>
<Page>
<Table>
7,343 MBNA Corp. 138,783
3,114 Merrill Lynch & Co., Inc. 127,830
2,851 MGIC Investment Corp. 129,606
2,388 Moody's Corp. 115,317
2,829 Morgan Stanley 126,598
2,586 PNC Financial Services Group 113,525
17,150 Providian Financial Corp.* 126,396
1,042 SLM Corp. 116,704
5,804 Synovus Financial Corp. 113,004
3,994 T. Rowe Price Group, Inc. 121,897
1,734 The Bear Stearns Cos., Inc. 115,901
14,521 The Charles Schwab Corp. 125,316
1,630 The Goldman Sachs Group, Inc. 123,717
---------------
3,899,779
---------------
FOREST AND PAPER PRODUCTS--0.9%
4,780 Boise Cascade Corp. 109,797
3,092 International Paper Co. 110,539
4,740 MeadWestvaco Corp. 111,817
2,712 Temple-Inland, Inc. 122,853
2,259 Weyerhaeuser Co. 112,024
---------------
567,030
---------------
HEALTH AND MEDICAL FACILITIES--0.2%
2,055 Quest Diagnostics, Inc.* 122,786
---------------
HEALTH CARE PRODUCTS AND SERVICES--5.6%
2,991 Abbott Laboratories 121,524
1,690 Allergan, Inc. 118,723
1,879 Anthem, Inc.* 128,975
7,413 Applera Corp. - Applied Biosystems Group 129,950
3,538 Bausch & Lomb, Inc. 124,396
5,738 Baxter International, Inc. 131,974
3,284 Becton, Dickinson & Co. 116,254
3,789 Biomet, Inc. 115,413
2,478 Boston Scientific Corp.* 106,678
1,849 C. R. Bard, Inc. 117,190
2,033 Cardinal Health, Inc. 112,384
3,237 Genzyme Corp.* 130,386
3,145 Guidant Corp.* 122,624
2,926 HCA, Inc. 93,925
6,354 Health Management Associates, Inc. 108,399
11,700 Humana, Inc.* 129,285
7,570 IMS Health, Inc. 116,578
2,003 Johnson & Johnson 112,889
6,024 Manor Care, Inc.* 117,167
4,624 McKesson Corp. 128,270
2,477 Medtronic, Inc. 118,252
9,520 Quintiles Transnational Corp.* 133,755
2,396 St. Jude Medical, Inc.* 125,694
1,675 Stryker Corp. 112,242
</Table>
<Page>
<Table>
7,013 Tenet Healthcare Corp.* 104,073
1,307 UnitedHealth Group, Inc. 120,414
1,609 WellPoint Health Networks, Inc.* 122,187
3,062 Wyeth 133,288
2,363 Zimmer Holdings, Inc.* 110,825
---------------
3,463,714
---------------
HOMEBUILDERS--0.6%
2,094 Centex Corp. 138,246
2,416 KB HOME 119,036
2,224 Pulte Homes, Inc. 128,970
---------------
386,252
---------------
HOTELS AND GAMING--0.8%
3,029 Harrah's Entertainment, Inc.* 119,312
9,100 Hilton Hotels Corp. 121,212
3,368 Marriott International, Inc. 120,945
4,384 Starwood Hotels & Resorts Worldwide, Inc. 117,667
---------------
479,136
---------------
HOUSEHOLD AND PERSONAL CARE PRODUCTS--2.1%
2,355 Alberto-Culver Co., Class B 116,054
2,087 Avon Products, Inc. 121,401
2,107 Colgate-Palmolive Co. 120,457
3,722 International Flavors & Fragrances, Inc. 118,285
2,573 Kimberly-Clark Corp. 128,059
5,939 Leggett & Platt, Inc. 122,640
5,635 Maytag Corp. 117,433
2,523 The Clorox Co. 114,090
3,638 The Gillette Co. 110,777
1,322 The Procter & Gamble Co. 118,782
2,204 Whirlpool Corp. 117,892
---------------
1,305,870
---------------
HUMAN RESOURCES--0.2%
8,030 Robert Half International, Inc.* 130,728
---------------
INSURANCE--4.7%
3,872 ACE Ltd. 128,086
2,467 Aetna, Inc. 122,857
3,522 AFLAC, Inc. 115,205
2,156 American International Group, Inc. 124,940
5,646 Aon Corp. 125,115
2,538 CIGNA Corp. 132,737
3,176 Cincinnati Financial Corp. 117,036
2,937 Jefferson-Pilot Corp. 117,744
3,831 Lincoln National Corp. 122,439
</Table>
<Page>
<Table>
2,713 Loews Corp. 111,966
4,234 MetLife, Inc. 121,643
4,136 Principal Financial Group, Inc. 120,358
3,765 Prudential Financial, Inc. 120,367
3,247 SAFECO Corp. 125,042
3,474 The Allstate Corp. 131,282
2,402 The Chubb Corp. 127,042
3,050 The Hartford Financial Services Group, Inc. 124,318
1,946 The Progressive Corp. 132,328
3,447 The St. Paul Cos., Inc. 118,370
3,135 Torchmark Corp. 121,481
7,858 Travelers Property Casualty Corp., Class B* 127,693
13,230 UnumProvident Corp. 152,144
1,627 XL Capital Ltd. 133,902
---------------
2,874,095
---------------
MACHINERY AND ENGINEERING--1.2%
2,236 Caterpillar, Inc. 117,614
4,251 Cummins, Inc. 115,245
2,727 Deere & Co. 120,070
1,573 Eaton Corp. 129,095
3,357 Fluor Corp. 116,051
2,833 Ingersoll-Rand Co. 124,879
---------------
722,954
---------------
MANUFACTURING--3.0%
875 3M Co. 110,285
1,647 American Standard Cos., Inc.* 117,250
3,262 Cintas Corp. 117,106
6,477 Crane Co. 126,496
1,716 Danaher Corp. 118,370
4,529 Dover Corp. 130,163
4,884 Honeywell International, Inc. 115,262
1,877 Illinois Tool Works, Inc. 120,090
2,095 ITT Industries, Inc. 122,139
3,955 Newell Rubbermaid, Inc. 120,548
5,742 Pall Corp. 121,271
2,793 Parker-Hannifin Corp. 113,619
8,846 Tyco International Ltd. 137,998
5,480 Waters Corp.* 131,575
9,384 Worthington Industries, Inc. 126,027
---------------
1,828,199
---------------
MINING--0.2%
4,820 Newmont Mining Corp. 130,236
---------------
NETWORKING PRODUCTS--0.6%
23,591 CIENA Corp.* 114,888
49,990 Novell, Inc.* 137,473
</Table>
<Page>
<Table>
10,350 Oracle Corp.* 122,958
---------------
375,319
---------------
OIL AND GAS--6.1%
2,655 Amerada Hess Corp. 119,873
2,641 Anadarko Petroleum Corp. 117,260
1,937 Apache Corp. 110,893
3,896 Baker Hughes, Inc. 109,088
3,543 BJ Services Co.* 129,355
2,592 Burlington Resources, Inc. 120,036
1,780 ChevronTexaco Corp. 111,802
2,274 ConocoPhillips 114,382
2,473 Devon Energy Corp. 116,849
44,668 Dynegy, Inc.* 196,540
19,164 El Paso Corp. 143,730
5,287 Engelhard Corp. 129,796
2,993 EOG Resources, Inc. 111,878
3,262 Exxon Mobil Corp. 114,822
5,681 Halliburton Co. 121,630
2,944 Kerr-McGee Corp. 123,972
5,069 Marathon Oil Corp. 115,421
33,092 McDermott International, Inc.* 107,549
3,028 Nabors Industries, Ltd.* 118,698
4,215 NICOR, Inc. 126,703
3,454 Noble Corp.* 106,901
3,959 Occidental Petroleum Corp. 118,176
3,234 Peoples Energy Corp. 125,641
6,044 Rowan Cos., Inc.* 123,902
3,018 Schlumberger Ltd. 126,545
4,696 Sempra Energy 126,041
3,129 Sunoco, Inc. 116,430
27,258 The Williams Cos., Inc. 189,443
5,633 Transocean Sedco Forex, Inc. 107,309
4,519 Unocal Corp. 125,176
---------------
3,725,841
---------------
PHARMACEUTICALS--2.0%
2,238 AmerisourceBergen Corp. 129,468
5,262 Bristol-Myers Squibb Co. 134,391
2,019 Eli Lilly & Co. 128,853
2,168 Forest Laboratories, Inc.* 112,129
9,590 King Pharmaceuticals, Inc.* 120,930
3,513 MedImmune, Inc.* 123,904
2,079 Merck & Co., Inc. 120,956
3,676 Pfizer, Inc. 113,037
6,350 Schering-Plough Corp. 114,935
4,006 Watson Pharmaceuticals, Inc.* 116,454
---------------
1,215,057
---------------
PUBLISHING--1.0%
</Table>
<Page>
<Table>
3,021 Dow Jones & Co., Inc. 119,632
1,873 Knight-Ridder, Inc. 120,902
5,978 R. R. Donnelley & Sons Co. 120,516
2,487 The New York Times Co. 115,347
2,486 Tribune Co. 121,765
---------------
598,162
---------------
REAL ESTATE INVESTMENT TRUSTS--1.0%
3,103 Apartment Investment & Management Co. 117,169
4,487 Equity Office Properties Trust 116,527
4,652 Equity Residential 120,534
5,113 Plum Creek Timber Co., Inc. 118,929
3,199 Simon Property Group, Inc. 117,467
---------------
590,626
---------------
RESORTS AND ENTERTAINMENT--0.2%
6,270 The Walt Disney Co. 116,998
---------------
RETAIL - APPAREL AND SHOES--1.5%
3,917 Jones Apparel Group, Inc.* 111,713
8,664 Limited Brands 125,975
3,722 Liz Claiborne, Inc. 121,077
2,203 NIKE, Inc., Class B 117,927
6,363 Nordstrom, Inc. 110,271
3,514 Reebok International Ltd.* 109,145
7,869 The GAP, Inc. 130,860
2,985 V.F. Corp. 117,430
---------------
944,398
---------------
RETAIL - DEPARTMENT STORES--1.2%
8,362 Dillard's, Inc. 116,901
3,946 Federated Department Stores, Inc.* 120,827
5,503 J. C. Penney Co., Inc. (Holding Co.) 93,881
1,984 Kohl's Corp.* 112,691
5,273 Sears, Roebuck & Co. 149,436
5,461 The May Department Stores Co. 118,067
---------------
711,803
---------------
RETAIL - DISCOUNT STORES--1.4%
9,505 Big Lots, Inc.* 119,003
3,762 Costco Wholesale Corp.* 130,278
8,854 Dollar General Corp. 128,737
3,772 Family Dollar Stores, Inc. 128,965
3,823 Target Corp. 127,841
6,273 The TJX Cos., Inc. 120,755
2,149 Wal-Mart Stores, Inc. 121,032
---------------
</Table>
<Page>
<Table>
876,611
---------------
RETAIL - FOOD STORES--0.7%
5,828 Albertson's, Inc. 115,744
5,946 Safeway, Inc.* 98,823
8,097 The Kroger Co.* 115,787
8,129 Winn-Dixie Stores, Inc. 101,856
---------------
432,210
---------------
RETAIL - RESTAURANTS--0.7%
6,103 Darden Restaurants, Inc. 106,864
4,458 Starbucks Corp.* 104,718
4,137 Wendy's International, Inc. 120,139
4,563 Yum! Brands, Inc.* 112,706
---------------
444,427
---------------
RETAIL - SPECIALTY STORES--2.2%
3,173 Bed Bath & Beyond, Inc.* 125,365
3,773 Best Buy Co., Inc.* 130,471
20,720 Circuit City Stores-Circuit City Group 118,726
4,404 CVS Corp. 106,621
2,762 Lowe's Cos., Inc. 121,224
9,376 Office Depot, Inc.* 118,700
5,409 RadioShack Corp. 128,247
6,019 Staples, Inc.* 114,602
4,364 Tiffany & Co. 121,057
12,605 Toys "R" Us, Inc.* 129,201
3,692 Walgreen Co. 113,935
---------------
1,328,149
---------------
RETAIL AND WHOLESALE DISTRIBUTION--0.6%
3,789 Genuine Parts Co. 121,134
4,265 SYSCO Corp. 122,534
2,503 W.W. Grainger, Inc. 115,513
---------------
359,181
---------------
TELECOMMUNICATIONS--4.8%
45,183 ADC Telecommunications, Inc.* 107,897
2,537 ALLTEL Corp. 118,884
19,228 Andrew Corp.* 147,479
6,984 AT&T Corp. 119,077
17,882 AT&T Wireless Services, Inc.* 115,518
49,153 Avaya, Inc.* 191,697
5,134 BellSouth Corp. 130,866
7,360 Broadcom Corp.* 131,670
4,019 CenturyTel, Inc. 118,360
10,928 Citizens Communications Co.* 119,443
</Table>
<Page>
<Table>
9,749 Comverse Technology, Inc.* 127,419
19,196 Corning, Inc.* 104,042
38,019 JDS Uniphase Corp.* 122,801
72,517 Lucent Technologies, Inc.* 130,531
13,821 Motorola, Inc. 109,324
8,689 Nextel Communications, Inc.* 128,510
2,996 QUALCOMM, Inc.* 95,542
29,740 Qwest Communications International, Inc.* 112,120
5,429 SBC Communications, Inc. 126,821
8,606 Scientific-Atlanta, Inc. 139,848
9,806 Sprint Corp. 112,867
28,513 Sprint Corp. (PCS Group)* 99,796
18,530 Tellabs, Inc.* 114,515
3,129 Verizon Communications, Inc. 116,962
---------------
2,941,989
---------------
TIRE AND RUBBER--0.4%
8,434 Cooper Tire & Rubber Co. 118,751
21,959 The Goodyear Tire & Rubber Co. 125,605
---------------
244,356
---------------
TOOLS AND INSTRUMENTS--1.2%
3,462 Millipore Corp.* 118,227
13,199 PerkinElmer, Inc. 130,934
4,347 Snap-on, Inc. 127,584
3,050 The Black & Decker Corp. 125,813
4,326 The Stanley Works 103,954
6,218 Thermo Electron Corp.* 112,981
---------------
719,493
---------------
TRANSPORTATION--1.4%
4,435 Burlington Northern Santa Fe Corp. 124,890
3,917 CSX Corp. 125,265
2,052 FedEx Corp. 122,874
5,898 Norfolk Southern Corp. 125,097
5,037 Ryder System, Inc. 125,119
2,017 Union Pacific Corp. 120,052
1,962 United Parcel Service, Inc., Class B 121,879
---------------
865,176
---------------
TRAVEL SERVICES--0.4%
4,391 Carnival Corp. 121,148
6,648 Sabre Holdings Corp.* 139,009
---------------
260,157
---------------
UTILITIES - GAS AND ELECTRIC--6.8%
</Table>
<Page>
<Table>
22,208 Allegheny Energy, Inc. 184,326
2,936 Ameren Corp. 120,317
5,144 American Electric Power Co., Inc. 135,699
36,146 Calpine Corp.* 194,104
17,101 CenterPoint Energy, Inc. 135,098
3,401 Cinergy Corp. 116,110
25,539 CMS Energy Corp. 159,108
2,973 Consolidated Edison, Inc. 115,561
4,140 Constellation Energy Group, Inc. 121,219
2,070 Dominion Resources, Inc. 122,503
2,946 DTE Energy Co. 118,783
7,629 Duke Energy Corp. 134,194
8,587 Edison International* 125,284
2,373 Entergy Corp. 110,606
2,309 Exelon Corp. 122,469
3,699 FirstEnergy Corp. 124,767
1,969 FPL Group, Inc. 119,853
3,513 KeySpan Corp. 118,985
2,556 Kinder Morgan, Inc. 120,183
69,513 Mirant Corp.* 230,089
6,477 NiSource, Inc. 122,415
8,599 PG&E Corp.* 128,813
3,546 Pinnacle West Capital Corp. 117,798
3,213 PPL Corp. 116,311
2,931 Progress Energy, Inc. 122,457
3,184 Public Service Enterprise Group, Inc. 122,488
10,729 TECO Energy, Inc. 115,766
35,492 The AES Corp.* 213,308
4,017 The Southern Co. 116,855
6,582 TXU Corp. 131,113
9,840 Xcel Energy, Inc. 133,037
---------------
4,169,619
---------------
WASTE MANAGEMENT--0.4%
12,981 Allied Waste Industries, Inc.* 107,742
5,197 Waste Management, Inc. 112,879
---------------
220,621
---------------
TOTAL INVESTMENTS
(Cost $60,835,317)--100.0% 61,390,368
Other assets less liabilities--0.0% 19,738
---------------
NET ASSETS--100.0% $ 61,410,106
===============
</Table>
* NON-INCOME PRODUCING SECURITY.
SEE NOTES TO FINANCIAL STATEMENTS.
<Page>
RYDEX S&P EQUAL WEIGHT ETF
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2003 (UNAUDITED)
<Table>
ASSETS:
Investments at market value,
(Cost $60,835,317) $ 61,390,368
Cash 100,060
Receivables:
Capital stock sold 10,217,154
Dividends 23,046
Investments sold 1,405
---------------
TOTAL ASSETS 71,732,033
---------------
LIABILITIES:
Payables:
Investments purchased 10,318,508
Accrued Management fees 3,419
---------------
TOTAL LIABILITIES 10,321,927
---------------
NET ASSETS: $ 61,410,106
===============
SOURCES OF NET ASSETS:
Capital stock @ par $ 6,010
Capital surplus 60,829,411
Net investment income 19,628
Net realized gain on investments 6
Net unrealized appreciation on investments 555,051
---------------
NET ASSETS $ 61,410,106
===============
Shares outstanding (authorized @ $ 0.01 par value) 601,000
===============
Net asset value, offering price and
repurchase price per share $ 102.18
===============
</Table>
SEE NOTES TO FINANCIAL STATEMENTS.
<Page>
RYDEX S&P EQUAL WEIGHT ETF
STATEMENT OF OPERATIONS
FOR THE PERIOD APRIL 24, 2003* THROUGH APRIL 30, 2003 (UNAUDITED)
<Table>
INVESTMENT INCOME:
Dividends $ 23,046
---------------
EXPENSES:
Advisory 3,418
---------------
NET INVESTMENT INCOME 19,628
---------------
REALIZED AND UNREALIZED GAIN ON
INVESTMENTS:
Net realized gain on investments 6
Net unrealized appreciation on investments 555,051
---------------
Net realized and unrealized gain on investments 555,057
---------------
Net increase in net assets resulting from operations $ 574,685
===============
</Table>
* COMMENCEMENT OF INVESTMENT OPERATIONS.
SEE NOTES TO FINANCIAL STATEMENTS.
<Page>
RYDEX S&P EQUAL WEIGHT ETF
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE PERIOD
APRIL 24, 2003*
THROUGH
APRIL 30, 2003
(UNAUDITED)
---------------
OPERATIONS:
Net investment income $ 19,628
Net realized gain on investments 6
Net unrealized appreciation on investments 555,051
---------------
Net increase in net assets resulting from operations 574,685
---------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from capital stock sold 60,835,421
---------------
INCREASE IN NET ASSETS 61,410,106
---------------
NET ASSETS:
Beginning of period -0-
---------------
End of period $ 61,410,106
===============
CHANGES IN CAPITAL STOCK OUTSTANDING:
Shares sold 601,000
Shares outstanding, beginning of period -0-
---------------
Shares outstanding, end of period 601,000
===============
</Table>
* COMMENCEMENT OF INVESTMENT OPERATIONS.
SEE NOTES TO FINANCIAL STATEMENTS.
<Page>
RYDEX S&P EQUAL WEIGHT ETF
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
FOR THE PERIOD
APRIL 24, 2003*
THROUGH
APRIL 30, 2003
(UNAUDITED)
---------------
PER SHARE DATA:
Net asset value at beginning of period $ 101.03
---------------
GAIN FROM INVESTMENT OPERATIONS
Net investment income 0.04
Net realized and unrealized gain on investments 1.11
---------------
Total from investment operations 1.15
---------------
Net asset value at end of period $ 102.18
===============
TOTAL RETURN: 1.14%**
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period (000's omitted) $ 61,410
Ratio to average net assets of:
Expenses 0.40%***
Net investment income 2.24%***
Portfolio turnover rate 0%****
</Table>
* COMMENCMENT OF INVESTMENT OPERATIONS.
** NOT ANNUALIZED.
*** ANNUALIZED.
**** LESS THAN ONE-HALF OF ONE PERCENT.
SEE NOTES TO FINANCIAL STATEMENTS.
<Page>
RYDEX ETF TRUST
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2003 (Unaudited)
NOTE 1: ORGANIZATION
Rydex ETF Trust (the "Trust"), which is registered under the Investment Company
Act of 1940, as amended, is an open-end non-diversified management investment
company that was organized as a Delaware statutory trust on November 22, 2002.
The Trust currently consists of one series, Rydex S&P Equal Weight ETF (the
"Fund"). The Fund commenced operations on April 24, 2003.
NOTE 2: ACCOUNTING POLICIES
SECURITY VALUATION - Securities listed on a domestic securities exchange are
valued based on the last sale price as of the close of regular trading hours on
the New York Stock Exchange or, in the absence of recorded sales, at the average
of readily available closing bid and asked prices on such exchange.
The market value of a futures contract or a purchased put option contract is the
last reported sale price on the principal exchange on which such option is
traded or, if no sales are reported, the average between the last reported bid
and asked prices.
Securities for which market quotations are not readily available, including
investments that are subject to limitations as to their sale, are valued at fair
value as determined in good faith by the Board of Directors. In determining fair
value, consideration is given to cost, operating and other financial data.
FUTURES AND PURCHASED OPTIONS - The Fund may enter into futures and option
contracts for the purpose of either hedging its exposure to the market
fluctuations of the portfolio or an individual security position. As of April
30, 2003, the Fund had not entered into any futures or options transactions.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS - The Fund declares and pays income
dividends annually and capital gain distributions, if any, are made annually.
SECURITY TRANSACTIONS AND INVESTMENT INCOME - Security transactions are recorded
on the trade date. Realized gains and losses on security transactions are
determined using the identified cost method. Dividend income is recorded on the
ex-dividend date.
FINANCIAL STATEMENTS PREPARATION - The preparation of the financial statements
in accordance with accounting principles generally accepted in the United States
of America requires management to make estimates and assumptions that affect the
reported amounts and disclosures in the financial statements. Actual results
could differ from these estimates. In the normal course of business the Trust
enters into contracts that contain a variety of representations which provide
general indemnifications. The Trust's maximum exposure under these arrangements
is unknown as this would involve future claims that may be made against the
Trust that have not yet occurred. However, the Trust expects any risk of loss to
be remote.
NOTE 3: FEES AND EXPENSES
Rydex Global Advisors (the "Advisor"), has agreed to bear the initial costs of
organization of the Trust. The Advisor is responsible for determining the
composition of the portfolio of securities that must be delivered in exchange
for the issuance of Creation Units and for periodically adjusting the
composition of the portfolio of the Trust to conform to changes in the
composition of the relevant index. For these services, the Advisor receives an
advisory fee at the annual rate of 0.40% of the average daily net assets of the
Fund.
NOTE 4: CAPITAL
Shares are created and redeemed by the Trust only in Creation Unit size
aggregations of 50,000. There is a minimum transaction fee of $2,000 per
transaction to those persons creating or redeeming Creation Units. An additional
<Page>
charge of up to three times the standard transaction fee may be imposed for
creations and redemptions effected outside the National Securities Clearing
Corporation usual clearing process or for cash. Such transactions are generally
permitted on an in-kind basis, with a balancing cash component to equate the
transaction to the net asset value per unit of the Fund on the transaction date.
NOTE 5: INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding short-term investments,
U.S government and government agency obligations) aggregated $60,836,716 and
$1,405, respectively, for the period ended April 30, 2003. There were no
purchases or sales of U.S. government or government agency obligations for the
period ended April 30, 2003.
At April 30, 2003, the cost of investments for federal income tax purposes was
substantially the same as the cost for financial reporting purposes.
Accordingly, gross unrealized appreciation of investments was $1,033,495 and
gross unrealized depreciation of investments was $478,444, resulting in net
unrealized appreciation of $555,051.
<Page>
The Fund's Statement of Additional Information contains additional information
about the Trustees and Officers and is available, without charge, upon request,
by calling (800) 207-3390.
INVESTMENT ADVISOR
Rydex Global Advisors
ADMINISTRATOR
The Bank of New York
TRANSFER AGENT
The Bank of New York
DISTRIBUTOR
Rydex Distributors, Inc.
INDEPENDENT AUDITORS
Pricewaterhouse Coopers LLP
<Page>
ITEM 2. CODE OF ETHICS.
Not applicable at this time.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable at this time.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable at this time.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable at this time.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) There were no significant deficiencies in the design or operation of the
internal controls of the Fund or PADCO Advisors, Inc., the investment adviser
and manager of the Fund which would have adversely affected the ability of the
Fund, or PADCO Advisors, Inc. on behalf of the Fund, to record, process,
summarize, and report the subject matter contained in this Report, and PADCO
Advisors, Inc. has identified no material weaknesses in such internal controls
on behalf of the Funds.
There was no fraud, whether or not material, involving officers or employees of
PADCO Advisors, Inc., Rydex Distributors, Inc., or the Fund who have a
significant role in the Fund's internal controls that has come to the attention
of PADCO Advisors, Inc. or the officers of the Funds.
(b) There were no significant changes in PADCO Advisors, Inc.'s internal
controls that apply to the Funds or in other factors with respect to the Funds
that could significantly affect the Funds' or PADCO Advisors, Inc.'s internal
controls during the period covered by this Form N-CSR, and no corrective actions
with regard to significant deficiencies or material weaknesses were taken by the
Funds or PADCO Advisors, Inc. during such period.
ITEM 10. EXHIBITS.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Attached hereto.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act (17
CFR 270.30a-2) in the exact form set forth below: Attached hereto.
<Page>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Rydex ETF Trust
-----------------------------------------------------------
By (Signature and Title)* /s/ Albert P. Viragh
----------------------------------------------------
Albert P. Viragh, Jr, President
Date July 7, 2003
----------------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Albert P. Viragh
--------------------------------------------------
Albert P. Viragh, Jr, President
Date July 7, 2003
-----------------------------------------------------------------------
By (Signature and Title)* /s/ Carl Verboncoeur
--------------------------------------------------
Carl Verboncoeur, Vice President & Treasurer
Date July 7, 2003
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.