Rydex Investments may only have one ETF product, but that will soon change, especially with the help of a new ETF product specialist, said Tim Meyer, the fund firm's ETF product manager.

The fund firm is looking for a product specialist to help support traditional fund sales as well as specifically target advisors who specialize in stocks and non-traditional funds. Meyers added that their distribution efforts have been a "little bit difficult, being a one product shop."

The new hire will report to Meyer. Rydex's only ETF product specialist, Garrett Smith, focuses on internal distribution.

The firm currently has 10 ideas in what Meyer called the "opportunity stage." Rydex will develop only two or three of those ideas and begin the registration process early next quarter, said Meyer.

These products will likely be traditional, broad-based and linked to a well-branded index -- all factors which help in distributing new products. In the next year or so, the firm expects to consider more quantitative strategies once it establishes a broader product lineup and stronger reputation among intermediaries.

"We're going into it with a very slow approach, build staffing and as we build assets," Meyer added.

Rydex first dipped its toe in the ETF market with the opening of the S&P Equal Weight fund in April 2003. The fund had $358 million in assets as of June 16. 

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