E*Trade wins Rydex auction

[UPDATE Jun. 29 2007: Wrong on all counts. Rydex was today sold to Security Benefit Corp, of Kansas. See new fact-based post coming soon.]

[UPDATED (When yer wrong, yer wrong)] Coming later today: E*Trade has apparently won the auction and will acquire privately-held Rydex, the leading provider of currency-based and equal-weight ETFs, among other things, for $1 billion.

You read it here first. Given that several companies dropped out of the bidding because they found the price too high, this development is unlikely to amuse Robert Chapman.

Rydex may be sold for up to $1 bln - report
Reuters Jun. 11 2007

Rydex Investments: Essential for Modern Markets

Posted: 9:05 am EDT