FORM OF AMENDMENT DATED FEBRUARY 11, 2005 TO DISTRIBUTION AGREEMENT BETWEEN RYDEX ETF TRUST AND RYDEX DISTRIBUTORS, INC. DATED DECEMBER 16, 2003

                                                                  EXHIBIT (e)(3)

                                     FORM OF
                                    AMENDMENT
                             DATED FEBRUARY 11, 2005
                                       TO
                             DISTRIBUTION AGREEMENT
                             BETWEEN RYDEX ETF TRUST
                          AND RYDEX DISTRIBUTORS, INC.
                             DATED DECEMBER 16, 2003



                                     FORM OF
                                  AMENDMENT TO

                                    EXHIBIT A

                                     TO THE

                             DISTRIBUTION AGREEMENT

                         DATED DECEMBER 16, 2003 BETWEEN

                                 RYDEX ETF TRUST
                                       AND
                            RYDEX DISTRIBUTORS, INC.

The following amendment is made to EXHIBIT A of the Distribution Agreement
between Rydex ETF Trust (the "Trust") and Rydex Distributors, Inc., dated
December 16, 2003, as amended to date (the "Agreement"), and is hereby
incorporated into and made a part of the Agreement:

EXHIBIT A of the Agreement is amended, effective February 11, 2005, to read as
follows:

                                    EXHIBIT A

FUND                                               SYMBOL
----                                               ------

S&P Equal Weight ETF                               RSP
RYDEX XXXXXXX TOP 50 ETF                           XLG

                  ADDITIONS AND [DELETIONS] ARE NOTED IN BOLD.



In witness whereof, the parties hereto have caused this Amendment to be executed
in their names and on their behalf and through their duly-authorized officers as
of the [17th day of February, 2006].

                                           RYDEX ETF TRUST

                                           By:
                                              -------------------------------
                                           Name:  Xxxx X. Xxxxxxxxxxx
                                           Title: President


                                           RYDEX DISTRIBUTORS, INC.

                                           By:
                                              -------------------------------
                                           Name:  Xxxx X. Xxxxxxxxxxx
                                           Title: Chief Executive Officer