FORM OF AMENDMENT DATED FEBRUARY 17, 2006 TO ADMINISTRATION AGREEMENT BETWEEN RYDEX ETF TRUST AND STATE STREET BANK & TRUST COMPANY, DATED APRIL 29, 2005, AS AMENDED

                                     FORM OF
                        AMENDMENT DATED FEBRUARY 17, 2006
                                       TO
                            ADMINISTRATION AGREEMENT
                                     BETWEEN
                               RYDEX ETF TRUST AND
                       STATE STREET BANK & TRUST COMPANY,
                              DATED APRIL 29, 2005,
                                   AS AMENDED



                                 RYDEX ETF TRUST
                         0000 XXXXXXXXX XXXX, XXXXX 000
                               XXXXXXXXX, XX 00000

[FEBRUARY 17, 0000]

Xxxxx Xxxxxx Bank & Trust Company
Xxx Xxxxxxx Xxxxxx - 0xx Xxxxx
Xxxxxx, XX  00000
Attn:  Fund Administration Department / Xxxx Xxxxx

Ladies and Gentlemen:

      Reference is made to the  Administration  Agreement between us dated as of
April 29, 2005, including Schedule A (the "Agreement").

      Pursuant to the Agreement, this letter is to provide written notice of the
Trust's  desire  to  include  the  following  series  of Rydex  ETF  Trust  (the
"Additional Funds") as additional funds under the Agreement:

                  RYDEX S&P 500 PURE VALUE ETF
                  RYDEX S&P 500 PURE GROWTH ETF
                  RYDEX S&P MIDCAP 400 PURE VALUE ETF
                  RYDEX S&P MIDCAP 400 PURE GROWTH ETF
                  RYDEX S&P SMALLCAP 600 PURE VALUE ETF
                  RYDEX S&P SMALLCAP 600 PURE GROWTH ETF

      In  accordance  with the  Additional  Funds  provision of Section 1 of the
Agreement,  we request that you confirm that you will act as Administrator  with
respect to the Additional  Funds and that Schedule A to the Agreement be amended
in its entirety and replaced with a new Schedule A annexed hereto.

      Please  indicate your  acceptance of the foregoing by executing two copies
of this  Agreement,  returning  one to the Fund and  retaining one copy for your
records.

                                    Very truly yours,

                                    RYDEX ETF TRUST

                                    By:
                                            -----------------------------------
                                    Name:
                                    Title:

                                    Accepted:

                                    STATE STREET BANK AND TRUST COMPANY

                                    By:
                                             -----------------------------------
                                    Name:    Xxxx X. Xxxxxx
                                    Title:   Senior Vice President



                                     FORM OF

                                    EXHIBIT A
                          APPROVED AS OF APRIL 29, 2005
                 AMENDED AND RESTATED AS OF [FEBRUARY 17, 2006]

The  following  entities  are  each  referred  to  herein  as a  "Fund"  and are
collectively referred to herein as the "Funds":

                  RYDEX XXXXXXX TOP 50 ETF
                  RYDEX S&P EQUAL WEIGHT ETF
                  RYDEX S&P 500 PURE VALUE ETF
                  RYDEX S&P 500 PURE GROWTH ETF
                  RYDEX S&P MIDCAP 400 PURE VALUE ETF
                  RYDEX S&P MIDCAP 400 PURE GROWTH ETF
                  RYDEX S&P SMALLCAP 600 PURE VALUE ETF
                  RYDEX S&P SMALLCAP 600 PURE GROWTH ETF