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Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Inverse Government Long Bond Strategy Fund

RYAQX | Fund

$195.39

$15.2 M

1.17%

$2.28

5.08%

Vitals

YTD Return

13.8%

1 yr return

4.5%

3 Yr Avg Return

19.5%

5 Yr Avg Return

7.2%

Net Assets

$15.2 M

Holdings in Top 10

78.9%

52 WEEK LOW AND HIGH

$195.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 5.08%

SALES FEES

Front Load 4.75%

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$2,500

IRA

$1,000

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Inverse Government Long Bond Strategy Fund

RYAQX | Fund

$195.39

$15.2 M

1.17%

$2.28

5.08%

RYAQX - Profile

Distributions

  • YTD Total Return 13.8%
  • 3 Yr Annualized Total Return 19.5%
  • 5 Yr Annualized Total Return 7.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -3.11%
DIVIDENDS
  • Dividend Yield 1.2%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Inverse Government Long Bond Strategy Fund
  • Fund Family Name
    Guggenheim
  • Inception Date
    May 27, 2004
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Byrum

Fund Description

Unlike a traditional index fund, the Fund’s investment objective is to perform, on a daily basis, opposite the daily price movement of the Long Treasury Bond. The Fund employs as its investment strategy a program of engaging in short sales and investing to a significant extent in derivative instruments, which primarily consist of futures contracts, interest rate swaps, and options on securities and futures contracts. The Advisor expects to rebalance the Fund's positions daily to maintain exposure that is opposite to that of the Fund's benchmark. While the Fund may write (sell) and purchase swaps, it expects primarily to write swaps. Certain of the Fund’s derivatives investments may be traded in the over-the-counter (“OTC”) market. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in financial instruments with economic characteristics that should perform opposite to fixed income securities issued by the U.S. government.Investments in derivative instruments, such as futures, options and swap agreements, have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Fund’s exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Fund’s portfolio. The value of the Fund’s portfolio is likely to experience greater volatility over short-term periods. While such financial leverage has the potential to produce greater gains, it also may result in greater losses, which in some cases may cause the Fund to liquidate other portfolio investments at a loss to comply with limits on leverage imposed by the Investment Company Act of 1940, satisfy margin or collateral requirements, or meet redemption requests.On a day-to-day basis, the Fund may hold U.S. government securities or cash equivalents. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. In an effort to ensure that the Fund is fully invested on a day-to-day basis, the Fund may conduct any necessary trading activity at or just prior to the close of the U.S. financial markets.The Fund may invest a portion of its assets, and at times, a substantial portion of its assets, in other short-term fixed-income investment companies advised by the Advisor, or an affiliate of the Advisor, for various purposes, including for liquidity management purposes (e.g., to increase yield on liquid investments used to collateralize derivatives positions) or when such investment companies present a more cost-effective investment option than direct investments in the underlying securities. Investments in these investment companies will significantly increase the portfolio’s exposure to certain other asset categories, including: (i) a broad range of high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization or, if unrated, determined by the Advisor to be of comparable quality (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) collateralized loan obligations (“CLOs”), other asset-backed securities (including mortgage-backed securities) and similarly structured debt investments; and (iv) other short-term fixed income securities. Such investments will expose the Fund to the risks of these asset categories and increases or decreases in the value of these investments may cause the Fund to deviate from its investment objective.
Read More

RYAQX - Performance

Return Ranking - Trailing

Period RYAQX Return Category Return Low Category Return High Rank in Category (%)
YTD 13.8% -4.5% 28.2% 36.36%
1 Yr 4.5% -15.3% 4.7% 13.64%
3 Yr 19.5%* -2.3% 37.8% 40.91%
5 Yr 7.2%* -4.1% 8.9% 31.82%
10 Yr 0.2%* -8.8% 0.6% 28.57%

* Annualized

Return Ranking - Calendar

Period RYAQX Return Category Return Low Category Return High Rank in Category (%)
2023 3.0% -20.8% 3.3% 13.64%
2022 45.6% 6.9% 150.2% 40.91%
2021 1.1% -7.1% 7.5% 50.00%
2020 -21.6% -54.3% -6.6% 68.18%
2019 -13.1% -36.0% -6.6% 57.14%

Total Return Ranking - Trailing

Period RYAQX Return Category Return Low Category Return High Rank in Category (%)
YTD 13.8% -4.5% 28.2% 36.36%
1 Yr 4.5% -15.3% 4.7% 13.64%
3 Yr 19.5%* -2.3% 37.8% 40.91%
5 Yr 7.2%* -4.1% 8.9% 31.82%
10 Yr 0.2%* -8.8% 0.6% 28.57%

* Annualized

Total Return Ranking - Calendar

Period RYAQX Return Category Return Low Category Return High Rank in Category (%)
2023 4.3% -20.0% 4.6% 13.64%
2022 45.6% 6.9% 150.2% 40.91%
2021 1.1% -6.7% 7.5% 50.00%
2020 -21.3% -54.1% -5.9% 68.18%
2019 -13.1% -34.9% -5.2% 57.14%

NAV & Total Return History

RYAQX - Holdings

Concentration Analysis

RYAQX Category Low Category High RYAQX % Rank
Net Assets 15.2 M 915 K 324 M 50.00%
Number of Holdings 9 4 18 45.45%
Net Assets in Top 10 13.4 M 27.3 K 332 M 45.45%
Weighting of Top 10 78.87% 7.0% 122.5% 81.82%

Top 10 Holdings

  1. Barclays Capital, Inc. 41.98%
  2. J.P. Morgan Securities LLC 33.19%
  3. Mizuho Securities USA LLC 32.99%
  4. BofA Securities, Inc. 26.17%
  5. Guggenheim Strategy Fund II 19.99%
  6. Guggenheim Ultra Short Duration Fund - Institutional Class 19.15%
  7. U.S. Treasury Bills 1.12%
  8. U.S. Treasury Ultra Long Bond Futures Contracts -0.08%
  9. U.S. Treasury Bonds -95.64%

Asset Allocation

Weighting Return Low Return High RYAQX % Rank
Other 		134.25% -3.67% 134.25% 13.64%
Stocks 		39.13% 0.00% 39.13% 13.64%
Cash 		21.13% 0.01% 105.11% 54.55%
Convertible Bonds 		0.05% 0.00% 0.08% 27.27%
Preferred Stocks 		0.00% 0.00% 0.00% 59.09%
Bonds 		-94.51% -94.51% 0.97% 95.45%

Stock Sector Breakdown

Weighting Return Low Return High RYAQX % Rank
Utilities 		0.00% N/A N/A 57.14%
Technology 		0.00% N/A N/A 57.14%
Real Estate 		0.00% N/A N/A 57.14%
Industrials 		0.00% N/A N/A 57.14%
Healthcare 		0.00% N/A N/A 85.71%
Financial Services 		0.00% N/A N/A 57.14%
Energy 		0.00% N/A N/A 57.14%
Communication Services 		0.00% N/A N/A 57.14%
Consumer Defense 		0.00% N/A N/A 57.14%
Consumer Cyclical 		0.00% N/A N/A 57.14%
Basic Materials 		0.00% N/A N/A 57.14%

Stock Geographic Breakdown

Weighting Return Low Return High RYAQX % Rank
US 		39.13% 0.00% 39.13% 13.64%
Non US 		0.00% 0.00% 0.00% 59.09%

RYAQX - Expenses

Operational Fees

RYAQX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 5.08% 0.91% 5.83% 9.09%
Management Fee 0.90% 0.75% 0.90% 95.45%
12b-1 Fee 0.25% 0.00% 1.00% 46.67%
Administrative Fee 0.25% 0.25% 0.25% 57.14%

Sales Fees

RYAQX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 4.75% 4.75% 4.75% 50.00%
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

RYAQX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

RYAQX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 344.00% 98.39%

RYAQX - Distributions

Dividend Yield Analysis

RYAQX Category Low Category High RYAQX % Rank
Dividend Yield 1.17% 0.00% 14.17% 59.09%

Dividend Distribution Analysis

RYAQX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Quarterly Annual

Net Income Ratio Analysis

RYAQX Category Low Category High RYAQX % Rank
Net Income Ratio -3.11% -3.85% -0.83% 90.91%

Capital Gain Distribution Analysis

RYAQX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

RYAQX - Fund Manager Analysis

Managers

Michael Byrum

Start Date

Tenure

Tenure Rank

Mar 03, 1995

27.26

27.3%

Michael P. Byrum, CFA, Senior Vice President—Mr. Byrum has been associated with the Security Investors since 1993. Mr. Byrum was the inaugural portfolio manager for many of the Rydex products, including the Rydex leveraged and inverse funds, sector fund lineup and alternative investment portfolios. Today, Mr. Byrum continues to play an instrumental role in product development and investment strategy at Guggenheim Investments and oversees the trading, research and portfolio management activities of the quantitative strategies team, which focuses on target beta, alternative and asset allocation strategies. He is the chairman of the Investment Strategy Committee and is a member of the Risk Management Committee and Credit Review Committee. Prior to joining the Security Investors， Mr. Byrum served in a brokerage capacity with Money Management Associates, the registered investment advisor to Rushmore Funds, Inc. He earned a B.S. in finance from the Miami University of Ohio. He also has earned the right to use the Chartered Financial Analyst® designation and is a member of the CFA Institute and the CFA Society of Washington.

Ryan Harder

Start Date

Tenure

Tenure Rank

Mar 14, 2008

14.22

14.2%

Ryan A. Harder, CFA, Managing Director and Portfolio Manager of Security Investors. Mr. Harder joined the Investment Manager in 2010.He also joined Rydex Investments in 2004 as an assistant portfolio manager, was promoted to portfolio manager in 2005 and has served in his current capacity since 2008. Prior to joining Rydex Investments, he served in various capacities with WestLB Asset Management, including as an assistant portfolio manager, and worked in risk management at CIBC World Markets.He holds a B.A. in Economics from Brock University in Ontario, Canada and a Master of Science in International Securities, Investment and Banking from the ICMA Centre at the University of Reading in the U.K. Harder holds the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.21 27.26 11.01 14.22

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