Name
As of 12/27/2024Price
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
Vitals
YTD Return
0.9%
1 yr return
0.9%
3 Yr Avg Return
1.3%
5 Yr Avg Return
-1.1%
Net Assets
$672 K
Holdings in Top 10
88.1%
52 WEEK LOW AND HIGH
$48.5
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.60%
SALES FEES
Front Load 4.75%
Deferred Load N/A
TRADING FEES
Turnover 344.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/27/2024Price
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
RYILX - Profile
Distributions
- YTD Total Return 0.9%
- 3 Yr Annualized Total Return 1.3%
- 5 Yr Annualized Total Return -1.1%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -1.31%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameInverse High Yield Strategy Fund
-
Fund Family NameGuggenheim
-
Inception DateApr 16, 2007
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMichael Byrum
Fund Description
The Fund seeks to gain inverse exposure to the performance of the high yield bond market by investing in credit default swaps, futures, total return swaps on exchange-traded funds (“ETFs”), and other financial instruments with economic characteristics opposite to those of the high yield bond market as represented by U.S. and Canadian high yield bonds. Generally, high yield bonds, which also are commonly referred to as “junk bonds,” are those bonds rated BB+ and lower by S&P Global Ratings or Ba1 and lower by Moody’s Investors Service, Inc., but may include unrated bonds that the Advisor determines are of similar quality. The Advisor will consider the liquidity, transaction costs and relative value of available investments in seeking to meet the Fund’s objective.The Fund will primarily invest in credit default swaps, swaps on ETFs, and bond futures to gain inverse exposure to the high yield bond market. Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. The Fund will normally be a buyer of credit protection (mitigating credit risk) as it seeks to gain inverse exposure to the high yield bond market, but also may sell credit protection from time to time in order to maintain the appropriate level of exposure to the high yield bond market, such as during times of heavy redemption activity. The Fund will invest in bond futures to obtain exposure to interest rate risk comparable to that experienced in the high yield bond market, and will complement the Fund's swap investments exposure to produce inverse investment exposure to the high yield bond market.For cash management purposes, the Fund may invest in other fixed income securities and money market instruments. The Fund also may invest in other financial instruments including corporate notes, convertible debt securities, preferred securities and derivatives thereof, as well as other investment companies, consisting of ETFs, unit investment trusts, and closed-end funds, that provide inverse exposure to the high yield debt market. While the Fund anticipates investing in these instruments to seek to achieve its investment objective, the extent of the Fund’s investment in these instruments may vary from day to day depending on a number of different factors, including price, availability, and general market conditions. Certain of the Fund’s derivatives investments may be traded in the over-the-counter (“OTC”) market.Investments in derivative instruments, such as futures 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. The Fund’s use of derivatives and the leveraged investment exposure created by the use of derivatives are expected to be significant.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 is non-diversified and, therefore, may invest a greater percentage of its assets in a particular issuer in comparison to a diversified fund.Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in financial instruments that in combination should provide inverse exposure to the U.S. and Canadian high yield bond markets.Under certain circumstances the Fund may invest 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 liquidity management purposes, including in order to increase yield on liquid investments used to collateralize derivatives positions. 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.
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RYILX - Performance
Return Ranking - Trailing
| Period | RYILX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 0.9% | -4.2% | 37.2% | 81.82% |
| 1 Yr | 0.9% | -4.2% | 44.2% | 81.82% |
| 3 Yr | 1.3%* | -1.7% | 46.4% | 81.82% |
| 5 Yr | -1.1%* | -3.6% | 9.4% | 81.82% |
| 10 Yr | -3.9%* | -7.0% | 1.2% | 76.19% |
* Annualized
Return Ranking - Calendar
| Period | RYILX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -5.0% | -20.8% | 3.3% | 59.09% |
| 2022 | 8.7% | 6.9% | 150.2% | 86.36% |
| 2021 | -5.9% | -7.1% | 7.5% | 86.36% |
| 2020 | -12.7% | -54.3% | -6.6% | 31.82% |
| 2019 | -11.1% | -36.0% | -6.6% | 19.05% |
Total Return Ranking - Trailing
| Period | RYILX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 0.9% | -4.2% | 37.2% | 81.82% |
| 1 Yr | 0.9% | -4.2% | 44.2% | 81.82% |
| 3 Yr | 1.3%* | -1.7% | 46.4% | 81.82% |
| 5 Yr | -1.1%* | -3.6% | 9.4% | 81.82% |
| 10 Yr | -3.9%* | -7.0% | 1.2% | 76.19% |
* Annualized
Total Return Ranking - Calendar
| Period | RYILX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -5.0% | -20.0% | 4.6% | 68.18% |
| 2022 | 8.7% | 6.9% | 150.2% | 86.36% |
| 2021 | -3.6% | -6.7% | 7.5% | 77.27% |
| 2020 | -5.9% | -54.1% | -5.9% | 4.55% |
| 2019 | -11.1% | -34.9% | -5.2% | 28.57% |
NAV & Total Return History
RYILX - Holdings
Concentration Analysis
| RYILX | Category Low | Category High | RYILX % Rank | |
|---|---|---|---|---|
| Net Assets | 672 K | 672 K | 291 M | 100.00% |
| Number of Holdings | 8 | 4 | 18 | 90.91% |
| Net Assets in Top 10 | 4.89 M | 308 K | 332 M | 77.27% |
| Weighting of Top 10 | 88.07% | 43.2% | 187.0% | 81.82% |
Top 10 Holdings
- J.P. Morgan Securities LLC 35.67%
- BofA Securities, Inc. 29.46%
- Guggenheim Strategy Fund II 13.09%
- Federal Home Loan Bank 9.00%
- Guggenheim Ultra Short Duration Fund - Institutional Class 6.80%
- U.S. Treasury Bills 1.17%
- U.S. Treasury 5 Year Note Futures Contracts -0.20%
- CDX.NA.HY.43.V1 -6.93%
Asset Allocation
| Weighting | Return Low | Return High | RYILX % Rank | |
|---|---|---|---|---|
| Other | 58.01% | -3.67% | 110.25% | 63.64% |
| Stocks | 19.89% | 0.00% | 46.69% | 31.82% |
| Cash | 11.93% | 0.00% | 105.11% | 59.09% |
| Bonds | 10.17% | -61.92% | 10.17% | 13.64% |
| Convertible Bonds | 0.08% | 0.00% | 0.08% | 13.64% |
| Preferred Stocks | 0.00% | 0.00% | 0.00% | 90.91% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | RYILX % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | N/A | N/A | 85.71% |
| Technology | 0.00% | N/A | N/A | 85.71% |
| Real Estate | 0.00% | N/A | N/A | 85.71% |
| Industrials | 0.00% | N/A | N/A | 85.71% |
| Healthcare | 0.00% | N/A | N/A | 42.86% |
| Financial Services | 0.00% | N/A | N/A | 85.71% |
| Energy | 0.00% | N/A | N/A | 85.71% |
| Communication Services | 0.00% | N/A | N/A | 85.71% |
| Consumer Defense | 0.00% | N/A | N/A | 85.71% |
| Consumer Cyclical | 0.00% | N/A | N/A | 85.71% |
| Basic Materials | 0.00% | N/A | N/A | 85.71% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | RYILX % Rank | |
|---|---|---|---|---|
| US | 19.89% | 0.00% | 46.69% | 31.82% |
| Non US | 0.00% | 0.00% | 0.00% | 90.91% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | RYILX % Rank | |
|---|---|---|---|---|
| Government | 3.25% | 0.00% | 10.49% | 27.27% |
| Corporate | 2.31% | 0.00% | 2.31% | 13.64% |
| Securitized | 2.08% | 0.00% | 2.08% | 13.64% |
| Cash & Equivalents | 0.00% | 0.00% | 105.11% | 95.45% |
| Municipal | 0.00% | 0.00% | 0.00% | 90.91% |
| Derivative | -7.13% | -23.16% | 61.73% | 90.91% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | RYILX % Rank | |
|---|---|---|---|---|
| US | 10.17% | -61.92% | 10.17% | 13.64% |
| Non US | 0.00% | 0.00% | 0.00% | 90.91% |
RYILX - Expenses
Operational Fees
| RYILX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.60% | 0.91% | 5.83% | 63.64% |
| Management Fee | 0.75% | 0.75% | 0.90% | 72.73% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 60.00% |
| Administrative Fee | 0.25% | 0.25% | 0.25% | 100.00% |
Sales Fees
| RYILX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 4.75% | 4.75% | 4.75% | 100.00% |
| Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
| RYILX 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.
| RYILX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 344.00% | 0.00% | 344.00% | 100.00% |
RYILX - Distributions
Dividend Yield Analysis
| RYILX | Category Low | Category High | RYILX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 14.17% | 100.00% |
Dividend Distribution Analysis
| RYILX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Quarterly | Annual |
Net Income Ratio Analysis
| RYILX | Category Low | Category High | RYILX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -1.31% | -3.85% | -0.83% | 40.91% |
Capital Gain Distribution Analysis
| RYILX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 08, 2021 | $1.145 | OrdinaryDividend |
| Dec 09, 2020 | $3.869 | OrdinaryDividend |
| Dec 18, 2009 | $1.561 | CapitalGainShortTerm |
| Dec 04, 2008 | $5.291 | CapitalGainShortTerm |
RYILX - Fund Manager Analysis
Managers
Michael Byrum
Start Date
Tenure
Tenure Rank
Apr 16, 2007
15.13
15.1%
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 |