Inverse S&P 500 Strategy Fund
Name
As of 11/04/2024Price
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
-11.3%
1 yr return
-18.0%
3 Yr Avg Return
-4.5%
5 Yr Avg Return
-13.6%
Net Assets
$42.7 M
Holdings in Top 10
97.8%
52 WEEK LOW AND HIGH
$24.2
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.54%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 114.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/04/2024Price
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
RYURX - Profile
Distributions
- YTD Total Return -11.3%
- 3 Yr Annualized Total Return -4.5%
- 5 Yr Annualized Total Return -13.6%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.91%
- Dividend Yield 3.2%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameInverse S&P 500 Strategy Fund
-
Fund Family NameGuggenheim
-
Inception DateJan 07, 1994
-
Shares OutstandingN/A
-
Share ClassInvestor
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMichael Byrum
Fund Description
Unlike a traditional index fund, the Fund’s investment objective is to perform opposite the underlying index, and the Fund generally will not own the securities included in the underlying index. Instead, the Fund employs as its investment strategy a program of engaging in short sales of securities included in the underlying index and investing to a significant extent in derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds ("ETFs"), futures contracts, and options on securities, futures contracts, and stock indices. The Advisor expects to rebalance the Fund's positions daily to maintain exposure that is opposite to that of the underlying index. While the Fund may write (sell) and purchase swaps, it expects primarily to write swaps. The Fund’s investment in derivatives serves as a substitute for directly selling short each of the securities included in the underlying index and produces inverse exposure to the underlying index. 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 the securities of companies included in the underlying index.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.The S&P 500® Index is a capitalization-weighted index composed of 500 common stocks, which are chosen by the Standard & Poor’s Corporation on a statistical basis, and which generally represent large-capitalization companies with capitalizations ranging from $6.7 billion to $3.3 trillion as of June 30, 2024. Certain of the companies included in the S&P 500® Index may be structured as real estate investment trusts (“REITs”).To the extent the Fund’s underlying index is concentrated in a particular industry the Fund will necessarily be concentrated in that industry. The industries in which the underlying index components, and thus the Fund's investments, may be concentrated will vary as the composition of the underlying index changes over time. While the Fund’s sector exposure may vary over time, as of June 30, 2024, the Fund has significant exposure to the Consumer Discretionary Sector, Financials Sector, Health Care Sector, and Information Technology Sector, as each sector is defined by the Global Industry Classification Standard, a widely recognized industry classification methodology developed by MSCI, Inc. and Standard & Poor's Financial Services LLC.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 is non-diversified and, therefore, may invest a greater percentage of its assets in a particular issuer in comparison to a diversified fund.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.
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RYURX - Performance
Return Ranking - Trailing
| Period | RYURX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -11.3% | -75.9% | 485.8% | 37.01% |
| 1 Yr | -18.0% | -82.9% | 587.4% | 29.92% |
| 3 Yr | -4.5%* | -61.7% | 62.8% | 36.22% |
| 5 Yr | -13.6%* | -76.1% | 11.9% | 32.80% |
| 10 Yr | -12.0%* | -71.4% | 13.2% | 26.09% |
* Annualized
Return Ranking - Calendar
| Period | RYURX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -16.8% | -85.3% | 15.3% | 27.56% |
| 2022 | 17.6% | -73.7% | 116.7% | 43.31% |
| 2021 | -24.2% | -80.9% | 94.9% | 38.58% |
| 2020 | -25.2% | -96.0% | 153.8% | 26.77% |
| 2019 | -23.3% | -84.0% | -9.3% | 22.40% |
Total Return Ranking - Trailing
| Period | RYURX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -11.3% | -75.9% | 485.8% | 37.01% |
| 1 Yr | -18.0% | -82.9% | 587.4% | 29.92% |
| 3 Yr | -4.5%* | -61.7% | 62.8% | 36.22% |
| 5 Yr | -13.6%* | -76.1% | 11.9% | 32.80% |
| 10 Yr | -12.0%* | -71.4% | 13.2% | 26.09% |
* Annualized
Total Return Ranking - Calendar
| Period | RYURX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -14.6% | -84.6% | 18.9% | 29.92% |
| 2022 | 17.6% | -73.6% | 117.2% | 44.09% |
| 2021 | -24.2% | -80.9% | 94.9% | 38.58% |
| 2020 | -24.9% | -95.9% | 153.8% | 25.98% |
| 2019 | -22.7% | -83.8% | -8.6% | 23.20% |
NAV & Total Return History
RYURX - Holdings
Concentration Analysis
| RYURX | Category Low | Category High | RYURX % Rank | |
|---|---|---|---|---|
| Net Assets | 42.7 M | 269 K | 3.02 B | 31.54% |
| Number of Holdings | 16 | 4 | 799 | 25.38% |
| Net Assets in Top 10 | 40.3 M | 353 K | 2.88 B | 31.54% |
| Weighting of Top 10 | 97.83% | 37.3% | 230.5% | 74.62% |
Top 10 Holdings
- J.P. Morgan Securities LLC 18.81%
- Guggenheim Strategy Fund II 15.72%
- BofA Securities, Inc. 14.83%
- Guggenheim Ultra Short Duration Fund - Institutional Class 10.31%
- Federal Home Loan Bank 9.92%
- U.S. Treasury Bills 9.11%
- Federal Farm Credit Bank 4.86%
- Federal Home Loan Bank 4.86%
- U.S. Treasury Bills 4.85%
- U.S. Treasury Bills 4.57%
Asset Allocation
| Weighting | Return Low | Return High | RYURX % Rank | |
|---|---|---|---|---|
| Bonds | 40.40% | 0.00% | 92.50% | 10.00% |
| Other | 33.45% | -62.82% | 156.23% | 53.85% |
| Stocks | 26.03% | -106.26% | 100.00% | 10.77% |
| Convertible Bonds | 0.12% | 0.00% | 2.47% | 11.54% |
| Cash | 0.12% | 0.00% | 237.06% | 92.31% |
| Preferred Stocks | 0.00% | 0.00% | 0.00% | 86.15% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | RYURX % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 5.05% | 41.18% |
| Technology | 0.00% | 0.00% | 30.00% | 29.41% |
| Real Estate | 0.00% | 0.00% | 4.40% | 47.06% |
| Industrials | 0.00% | 0.00% | 10.52% | 47.06% |
| Healthcare | 0.00% | 0.00% | 14.47% | 70.59% |
| Financial Services | 0.00% | 0.00% | 100.00% | 47.06% |
| Energy | 0.00% | 0.00% | 100.00% | 35.29% |
| Communication Services | 0.00% | 0.00% | 40.00% | 64.71% |
| Consumer Defense | 0.00% | 0.00% | 7.68% | 41.18% |
| Consumer Cyclical | 0.00% | 0.00% | 30.00% | 47.06% |
| Basic Materials | 0.00% | 0.00% | 3.58% | 47.06% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | RYURX % Rank | |
|---|---|---|---|---|
| US | 26.03% | -106.26% | 100.00% | 10.77% |
| Non US | 0.00% | 0.00% | 20.00% | 86.92% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | RYURX % Rank | |
|---|---|---|---|---|
| Government | 4.36% | 0.00% | 99.07% | 29.13% |
| Corporate | 3.90% | 0.00% | 8.61% | 8.66% |
| Securitized | 3.50% | 0.00% | 15.54% | 13.39% |
| Cash & Equivalents | 0.00% | 0.00% | 237.06% | 88.98% |
| Municipal | 0.00% | 0.00% | 0.06% | 88.98% |
| Derivative | -0.19% | -86.32% | 8.63% | 25.20% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | RYURX % Rank | |
|---|---|---|---|---|
| US | 40.40% | 0.00% | 92.50% | 10.00% |
| Non US | 0.00% | 0.00% | 2.96% | 88.46% |
RYURX - Expenses
Operational Fees
| RYURX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.54% | 0.59% | 8.36% | 65.35% |
| Management Fee | 0.90% | 0.35% | 1.50% | 85.38% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | 0.25% | 0.03% | 0.45% | 70.00% |
Sales Fees
| RYURX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.75% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
| RYURX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 2.00% | 2.00% | 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.
| RYURX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 114.00% | 0.00% | 181.00% | 80.65% |
RYURX - Distributions
Dividend Yield Analysis
| RYURX | Category Low | Category High | RYURX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.16% | 0.00% | 17.26% | 76.15% |
Dividend Distribution Analysis
| RYURX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Quarterly | Quarterly |
Net Income Ratio Analysis
| RYURX | Category Low | Category High | RYURX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.91% | -7.24% | 3.75% | 18.10% |
Capital Gain Distribution Analysis
| RYURX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 12, 2023 | $0.763 | OrdinaryDividend |
| Dec 10, 2020 | $0.154 | OrdinaryDividend |
| Dec 11, 2019 | $0.422 | OrdinaryDividend |
| Dec 04, 2008 | $4.993 | OrdinaryDividend |
| Dec 06, 2007 | $9.114 | OrdinaryDividend |
| Dec 20, 2006 | $6.697 | OrdinaryDividend |
| Dec 23, 2005 | $3.691 | OrdinaryDividend |
| Dec 12, 2003 | $9.862 | CapitalGainShortTerm |
| Dec 12, 2003 | $2.063 | CapitalGainLongTerm |
| Dec 13, 2002 | $2.049 | OrdinaryDividend |
| Dec 07, 2001 | $1.263 | OrdinaryDividend |
| Dec 15, 2000 | $1.751 | OrdinaryDividend |
| Mar 24, 2000 | $0.566 | OrdinaryDividend |
| Dec 13, 1999 | $1.243 | OrdinaryDividend |
| Dec 31, 1998 | $0.753 | OrdinaryDividend |
| Dec 05, 1997 | $0.669 | OrdinaryDividend |
| Nov 29, 1996 | $0.630 | OrdinaryDividend |
| Jun 19, 1995 | $6.000 | OrdinaryDividend |
| Dec 13, 1994 | $2.190 | OrdinaryDividend |
RYURX - Fund Manager Analysis
Managers
Michael Byrum
Start Date
Tenure
Tenure Rank
Aug 01, 2001
20.84
20.8%
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 |
|---|---|---|---|
| 0.16 | 23.76 | 9.04 | 14.22 |