Rydex High Yield Strategy Fund
RYHHX
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ROIC.AI
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- Rydex High Yield Strategy Fund (RYHHX) is a Class C share of an open-end mutual fund managed as part of the Rydex Funds family by Guggenheim Investments that seeks investment results correlating, before fees and expenses, to the performance of the U.S. and Canadian high yield bond markets as represented by the Bloomberg U.S. Corporate High Yield Index. The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in financial instruments providing economic characteristics similar to those markets, primarily through credit default swaps, swaps on exchange-traded funds, bond futures, high yield securities, and other derivatives; it also employs fixed income securities and money market instruments for cash management and duration risk hedging, with additional flexibility for corporate notes, convertible debt securities, preferred securities, and other investment companies focused on high yield debt. Non-diversified and team-managed by Security Investors, LLC, with distribution by Guggenheim Funds Distributors, LLC, the fund targets institutional and retail investors seeking high yield bond exposure, operates exclusively in the United States, and maintains total net assets of approximately $20 million across its share classes. Incepted on April 16, 2007, and headquartered in Chicago, Illinois through its Guggenheim Investments affiliation, the fund features a net expense ratio of 1.56% (gross 1.62%), annual distributions including a recent dividend of $8.70 per share ex-dated December 12, 2024, and a portfolio turnover rate of 40%, with top holdings typically including swaps counterparties like J.P. Morgan Securities LLC alongside U.S. agency securities and affiliated Guggenheim strategies. Recent developments include a contractual management fee waiver by the advisor—equal to fees paid to its subsidiary—extended through August 1, 2026 to mitigate costs, alongside broader Rydex Funds actions such as reverse share splits executed on 14 funds after market close on February 21, 2024 to address low share prices and maintain listing compliance.