Rydex NASDAQ-100 2x Strategy Fund
RYVLX
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- Rydex NASDAQ-100 2x Strategy Fund (RYVLX) is an open-end mutual fund that seeks to provide investment results corresponding to 200% of the daily performance of the NASDAQ-100 Index before fees and expenses; it employs a strategy of investing at least 80% of its net assets, plus any borrowings for investment purposes, in financial instruments including common stocks of companies within the index's capitalization range and derivative instruments that exhibit similar economic characteristics to the index securities. The fund offers multiple share classes, including Class A (RYVLX, inception September 1, 2004), Class C (RYCCX, inception November 20, 2000), and Class H (RYVYX, inception May 24, 2000), with a net expense ratio of 1.74%, front-end load of 4.75% for Class A, and minimum initial investment of $2,500; it maintains substantial exposure to large-cap growth stocks such as Apple Inc., Microsoft Corp., and NVIDIA Corp., alongside U.S. Treasury Bills for liquidity, resulting in a non-diversified portfolio with approximately 70% in U.S. stocks, 27% in cash, and minor non-U.S. allocations. Managed by a team including Michael Byrum (since May 2005) and others added in July 2022, the fund operates within the Trading--Leveraged Equity category and is available to U.S. investors through platforms with daily pricing. Headquartered in Rockville, Maryland, under Guggenheim Investments (successor to Rydex Funds via Guggenheim Partners' 2010 acquisition of Security Benefit Corp., Rydex's parent), the fund is advised by Security Investors, LLC in Wichita, Kansas, and distributed by Guggenheim Funds Distributors, LLC; it originally traces roots to Rydex Funds in Topeka, Kansas, with the broader Rydex series launched around 2000. The fund targets sophisticated investors seeking amplified daily exposure to the technology-heavy NASDAQ-100 Index, which comprises non-financial large-cap growth companies primarily in the United States. In recent developments, Guggenheim Investments conducted share splits and reverse share splits across multiple Rydex funds in late 2025, including adjustments effective around December 12-16, 2025, to manage unit prices amid volatility, with RYVLX Class A NAV adjusting to $661.08 as of December 16, 2025; the fund distributed significant capital gains in 2025, such as $31.70 per share for RYVLX, reflecting strong performance with a 5-year annualized return of approximately 22%. Portfolio management saw additions of Brendan Cain, Spencer Crane, and Scott Miller in July 2022 to the existing team led by Michael Byrum. No major acquisitions, partnerships, or new product launches specific to RYVLX have been announced in the last 1-2 years, though Guggenheim continues to maintain the Rydex brand for leveraged and sector strategies totaling dozens of funds with unlimited exchange privileges among equivalent classes.