Rydex S&P SmallCap 600 Pure Growth H
RYWAX
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- Rydex S&P SmallCap 600 Pure Growth Fund Class H (RYWAX) is a non-diversified open-end mutual fund that seeks to provide investment results corresponding to the daily performance of the S&P SmallCap 600 Pure Growth Index, before fees and expenses, by investing at least 80% of its net assets in securities of small-cap growth companies included in the benchmark index and in derivative instruments such as swaps and futures that provide similar exposure; the fund employs a benchmark replication strategy with daily rebalancing, focusing on pure growth stocks selected for high growth scores within the S&P SmallCap 600 universe, targeting investors seeking small-cap growth equity market exposure. The fund offers Class H shares with a net expense ratio of 1.56%, annual distributions if applicable, and a minimum initial investment of $2,500, available primarily to U.S. investors through financial intermediaries; it is part of the broader Rydex family of index-based mutual funds managed by Security Investors, LLC (operating as Guggenheim Investments), which includes sector, leveraged, inverse, and target beta strategies across equity, fixed income, and alternative assets. Launched on February 20, 2004, and domiciled in the United States with portfolio management led by Michael Byrum since inception alongside Brendan Cain, Spencer Crane, and Scott Miller since July 2022, the fund maintains total net assets of approximately $4.64 million and operates from Guggenheim's headquarters in New York, New York. In recent developments, Guggenheim Investments announced in June 2024 a definitive agreement to sell its actively managed equity funds business, encompassing 21 mutual and variable insurance funds with $2.6 billion in assets, to New Age Alpha, with the transaction expected to close in the fourth quarter of 2024 subject to approvals; this divestiture allows Guggenheim to retain and focus on its Rydex family of funds, including RYWAX, maintaining approximately $50 billion in mutual fund assets post-sale. Additionally, in February 2024, 14 Rydex funds, potentially including growth-oriented strategies like RYWAX, underwent reverse share splits after market close on February 21 to address low share prices and enhance trading efficiency. These changes reflect Guggenheim's strategic realignment toward its core index-based Rydex platform amid ongoing portfolio adjustments, such as top holdings including Protagonist Therapeutics Inc., Palomar Holdings Inc., and Corcept Therapeutics Inc. as of mid-2025 filings.