Fund Evaluator:

Rydex Mid-Cap 1.5x Strategy C Overview

Rydex Mid-Cap 1.5x Strategy C (RYDCX) is a passively managed Miscellaneous Trading--Leveraged Equity fund. Rydex Funds launched the fund in 2001.

The investment seeks investment results that correlate, before fees and expenses, to 150% of the performance of the S&P MidCap 400® Index for mid-cap securities on a daily basis. The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of companies included in the underlying index and derivatives and other instruments whose performance is expected to correspond to that of the underlying index. The index is a modified capitalization-weighted index composed of 400 mid-cap stocks chosen by S&P for market size, liquidity, and industry group representation. The fund is non-diversified.

About Rydex Mid-Cap 1.5x Strategy C (RYDCX)

There are 4 members of the management team with an average tenure of 9.30 years: Brendan Cain (2022), Spencer Crane (2022), Scott Miller (2022), Michael Byrum (2001). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and S&P MidCap 400 TR index with a weighting of 150%. Rydex Mid-Cap 1.5x Strategy C has 416 securities in its portfolio. The top 10 holdings constitute 14.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Rydex Mid-Cap 1.5x Strategy C is part of the Other global asset class and is within the Miscellaneous fund group. Rydex Mid-Cap 1.5x Strategy C has 2.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 72.6%. There is 1.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 7.4% (6.4% domestic bond, 1.0% foreign bond and 0.0% convertible bond). Rydex Mid-Cap 1.5x Strategy C has 18.7% of the portfolio in cash.

Assets Under Management

The fund has $431 million in total assets, which is below the $69 million average for the Trading--Leveraged Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

RYDCX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Rydex Mid-Cap 1.5x Strategy C expense ratio is high compared to funds in the Trading--Leveraged Equity category. Rydex Mid-Cap 1.5x Strategy C has an expense ratio of 2.43%, which is 20% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Rydex Mid-Cap 1.5x Strategy C has a portfolio turnover rate of 15%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 398% for the Trading--Leveraged Equity category.

Recently, in the month of July 2026, Rydex Mid-Cap 1.5x Strategy C returned -4.1%, which earned it a grade of D, as the Trading--Leveraged Equity category had an average return of -2.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Rydex Mid-Cap 1.5x Strategy C has a trailing yield of 0.78%, which is below the 1.00% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Rydex Mid-Cap 1.5x Strategy C Grades

Year to date, the fund has returned 18.7%, 1.6 percentage points better than the category, which translates into a grade of B. The fund has returned 25.8% over the past year (grade of D), 13.0% over the past three years (grade of F) and 6.5% per year over the past five years (grade of D) and 10.4% per year over the past 10 years (grade of D).

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