Fund Evaluator:

Rydex Emerging Markets Bond Strategy A Overview

Rydex Emerging Markets Bond Strategy A (RYIEX) is an actively managed Taxable Bond Emerging Markets Bond fund. Rydex Funds launched the fund in 2013.

The investment seeks to provide investment results that correlate, before fees and expenses, to the performance of the emerging markets bond market as defined by the Advisor. The fund seeks to gain exposure similar to the performance of the emerging markets bond market by investing under normal circumstances at least 80% of its net assets, plus any borrowings for investment purposes, in bonds and financial instruments that in combination have economic characteristics similar to emerging markets bonds.

About Rydex Emerging Markets Bond Strategy A (RYIEX)

There are 4 members of the management team with an average tenure of 6.26 years: Brendan Cain (2022), Spencer Crane (2022), Scott Miller (2022), Michael Byrum (2013). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg EM USD Aggregate TR USD index with a weighting of 100% and ICE BofA BBB&Lowr Sv USD ExtlDt TR USD index with a weighting of 100%. Rydex Emerging Markets Bond Strategy A has 11 securities in its portfolio. The top 10 holdings constitute 1.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Rydex Emerging Markets Bond Strategy A is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Rydex Emerging Markets Bond Strategy A has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is -0.8% (-0.8% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Rydex Emerging Markets Bond Strategy A has 101.0% of the portfolio in cash.

Assets Under Management

The fund has $53 million in total assets, which is below the $325 million average for the Emerging Markets Bond 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.

RYIEX 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 Emerging Markets Bond Strategy A expense ratio is high compared to funds in the Emerging Markets Bond category. Rydex Emerging Markets Bond Strategy A has an expense ratio of 1.61%, which is 59% higher than its category average, making the fund expense ratio grade a F. 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 Emerging Markets Bond Strategy A has a portfolio turnover rate of 733%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 83% for the Emerging Markets Bond category.

Recently, in the month of July 2026, Rydex Emerging Markets Bond Strategy A returned -1.6%, which earned it a grade of F, as the Emerging Markets Bond category had an average return of -0.9%. 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 Emerging Markets Bond Strategy A has a trailing yield of 1.79%, which is below the 5.99% category average. The fund normally distributes its income annually and its capital gains semi-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 Emerging Markets Bond Strategy A Grades

Year to date, the fund has returned -0.4%, 2.9 percentage points worse than the category, which translates into a grade of F. The fund has returned 4.9% over the past year (grade of F), 5.8% over the past three years (grade of F) and -0.3% per year over the past five years (grade of F) and 0.8% per year over the past 10 years (grade of F).

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