Fund Evaluator:
Rydex Japan 2x Strategy A (RYJSX)
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Best Performing in Trading--Leveraged Equity Over the Last Year
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Fund Details
Rydex Japan 2x Strategy A Overview
Rydex Japan 2x Strategy A (RYJSX) is a passively managed Miscellaneous Trading--Leveraged Equity fund. Rydex Funds launched the fund in 2008.
The investment seeks to provide investment results that correlate, to the performance of 200% of the fair value of the Nikkei 225 Stock Average Index. The fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in securities of companies in the underlying index and derivatives and other instruments whose performance is expected to correspond to that of the underlying index. The index is is a price-weighted average of 225 top-rated Japanese companies listed on the First Section of the Tokyo Stock Exchange that are selected to be both highly liquid and representative of Japan’s industrial structure. It is non-diversified.
About Rydex Japan 2x Strategy A (RYJSX)
There are 4 members of the management team with an average tenure of 7.67 years: Brendan Cain (2022), Spencer Crane (2022), Scott Miller (2022), Michael Byrum (2008). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI World ex USA NR USD index with a weighting of 100% and Nikkei 225 Stock Average TR USD index with a weighting of 200%. Rydex Japan 2x Strategy A has 7 securities in its portfolio. The top 10 holdings constitute 5.6% 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 Japan 2x Strategy A is part of the Other global asset class and is within the Miscellaneous fund group. Rydex Japan 2x Strategy A has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -5.6%. 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 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Rydex Japan 2x Strategy A has 105.6% of the portfolio in cash.
Assets Under Management
The fund has $609 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.
RYJSX 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 Japan 2x Strategy A expense ratio is high compared to funds in the Trading--Leveraged Equity category. Rydex Japan 2x Strategy A has an expense ratio of 1.53%, which is 25% lower than its category average, making the fund expense ratio grade a A. 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 Japan 2x Strategy A has a portfolio turnover rate of 1%, indicating that holds its assets around 0.6 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 Japan 2x Strategy A returned -18.8%, which earned it a grade of F, 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 Japan 2x Strategy A has a trailing yield of 0.80%, 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 Japan 2x Strategy A Grades
Year to date, the fund has returned 38.0%, 20.9 percentage points better than the category, which translates into a grade of A. The fund has returned 88.4% over the past year (grade of A), 27.9% over the past three years (grade of B) and 10.1% per year over the past five years (grade of C) and 12.7% per year over the past 10 years (grade of C).
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RYJSX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| RYJSX Return (NAV) | -18.8% | 3.7% | 88.4% | 27.9% | 10.1% | 12.7% |
| RYJSX Grade | F | C | A | B | C | C |
| +/- Category | -16.1% | 0.8% | 49.1% | 6.7% | 0.3% | -1.2% |
| Trading--Leveraged Equity Avg | -2.7% | 2.9% | 39.4% | 21.1% | 9.8% | 14.0% |
| RYJSX Tax Cost Ratio | na | na | 0.5% | 1.5% | 0.9% | 0.6% |
RYJSX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RYJSX Return (NAV) | 38.0% | 50.7% | 1.6% | 34.4% | -42.7% | -14.2% | 40.8% | 38.6% | -21.9% | 51.0% | 7.4% |
| RYJSX Grade | A | A | D | B | D | F | B | D | D | B | D |
| +/- Category | 20.9% | 19.5% | -17.0% | -1.6% | -13.7% | -41.0% | 17.4% | -5.4% | -4.3% | 13.3% | -11.9% |
| Trading--Leveraged Equity Avg | 17.1% | 31.2% | 18.6% | 36.0% | -28.9% | 26.9% | 23.4% | 44.0% | -17.6% | 37.7% | 19.3% |
| Risk Measures | |
| Standard Deviation: | 41.6% |
| Total Risk Index: | 3.39 - High |
| Category Risk Index: | 1.34 - High |
| Category Risk Grade: | F (92% Rank) |
| Beta: | 2.25 |
| R-Squared: | 50% |
| Leveraged Fund: | Yes |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 0.8% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $3 Mil |
| Fund Total Assets: | $ 1 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 2% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 18.5 years | |||
| Average Tenure: 7.7 years | |||
| Managers (Year): Byrum Michael (2008), Cain Brendan (2022), Crane Spencer (2022), Miller Scott (2022) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 7 |
| % in Top 10 Holdings: | 5.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | -5.6% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 105.6% |
Purchase Information
| Fund Family: | Rydex Funds |
| Phone Number: | 800-820-0888 |
| Website: | www.rydex-sgi.com |
| Status: | Open |
| Inception Date: | February 22, 2008 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | No |
| Front Load Maximum: | 4.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.53% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.03% |
| Share Class: | Rydex Japan 2x Strategy A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
