Fund Evaluator:

Rydex S&P SmallCap 600 Pure Value C Overview

Rydex S&P SmallCap 600 Pure Value C (RYYCX) is a passively managed U.S. Equity Small Value fund. Rydex Funds launched the fund in 2004.

The investment seeks investment results that match, the performance of the S&P SmallCap 600 Pure Value Index for small-cap value securities on a daily basis. 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 composed of those constituents of the S&P SmallCap 600® that exhibit the strongest value characteristics as measured using three factors: the ratios of book value, earnings, and sales to price. The fund is non-diversified.

About Rydex S&P SmallCap 600 Pure Value C (RYYCX)

There are 4 members of the management team with an average tenure of 8.58 years: Brendan Cain (2022), Spencer Crane (2022), Scott Miller (2022), Michael Byrum (2004). 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 SmallCap 600 Pure Value TR USD index with a weighting of 100%. Rydex S&P SmallCap 600 Pure Value C has 166 securities in its portfolio. The top 10 holdings constitute 12.5% 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 S&P SmallCap 600 Pure Value C is part of the Equity global asset class and is within the U.S. Equity fund group. Rydex S&P SmallCap 600 Pure Value C has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.7%. There is 0.5% 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 S&P SmallCap 600 Pure Value C has 0.3% of the portfolio in cash.

Assets Under Management

The fund has $2 million in total assets, which is below the $418 million average for the Small Value 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.

RYYCX 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 S&P SmallCap 600 Pure Value C expense ratio is high compared to funds in the Small Value category. Rydex S&P SmallCap 600 Pure Value C has an expense ratio of 2.30%, which is 97% 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 S&P SmallCap 600 Pure Value C has a portfolio turnover rate of 3783%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 127% for the Small Value category.

Recently, in the month of June 2026, Rydex S&P SmallCap 600 Pure Value C returned 7.5%, which earned it a grade of A, as the Small Value category had an average return of 5.7%. 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 S&P SmallCap 600 Pure Value C has a trailing yield of 0.02%, which is below the 0.77% 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 S&P SmallCap 600 Pure Value C Grades

Year to date, the fund has returned 24.2%, 3.5 percentage points better than the category, which translates into a grade of B. The fund has returned 40.1% over the past year (grade of B), 15.5% over the past three years (grade of C) and 8.2% per year over the past five years (grade of C) and 8.5% per year over the past 10 years (grade of F).

For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.

Otherwise, for more information about Rydex S&P SmallCap 600 Pure Value C, including its riskiness, submit your email to unlock the rest of the article.