Fund Evaluator:

Rydex S&P 500 Pure Value H Overview

Rydex S&P 500 Pure Value H (RYZAX) is a passively managed U.S. Equity Large Value fund. Rydex Funds launched the fund in 2004.

The investment seeks to provide investment results that match, the performance of the S&P 500® Pure Value Index for large-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 500® 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 500 Pure Value H (RYZAX)

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 500 Pure Value TR USD index with a weighting of 100%. Rydex S&P 500 Pure Value H has 127 securities in its portfolio. The top 10 holdings constitute 19.6% 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 S&P 500 Pure Value H is part of the Equity global asset class and is within the U.S. Equity fund group. Rydex S&P 500 Pure Value H has 2.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.4%. There is 2.7% 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 500 Pure Value H has 0.2% of the portfolio in cash.

Assets Under Management

The fund has $59 million in total assets, which is below the $1 billion average for the Large 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.

RYZAX 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 500 Pure Value H expense ratio is high compared to funds in the Large Value category. Rydex S&P 500 Pure Value H has an expense ratio of 1.55%, which is 67% 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 500 Pure Value H has a portfolio turnover rate of 2128%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Large Value category.

Recently, in the month of June 2026, Rydex S&P 500 Pure Value H returned 1.1%, which earned it a grade of D, as the Large Value category had an average return of 1.6%. 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 500 Pure Value H has a trailing yield of 0.18%, which is below the 1.25% 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 500 Pure Value H Grades

Year to date, the fund has returned 10.6%, 0.4 percentage points worse than the category, which translates into a grade of C. The fund has returned 22.9% over the past year (grade of B), 15.0% over the past three years (grade of D) and 9.3% per year over the past five years (grade of D) and 9.4% 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 500 Pure Value H, including its riskiness, submit your email to unlock the rest of the article.