Rydex offers its funds in five different share classes: A, Investor, Advisor, C and H classes. Multiple classes of shares represent ownership in the same pool of assets; the fund. Each class within the fund charges different fees in an effort to provide a variety of fee structures that fit varying needs for registered investment advisors, broker/dealers and individual investors. The different fees charged by each class account for the differences in daily net asset values (NAVs).
Investor Class:
This class is no-load and offers shares with a fee structure that does not include a 12b-1 or service fee. Shares of Investor class funds may be exchanged for other Investor or H-class shares of Rydex funds. This class was designed for both registered investment advisors and individual investors.
H-Class:
This is a no load class that offers shares with a fee structure that includes a .25% 12b-1 fee. This class is a hybrid (hence the 'H' class) of the Investor class. Shares of H-class funds may be exchanged for other Investor or Advisor class shares of Rydex funds (depending on the class selected for your account). It was designed for both financial professionals and individual investors.
Advisor Class:
This is a no-load class that offers shares with a fee structure that includes both .25% 12b-1 and .25% service fees. Shares of advisor class funds may be exchanged for other Advisor or H-class shares of Rydex funds. This class is typically used by registered investment advisors.
A-Class:
This class of shares carries a front-end load that is subtracted from the client's purchase. Class A-shares are typically lower in total expenses than C-shares and economical for large purchases or if the client intends to hold a position for a long period of time. The amount you actually pay may be reduced depending on the size of the investment. (called breakpoints) You may aggregate your holdings within the same fund family using Rights of Accumulation which may also reduce your up-front fees. To hold A-shares directly with Rydex you must appoint a financial intermediary.
C-Class:
This class is offered with a deferred sales charge of 1% (CDSC) that applies for the first year following purchase. This means a client will pay nothing up front, but will pay higher annual 12b-1 fees for as long as they own the shares. This also means that, in most cases, if a client redeems shares within the first year of purchase a 1% fee will be deducted from the redemption proceeds. To hold C-shares directly with Rydex you must appoint a financial intermediary.
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