Japan 2x Strategy Fund

C000010419 Fund Overview

Japan 2x Strategy Fund is a US mutual fund managed by Rydex Variable Trust, categorised as Leveraged. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Rydex Variable Trust
• Category: Leveraged
• Assets under management: $4.90M
• 1-year return: 108.0%
• SEC CIK: 0001064046
• SEC series ID: S000003750
• Share class ID: C000010419

C000010419 Investment Objective and Strategy

Japan 2x Strategy Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Rydex Variable Trust.

Investment objective

The Fund seeks to provide investment results that correlate, before fees and expenses, to the performance of a specific benchmark. The Funds current benchmark is 200% of the fair value of the Nikkei 225 Stock Average Index (the underlying index).

Principal investment strategy

"The Fund employs as its investment strategy a program of investing in the common stock of companies that are generally within the capitalization range of the underlying index and derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds (""ETFs""), futures contracts (including currency futures), and options on securities, futures contracts, and stock indices. While the Fund may write (sell) and purchase swaps, it expects primarily to purchase swaps. Swap agreements and futures and options contracts, if used properly, may enable the Fund to meet its objective by increasing the Funds exposure to the securities included in the underlying index or to securities whose performance is highly correlated to that of the Fund's benchmark. The Advisor attempts to consistently apply leverage to increase the Fund's exposure to 200% of the underlying index, and expects to rebalance the Fund's holdings daily to maintain such exposure.

The Fund also has 200% exposure to the Japanese yen. If the U.S. dollar rises in value against the Japanese yen, a security denominated in Japanese yen will be worth less in U.S. dollars, and if the U.S. dollar decreases in value against the Japanese yen, a security denominated in Japanese yen will be worth more in U.S. dollars. As a result, the Funds use of derivatives and the leveraged investment exposure created by such use are expected to be significant. Certain of the Funds derivatives investments may be traded in the over-the-counter (OTC) market. The Fund also may invest in American Depositary Receipts (ADRs) to gain exposure to the Fund's benchmark. Under normal circumstances, 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 Fund's benchmark.

Investments in derivative instruments, such as futures, options and swap agreements, have the economic effect of creating financial leverage in the Funds portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Funds exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Funds portfolio. The value of the Funds portfolio is likely to experience greater volatility over short-term periods. While such financial leverage has the potential to produce greater gains, it also may result in greater losses, which in some cases may cause the Fund to liquidate other portfolio investments at a loss to comply with limits on leverage imposed by the Investment Company Act of 1940, satisfy margin or collateral requirements, or meet redemption requests.

The Nikkei 225 Stock Average Index 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 Japans industrial structure. As of March 31, 2026, the Nikkei 225 Stock Average Index included companies with small-, medium- and large-capitalizations ranging from $ 1.1 billion to $259 billion. The Fund's investment in instruments denominated in foreign currencies exposes the Fund to the risk of fluctuations in the value of such currency in comparison to the U.S. dollar. The Fund generally does not intend to hedge such foreign currency exposure. To the extent the Funds underlying index is concentrated in a particular industry the Fund will necessarily be concentrated in that industry.

As of March 31, 2026, the underlying index components, and thus the Fund's investments, are concentrated (i.e., more than 25% of its assets) in securities issued by companies in the Semiconductors & Semiconductor Equipment Industry, a separate industry within the Information Technology Sector . The industries in which the underlying index components, and thus the Fund's investments, may be concentrated will vary as the composition of the underlying index changes over time. Also, while the Funds sector exposure may vary over time, as of March 31, 2026, the Fund has significant exposure to the Communication Services Sector, Consumer Discretionary Sector, Health Care Sector, Industrials Sector, Information Technology Sector, and Materials Sector, as each sector is defined by the Global Industry Classification Standard, a widely recognized industry classification methodology developed by MSCI, Inc.

and Standard & Poor's Financial Services LLC. On a day-to-day basis, the Fund may hold U.S. government securities or cash equivalents. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. In an effort to ensure that the Fund is fully invested on a day-to-day basis, the Fund may conduct any necessary trading activity at or just prior to the close of the U.S. financial markets. The Fund is non-diversified and, therefore, may invest a greater percentage of its assets in a particular issuer in comparison to a diversified fund. The Fund may invest a portion of its assets, and at times, a substantial portion of its assets, in other short-term fixed-income investment companies advised by the Advisor, or an affiliate of the Advisor, for various purposes, including for liquidity management purposes ( e.g.

, to increase yield on liquid investments used to collateralize derivatives positions) or when such investment companies present a more cost-effective investment option than direct investments in the underlying securities. Investments in these investment companies will significantly increase the portfolios exposure to certain other asset categories, including: (i) a broad range of high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization or, if unrated, determined by the Advisor to be of comparable quality (also known as junk bonds); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) collateralized loan obligations (CLOs), other asset-backed securities (including mortgage-backed securities) and similarly structured debt investments; and (iv) other short-term fixed income securities.

Such investments will expose the Fund to the risks of these asset categories and increases or decreases in the value of these investments may cause the Fund to deviate from its investment objective."

C000010419 Holdings

Top 7 holdings of Japan 2x Strategy Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000010419 holdings

C000010419 Portfolio Allocation

Asset-class allocation of Japan 2x Strategy Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000010419 Performance

Total returns for C000010419 (as of 2026-10-01), from SEC filings.

C000010419 Risk Information

Risk metrics for C000010419, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 51.1%

C000010419 Costs and Fees

C000010419 costs about $168 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.68%
• Gross expense ratio: 1.73%
• Portfolio turnover: 0%
• Brokerage commissions: 22.02 bps of average net assets (SEC N-CEN)

C000010419 Cashflows

Over the 12 months to 2026-06, Japan 2x Strategy Fund had net inflows of $2.09M, from monthly SEC N-PORT filings.

C000010419 Debt Constituents

Largest debt holdings of Japan 2x Strategy Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000010419 Prospectus and SEC Filings

Official Japan 2x Strategy Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-04-28
• Prospectus (485BPOS) — filed 2025-04-29
• Prospectus (485BPOS) — filed 2024-04-29
• Portfolio holdings (N-PORT) — filed 2026-08-21
• Portfolio holdings (N-PORT) — filed 2026-06-01
• Portfolio holdings (N-PORT) — filed 2026-03-02
• Annual census (N-CEN) — filed 2026-03-13
• Annual census (N-CEN) — filed 2025-03-14

Related Funds

Other Leveraged funds tracked on ABC INVEST:

• ProShares UltraPro QQQ (TQQQ)
• JPMorgan Ultra-Short Income ETF (JPST)
• Ultra Fund (TWCUX)
• Oakmark Fund (OAKMX)
• Ultra Short Income Portfolio (MUIIX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.