Inverse NASDAQ-100 Strategy Fund
Data updated: 2026-08-21
C000010426 — Inverse NASDAQ-100 Strategy Fund. Inverse / Short · $906.03K AUM · 1.85% expense ratio. Holdings, fees, performance and SEC filings.
C000010426 Fund Overview
Inverse NASDAQ-100 Strategy Fund is a US mutual fund managed by Rydex Variable Trust, categorised as Inverse / Short. 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: Inverse / Short
- Assets under management: $906.03K
- 1-year return: -24.0%
- SEC CIK: 0001064046
- SEC series ID: S000003757
- Share class ID: C000010426
C000010426 Investment Objective and Strategy
Inverse NASDAQ-100 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 match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Funds current benchmark is the inverse (opposite) of the performance of the NASDAQ-100 Index (the underlying index). The Fund does not seek to achieve its investment objective over a period of time greater than one day.
Principal investment strategy
"Unlike a traditional index fund, the Funds investment objective is to perform opposite the underlying index, and the Fund generally will not own the securities included in the underlying index. Instead, the Fund employs as its investment strategy a program of engaging in short sales of securities included in the underlying index and investing to a significant extent in derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds (""ETFs""), futures contracts, and options on securities, futures contracts, and stock indices. The Advisor expects to rebalance the Fund's positions daily to maintain exposure that is opposite to that of the underlying index. While the Fund may write (sell) and purchase swaps, it expects primarily to write swaps. The Funds investment in derivatives serves as a substitute for directly selling short each of the securities included in the underlying index and produces inverse exposure to the underlying index.
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 inverse exposure to international companies included in the underlying index. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in financial instruments with economic characteristics that should perform opposite to the securities of companies included in the underlying index. 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 NASDAQ-100 Index is a modified capitalization-weighted index composed of 100 of the largest non-financial companies listed on The Nasdaq Stock Market with capitalizations ranging from $ 16.9 billion to $4.2 trillion as of March 31, 2026.
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, and Information Technology 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."
C000010426 Holdings
Top 8 holdings of Inverse NASDAQ-100 Strategy Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| J.p. Morgan Securities LLC | 23.77% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | 23.77% |
| United States Of America - Bureau Of The Public Debt | 16.55% |
| Guggenheim Funds Trust | 13.12% |
| Federal Home Loan Banks | 11.03% |
| Guggenheim Funds Trust | 3.86% |
| Dreyfus Treasury Obligations Cash Management | 3.06% |
| Goldman Sachs International | 0.43% |
C000010426 Portfolio Allocation
Asset-class allocation of Inverse NASDAQ-100 Strategy Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Cash & Equivalents | 50.6% |
| Fixed Income | 27.6% |
| Equity | 17.0% |
C000010426 Performance
Total returns for C000010426 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | -17.4% |
| 1 year | -24.0% |
| 3 years (annualised) | -18.4% |
| 5 years (annualised) | -14.2% |
C000010426 Risk Information
Risk metrics for C000010426, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 17.9%
C000010426 Costs and Fees
C000010426 costs about $185 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.85%
- Gross expense ratio: 1.98%
- Portfolio turnover: 0%
- Brokerage commissions: 0.17 bps of average net assets (SEC N-CEN)
C000010426 Cashflows
Over the 12 months to 2026-06, Inverse NASDAQ-100 Strategy Fund had net inflows of $465.09K, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | $239.34K |
| 2026-05 | −$208.79K |
| 2026-04 | −$950.68K |
| 2026-03 | $1.45M |
| 2026-02 | $328.82K |
| 2026-01 | −$12.54K |
C000010426 Debt Constituents
Largest debt holdings of Inverse NASDAQ-100 Strategy Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| United States Of America - Bureau Of The Public Debt | 16.55% |
| Federal Home Loan Banks | 11.03% |
C000010426 Prospectus and SEC Filings
Official Inverse NASDAQ-100 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 Inverse / Short funds tracked on ABC INVEST:
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.