Rydex is nixing its Long Short Equity Strategy Fund because of “unfavorable market conditions,” according to a Securities and Exchange Commission
The fund will liquidate its assets on September 28 and will be closed to new investors on September 24. It began trading in June 2010 and returned 3.61% year-to-date through Aug. 24. It sports a total expense ratio of 190 basis points.
"We are constantly evaluating our line-up to ensure we are offering diverse products that meet the needs of financial advisors and their clients," said Jeaneen Pisarra, a spokesperson for the firm. "After considering the effect of current market conditions on the fund and the fund’s prospects for growth, we decided to close the Long Short Equity Fund."
