Rydex Investments will rename 18 of its index funds to more accurately reflect their underlying benchmark or sector and investment objective, Reuters reports.
Although the company did not list all of the funds being renamed, it did say that the funds being affected are primarily benchmarked, leveraged and inverse funds.
Funds whose objective is to leverage movements in the index by two times will include the name "dynamic," while funds whose objective is to leverage their underlying index by less than two times will assume the "advantage" moniker. Thus, the Rydex Titan 500 Fund, which seeks to outdo the S&P 500 index by two times, will become the Rydex Dynamic S&P 500 Fund. The Rydex Juno Fund, which tries to return the inverse of the daily price of the long Treasury bond, meanwhile, will be more aptly named the Rydex Inverse Government Long Bond Fund.