Alpha Opportunity - Institutional Class
Price $27.12
Change $0.07 / 0.26%
As Of 10/25/16

Investment Strategy

Seeks to deliver long-term growth of capital.

Fees and Expenses

Gross Expense Ratio
Net Expense Ratio

Fund Highlights & Applications

  • Employs Dynamic Low Beta¹ Management – actively manages a low beta exposure that can range from negative to positive with the objective to provide attractive upside return while potentially mitigating the equity beta risk and volatility associated with long-only U.S. equity investing.
  • Ventures Beyond Beta to Source Alpha² Opportunities – considers multiple fundamental and broad market factors to exploit alpha opportunities that may arise in continuously changing equity markets.
  • Utilizes a Forward-Looking, Systematic Approach to Identify Mispricings in the Market – employs a unique combination of forward-looking, fundamental analysis and quantitative techniques to forecast a stock’s total expected return, based on how the market is currently valuing underlying factors.

Distributions as of 12/4/14

Most Recent Income
Most Recent Capital Gain

Overall Morningstar RatingTM *

as of 6/30/16

(Based on risk-adjusted returns out of 163 Long/Short Equity funds.)

Symbols & CUSIPS


Investment Team

Farhan Sharaff
Jayson Flowers
Samir Sanghani
Burak Hurmeyden


Fund Type
Distribution Frequency
Annual (if applicable)
Morningstar Long/Short Equity Category Average
Trading Hours
Phone 09:30 AM - 4:00 PM ET
Web 09:30 AM - 4:00 PM ET
Note: Each financial intermediary may have its own rules about shares transactions, and may have earlier cut-off times for processing your transaction.
Investment Adviser
Security Investors, LLC
Guggenheim Funds Distributors, LLC


*This Fund was rated, based on its risk-adjusted returns, 5 stars for 3 years and 5 stars for 5 years out of 163 and 91 Long/Short Equity funds, respectively. The Overall Morningstar Rating for a Fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten year (if applicable) Morningstar Rating metrics. The overall rating includes effects of sales charges, loads and redemption fees. Please read a current prospectus for more information.
For each Fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Ratings for other share classes may differ due to different performance characteristics.
©2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary of Morningstar and /or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar, nor its content providers, are responsible for any damages or losses arising from any use of its information. Past performance is no guarantee of future results.

Effective, January 28, 2015, significant changes to the Fund’s principal investment strategies and portfolio managers were made. Please note that the Fund’s performance track record prior to January 28, 2015 related only to the Fund’s former investments, which were materially different from those currently pursued by the Fund and thus is not indicative of the Fund’s future performance. ¹ Beta represents the systematic risk of a portfolio and measures its sensitivity to a benchmark. ² Alpha is a measure of the difference between a fund’s actual returns and its expected performance, given its level of risk measured by beta.

Performance displayed represents past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Current performance may be lower or higher than the performance data quoted. Returns for performance under one year are cumulative, not annualized. Performance shown reflects maximum sales charges or contingent deferred sales charges (CDSC) as applicable. Class A-shares have a maximum sales charge of 4.75%. Class C-shares have a maximum CDSC of 1% for shares redeemed within 12 months of purchase.

Data is subject to change on a daily basis. Partial year returns are cumulative, not annualized. Returns reflect the reinvestment of dividends. The securities mentioned are provided for informational purposes only and should not be deemed as a recommendation to buy or sell.

The Alpha Opportunity Fund is subject to a number of risks and is not suitable for all investors. • Investments in securities and derivatives, in general, are subject to market risks that may cause their prices to fluctuate over time. An investment in the fund may lose money. There can be no guarantee the Fund will achieve it investment objective. •The fund’s use of derivatives such as futures, options and swap agreements may expose the fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. • Certain of the derivative instruments, such as swaps and structured notes, are also subject to the risks of counterparty default and adverse tax treatment. •The more the fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. • The fund’s use of short selling involves increased risk and costs, including paying more for a security than it received from its sale and the risk of unlimited losses. •In certain circumstances the fund may be subject to liquidity risk and it may be difficult for the fund to purchase and sell particular investments within a reasonable time at a fair price. •In certain circumstances, it may be difficult for the fund to purchase and sell particular investments within a reasonable time at a fair price. •The Fund’s fixed income investments will change in value in response to interest rate changes and other factors. • In certain circumstances the Fund may be subject to liquidity risk and it may be difficult for the Fund to purchase and sell particular investments within a reasonable time at a fair price. • See the prospectus for more information on these and additional risks.

+ The Advisor has contractually agreed to waive fees and expenses through February 1, 2017 to limit the ordinary operating expenses of the Fund. The Fund may have net expenses greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. Total annual operating expenses vary by share class. See the prospectus for information on the fees and expenses that apply to each share class.

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. To obtain a prospectus and summary prospectus (if available) click here or contact us.

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC ("Guggenheim"), which includes Security Investors, LLC ("SI"), Guggenheim Funds Investment Advisors, LLC, ("GFIA") and Guggenheim Partners Investment Management ("GPIM") the investment advisers to the referenced funds. Securities offered through Guggenheim Funds Distributors, LLC, an affiliate of Guggenheim, SI, GFIA and GPIM.


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