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Found this to be interesting as I have been awaiting
RYDEX's launch of 2:1 leveraged funds as well as ability
to trade at 10:30am EST as well as end of day,..etc.
As explained below,..Rydex's changes are being delayed
until the second Quarter. Somewhat disappointing,...
thought others might find useful,...so am posting to group.
Regards, JIM Pilliod
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To: riasurvey@xxxxxxxxxxxxxx
Subject: Rydex Dynamic Funds Product Development Update
Date: Fri, 10 Mar 2000 18:28:51 -0500
Due to unforeseen difficulties in enhancing our transfer agent system, we
have decided to launch the Dynamic Funds during the second quarter of this
year. The transfer agent system is an essential component in handling the
intra-day pricing of the new funds.
This was not a decision we made lightly. Rydex is breaking new ground in the
mutual fund industry by developing a transfer agent system that can handle
intra-day pricing. No other fund complex has attempted to launch products
that price twice daily and operate in a real time environment through the
Internet. The additional risk involved in intra-day pricing and 200%
exposure makes it imperative that we ensure that the product is 100%
effective. Currently, we would rate our transfer agent system at 98%.
Knowing your fiduciary responsibilities to your client, we are not willing
to risk that additional 2%.
We have been working on our transfer agent system for more than a year in an
effort to build the infrastructure needed to handle intra-day trading. The
new system is now in place and is currently being utilized, allowing us to
pinpoint all obstacles involved in launching intra-day trading. We are
confident that these obstacles will be overcome in the coming weeks.
A firm rollout date will be announced on April 3, 2000 following additional
systems testing. This new launch date will be communicated to you via
emails, phone calls, and on the financial professionals section of our web
site at www.rydexfunds.com.
Rydex values its partnership with the registered investment advisor
community. We hope that this change in the launch date will not adversely
affect your business in the coming month. Please feel welcome to call our
offices or contact your institutional sales representative if you have any
questions or concerns.
Sincerely,
Rob Steele
Vice President of Marketing and Product Development
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