SECOND EXPENSE REIMBURSEMENT AND/OR WAIVER AGREEMENT—SECURITY INVESTORS, LLC
SECOND EXPENSE REIMBURSEMENT AND/OR WAIVER AGREEMENT—SECURITY INVESTORS, LLC
THIS AGREEMENT, dated as of August 1, 2023, is made and entered into by and between Security Investors, LLC (the “Adviser”) and Rydex Series Funds (the “Trust”) on behalf of the underlying series of the Trust set forth in Schedule A hereto (each referred to herein as a “Fund”), as it may be amended from time to time. This Agreement shall apply to each Fund listed in Schedule A.
WHEREAS, the Adviser has been appointed the investment adviser to the Funds pursuant to an agreement between the Trust and the Adviser (the “Advisory Agreement”), under which the Adviser provides certain investment advisory services to each Fund;
WHEREAS, the Adviser desires to waive and/or reimburse each Fund’s expenses in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets; and
WHEREAS, the Trust, on its own behalf and on behalf of the Funds, and the Adviser desire to enter into the arrangements described herein.
NOW, THEREFORE, it is agreed as follows:
1. The Adviser shall waive and/or reimburse, in addition to any other contractual waiver and/or reimbursement arrangements, each Fund’s expenses in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets, such amount to be calculated daily and any reimbursement due to be paid no less frequently than monthly.
2. Nothing herein shall otherwise affect the terms of any other expense limitation agreements between the Adviser or its affiliates and the Trust.
3. The end of the initial term of this Agreement shall be August 1, 2024 for each Fund except Commodities Strategy Fund. The initial term of this Agreement with respect to Commodities Strategy Fund shall be May 1, 2025. This Agreement shall automatically renew for one-year terms, unless the Adviser provides written notice to the Fund of the termination of the Agreement, which notice shall be received by the Trust at least 30 days prior to the end of the then-current term.
4. This Agreement may be terminated at any time, and without payment of any penalty, by the Board of Trustees of the Trust, on behalf of a Fund, upon sixty (60) days’ written notice to the Adviser. This Agreement, as it relates to a Fund, will terminate automatically if the Advisory Agreement with respect to such Fund is terminated, with such termination effective upon the effective date of the Advisory Agreement’s termination.
1
[Signatures on following page]
2
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth above.
| By: | /s/ Xxxxx Xxxxxx | |
| Name: | Xxxxx Xxxxxx | |
| Title: | President and Chief Executive Officer |
SECURITY INVESTORS, LLC
| By: | /s/ Xxx X. Xxx | |
| Name: | Xxx X. Xxx | |
| Title: | General Counsel and Secretary |
3
SCHEDULE A
Dated as of August 1, 2023
Applicable Funds of the Trust:
Banking Fund
Basic Materials Fund
Biotechnology Fund
Commodities Strategy Fund
Consumer Products Fund
Dow Xxxxx Industrial Average Fund
Electronics Fund
Emerging Markets 2x Strategy Fund
Emerging Markets Bond Strategy Fund
Energy Fund
Energy Services Fund
Europe 1.25x Strategy Fund
Financial Services Fund
Government Long Bond 1.2x Strategy Fund
Health Care Fund
High Yield Strategy Fund
Internet Fund
Inverse Emerging Markets 2x Strategy Fund
Inverse Government Long Bond Strategy Fund
Inverse High Yield Strategy Fund
Inverse Mid-Cap Strategy Fund
Inverse NASDAQ-100 Strategy Fund
Inverse Xxxxxxx 2000 Strategy Fund
Inverse S&P 500 Strategy Fund
Japan 2x Strategy Fund
Leisure Fund
Mid-Cap 1.5x Strategy Fund
Monthly Rebalance NASDAQ-100 2x Strategy Fund
NASDAQ-100 Fund
Nova Fund
Precious Metals Fund
4
Rydex Series Funds (continued)
Real Estate Fund
Retailing Fund
Xxxxxxx 2000 1.5x Strategy Fund
Xxxxxxx 2000 Fund
S&P 500 Fund
S&P 500 Pure Growth Fund
S&P 500 Pure Value Fund
S&P MidCap 400 Pure Growth Fund
S&P MidCap 400 Pure Value Fund
S&P SmallCap 600 Pure Growth Fund
S&P SmallCap 600 Pure Value Fund
Strengthening Dollar 2x Strategy Fund
Technology Fund
Telecommunications Fund
Transportation Fund
Utilities Fund
Weakening Dollar 2x Strategy Fund
5
