Now that exchange-traded funds are all the rage,
, a Bethesda, Md.-based fund company that courts market timers, has made it easier for trigger-happy investors to move among investments.
, launched in May, began allowing intraday trading in July. The lineup comprises: the
, which aims to double the return of the
S&P 500 index on any given day; the
, which attempts to return twice the inverse of the index (if the index falls 2%, for example, it aims to return 4%);
, which tries to double the return of the
Nasdaq 100 index; and
, another Nasdaq 100 fund with a twice-the-inverse-return strategy. The funds are priced twice daily, at 10:30 a.m. and 3:45 p.m.
The many exchange-traded funds that have been recently introduced by
Barclay's Global Advisors
and others are priced and traded throughout the day. But all aim to simply match the performance of the index rather than double it.
Investors can move between the four Rydex Dynamic funds during the day, but they must first move into a money market fund if they want to trade between the Dynamic funds and other Rydex offerings.
For now, trades can only be placed by telephone or in writing, though Rydex promises that the funds will soon be tradable online.