Rydex Variable Trust

702 King Farm Blvd., Suite 200

Rockville, Maryland 20850

Supplement Dated July 31, 2026

to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,

as supplemented from time to time (together, the “Prospectus”)

This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.

To comply with recent SEC rule amendments related to fund names and the investments indicated by those names, Rydex Variable Trust (the “Trust”) has determined to clarify disclosure for certain series of the Trust (each, a “Fund” and collectively, the “Funds”). Therefore, effective August 1, 2026, the changes described below apply to the Funds specified below. The changes described below will not affect any Fund’s investment objective, day‑to‑day management, or total expense ratio.

For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the last sentence of the first paragraph is revised to replace all references to “underlying index” with the name of the Fund’s underlying index. The name of each Fund and its underlying index is set forth below.

For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.

The Fund’s investment in derivatives referencing (i) the underlying index, or (ii) securities included in the underlying index serves as a substitute for directly selling short each of the securities included in the underlying index and produces inverse

exposure to the underlying index and to securities of companies included in the underlying index. These instruments will be counted towards the Fund’s 80% investment policy (as set forth below).

For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.

The Fund’s investment in derivatives referencing (i) the underlying index, or (ii) securities included in the underlying index, serves as a substitute for investments in each of the securities of companies included in the underlying index and will be counted towards the Fund’s 80% investment policy (as set forth below).

Dow 2x Strategy Fund

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in securities of companies included in the Dow Jones Industrial Average^® and financial instruments with economic characteristics that should perform similarly to the securities of companies in the Dow Jones Industrial Average^®.

NASDAQ‑100^® 2x Strategy Fund

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in securities of companies included in the NASDAQ‑100 Index^® and financial instruments with economic characteristics that should perform similarly to the securities of companies in the NASDAQ‑100 Index^®.

Russell 2000^® 2x Strategy Fund

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in securities of companies included in the Russell 2000^® Index and financial instruments with economic characteristics that should perform similarly to the securities of companies in the Russell 2000^® Index.

S&P 500^® 2x Strategy Fund

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in securities of companies included in the S&P 500^® Index and financial instruments with economic characteristics that should perform similarly to the securities of companies in the S&P 500^® Index.

Mid‑Cap 1.5x Strategy Fund

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in securities of companies in the S&P MidCap 400^® Index and derivatives and other instruments whose performance is expected to correspond to that of the S&P MidCap 400^® Index.

Russell 2000^® 1.5x Strategy Fund

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in securities of companies included in the Russell 2000^® Index and financial instruments with economic characteristics that should perform similarly to the securities of companies included in the Russell 2000^® Index.

Under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.

The Fund’s investment in derivatives referencing (i) the underlying index, or (ii) securities included in the underlying index serves as a substitute for directly selling short each of the securities included in the underlying index and produces inverse exposure to the underlying index and to securities of companies included in the underlying index. These instruments will be counted towards the Fund’s 80% investment policy (as set forth below).

For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.

The Fund’s investment in derivatives referencing (i) the underlying index, or (ii) securities included in the underlying index, serves as a substitute for investments in each of the securities of companies included in the underlying index and will be counted towards the Fund’s 80% investment policy (as set forth below).

Under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.

These financial instruments will be counted towards the Fund’s 80% investment policy (as set forth below).

Futures and options contracts, and interest rate swaps, if used properly, may enable the Fund to meet its objective by increasing the Fund’s exposure to the securities included in the Fund’s 80% Policy (as set forth below) or to securities whose performance is highly correlated to those securities. The Advisor attempts to consistently apply leverage to increase the Fund’s exposure to that of the Fund’s benchmark, and expects to rebalance the Fund’s holdings daily to maintain such exposure.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in financial instruments with economic characteristics that should perform similarly to the most recently issued 30 Year U.S. Treasury Bonds.

Under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.

These financial instruments will be counted towards the Fund’s 80% investment policy (as set forth below).

Under the heading “Principal Investment Strategies” in the Fund Summary Section, the following sentence is added as the second sentence of the first paragraph:

These financial instruments will be counted towards the Fund’s 80% investment policy (as set forth below).

Rydex Variable Trust

702 King Farm Blvd., Suite 200

Rockville, Maryland 20850

Supplement Dated July 31, 2026

to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,

as supplemented from time to time (together, the “Prospectus”)

This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.

To comply with recent SEC rule amendments related to fund names and the investments indicated by those names, Rydex Variable Trust (the “Trust”) has determined to clarify disclosure for certain series of the Trust (each, a “Fund” and collectively, the “Funds”). Therefore, effective August 1, 2026, the changes described below apply to the Funds specified below. The changes described below will not affect any Fund’s investment objective, day‑to‑day management, or total expense ratio.

For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.

The Fund’s investment in derivatives referencing (i) the underlying index, or (ii) securities included in the underlying index, serves as a substitute for investments in each of the securities of companies included in the underlying index and will be counted towards the Fund’s 80% investment policy (as set forth below).

Mid‑Cap 1.5x Strategy Fund

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in securities of companies in the S&P MidCap 400^® Index and derivatives and other instruments whose performance is expected to correspond to that of the S&P MidCap 400^® Index.

Rydex Variable Trust

702 King Farm Blvd., Suite 200

Rockville, Maryland 20850

Supplement Dated July 31, 2026

to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,

as supplemented from time to time (together, the “Prospectus”)

This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.

To comply with recent SEC rule amendments related to fund names and the investments indicated by those names, Rydex Variable Trust (the “Trust”) has determined to clarify disclosure for certain series of the Trust (each, a “Fund” and collectively, the “Funds”). Therefore, effective August 1, 2026, the changes described below apply to the Funds specified below. The changes described below will not affect any Fund’s investment objective, day‑to‑day management, or total expense ratio.

Under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.

These financial instruments will be counted towards the Fund’s 80% investment policy (as set forth below).

Rydex Variable Trust

702 King Farm Blvd., Suite 200

Rockville, Maryland 20850

Supplement Dated July 31, 2026

to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,

as supplemented from time to time (together, the “Prospectus”)

This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.

To comply with recent SEC rule amendments related to fund names and the investments indicated by those names, Rydex Variable Trust (the “Trust”) has determined to clarify disclosure for certain series of the Trust (each, a “Fund” and collectively, the “Funds”). Therefore, effective August 1, 2026, the changes described below apply to the Funds specified below. The changes described below will not affect any Fund’s investment objective, day‑to‑day management, or total expense ratio.

For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the last sentence of the first paragraph is revised to replace all references to “underlying index” with the name of the Fund’s underlying index. The name of each Fund and its underlying index is set forth below.

Rydex Variable Trust

702 King Farm Blvd., Suite 200

Rockville, Maryland 20850

Supplement Dated July 31, 2026

to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,

as supplemented from time to time (together, the “Prospectus”)

This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.

To comply with recent SEC rule amendments related to fund names and the investments indicated by those names, Rydex Variable Trust (the “Trust”) has determined to clarify disclosure for certain series of the Trust (each, a “Fund” and collectively, the “Funds”). Therefore, effective August 1, 2026, the changes described below apply to the Funds specified below. The changes described below will not affect any Fund’s investment objective, day‑to‑day management, or total expense ratio.

For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the last sentence of the first paragraph is revised to replace all references to “underlying index” with the name of the Fund’s underlying index. The name of each Fund and its underlying index is set forth below.

Rydex Variable Trust

702 King Farm Blvd., Suite 200

Rockville, Maryland 20850

Supplement Dated July 31, 2026

to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,

as supplemented from time to time (together, the “Prospectus”)

This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.

To comply with recent SEC rule amendments related to fund names and the investments indicated by those names, Rydex Variable Trust (the “Trust”) has determined to clarify disclosure for certain series of the Trust (each, a “Fund” and collectively, the “Funds”). Therefore, effective August 1, 2026, the changes described below apply to the Funds specified below. The changes described below will not affect any Fund’s investment objective, day‑to‑day management, or total expense ratio.

For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the last sentence of the first paragraph is revised to replace all references to “underlying index” with the name of the Fund’s underlying index. The name of each Fund and its underlying index is set forth below.

Rydex Variable Trust

702 King Farm Blvd., Suite 200

Rockville, Maryland 20850

Supplement Dated July 31, 2026

to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,

as supplemented from time to time (together, the “Prospectus”)

This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.

To comply with recent SEC rule amendments related to fund names and the investments indicated by those names, Rydex Variable Trust (the “Trust”) has determined to clarify disclosure for certain series of the Trust (each, a “Fund” and collectively, the “Funds”). Therefore, effective August 1, 2026, the changes described below apply to the Funds specified below. The changes described below will not affect any Fund’s investment objective, day‑to‑day management, or total expense ratio.

For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.

The Fund’s investment in derivatives referencing (i) the underlying index, or (ii) securities included in the underlying index serves as a substitute for directly selling short each of the securities included in the underlying index and produces inverse

exposure to the underlying index and to securities of companies included in the underlying index. These instruments will be counted towards the Fund’s 80% investment policy (as set forth below).

Rydex Variable Trust

702 King Farm Blvd., Suite 200

Rockville, Maryland 20850

Supplement Dated July 31, 2026

to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,

as supplemented from time to time (together, the “Prospectus”)

This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.

To comply with recent SEC rule amendments related to fund names and the investments indicated by those names, Rydex Variable Trust (the “Trust”) has determined to clarify disclosure for certain series of the Trust (each, a “Fund” and collectively, the “Funds”). Therefore, effective August 1, 2026, the changes described below apply to the Funds specified below. The changes described below will not affect any Fund’s investment objective, day‑to‑day management, or total expense ratio.

For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.

The Fund’s investment in derivatives referencing (i) the underlying index, or (ii) securities included in the underlying index, serves as a substitute for investments in each of the securities of companies included in the underlying index and will be counted towards the Fund’s 80% investment policy (as set forth below).

Rydex Variable Trust

702 King Farm Blvd., Suite 200

Rockville, Maryland 20850

Supplement Dated July 31, 2026

to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,

as supplemented from time to time (together, the “Prospectus”)

This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.

To comply with recent SEC rule amendments related to fund names and the investments indicated by those names, Rydex Variable Trust (the “Trust”) has determined to clarify disclosure for certain series of the Trust (each, a “Fund” and collectively, the “Funds”). Therefore, effective August 1, 2026, the changes described below apply to the Funds specified below. The changes described below will not affect any Fund’s investment objective, day‑to‑day management, or total expense ratio.

For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.

The Fund’s investment in derivatives referencing (i) the underlying index, or (ii) securities included in the underlying index, serves as a substitute for investments in each of the securities of companies included in the underlying index and will be counted towards the Fund’s 80% investment policy (as set forth below).

NASDAQ‑100^® 2x Strategy Fund

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in securities of companies included in the NASDAQ‑100 Index^® and financial instruments with economic characteristics that should perform similarly to the securities of companies in the NASDAQ‑100 Index^®.

Rydex Variable Trust

702 King Farm Blvd., Suite 200

Rockville, Maryland 20850

Supplement Dated July 31, 2026

to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,

as supplemented from time to time (together, the “Prospectus”)

This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.

To comply with recent SEC rule amendments related to fund names and the investments indicated by those names, Rydex Variable Trust (the “Trust”) has determined to clarify disclosure for certain series of the Trust (each, a “Fund” and collectively, the “Funds”). Therefore, effective August 1, 2026, the changes described below apply to the Funds specified below. The changes described below will not affect any Fund’s investment objective, day‑to‑day management, or total expense ratio.

For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.

The Fund’s investment in derivatives referencing (i) the underlying index, or (ii) securities included in the underlying index serves as a substitute for directly selling short each of the securities included in the underlying index and produces inverse

exposure to the underlying index and to securities of companies included in the underlying index. These instruments will be counted towards the Fund’s 80% investment policy (as set forth below).

Rydex Variable Trust

702 King Farm Blvd., Suite 200

Rockville, Maryland 20850

Supplement Dated July 31, 2026

to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,

as supplemented from time to time (together, the “Prospectus”)

This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.

To comply with recent SEC rule amendments related to fund names and the investments indicated by those names, Rydex Variable Trust (the “Trust”) has determined to clarify disclosure for certain series of the Trust (each, a “Fund” and collectively, the “Funds”). Therefore, effective August 1, 2026, the changes described below apply to the Funds specified below. The changes described below will not affect any Fund’s investment objective, day‑to‑day management, or total expense ratio.

For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the last sentence of the first paragraph is revised to replace all references to “underlying index” with the name of the Fund’s underlying index. The name of each Fund and its underlying index is set forth below.

Rydex Variable Trust

702 King Farm Blvd., Suite 200

Rockville, Maryland 20850

Supplement Dated July 31, 2026

to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,

as supplemented from time to time (together, the “Prospectus”)

This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.

To comply with recent SEC rule amendments related to fund names and the investments indicated by those names, Rydex Variable Trust (the “Trust”) has determined to clarify disclosure for certain series of the Trust (each, a “Fund” and collectively, the “Funds”). Therefore, effective August 1, 2026, the changes described below apply to the Funds specified below. The changes described below will not affect any Fund’s investment objective, day‑to‑day management, or total expense ratio.

For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.

The Fund’s investment in derivatives referencing (i) the underlying index, or (ii) securities included in the underlying index, serves as a substitute for investments in each of the securities of companies included in the underlying index and will be counted towards the Fund’s 80% investment policy (as set forth below).

Russell 2000^® 2x Strategy Fund

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in securities of companies included in the Russell 2000^® Index and financial instruments with economic characteristics that should perform similarly to the securities of companies in the Russell 2000^® Index.