0001064046 2025-12-31 2025-12-31 0001064046 rvt:S000003721Member 2025-12-31 2025-12-31 0001064046 rvt:S000003727Member 2025-12-31 2025-12-31 0001064046 rvt:S000003728Member 2025-12-31 2025-12-31 0001064046 rvt:S000003735Member 2025-12-31 2025-12-31 0001064046 rvt:S000003738Member 2025-12-31 2025-12-31 0001064046 rvt:S000003739Member 2025-12-31 2025-12-31 0001064046 rvt:S000003740Member 2025-12-31 2025-12-31 0001064046 rvt:S000003741Member 2025-12-31 2025-12-31 0001064046 rvt:S000003742Member 2025-12-31 2025-12-31 0001064046 rvt:S000003744Member 2025-12-31 2025-12-31 0001064046 rvt:S000003745Member 2025-12-31 2025-12-31 0001064046 rvt:S000003746Member 2025-12-31 2025-12-31 0001064046 rvt:S000003749Member 2025-12-31 2025-12-31 0001064046 rvt:S000003750Member 2025-12-31 2025-12-31 0001064046 rvt:S000003751Member 2025-12-31 2025-12-31 0001064046 rvt:S000003752Member 2025-12-31 2025-12-31 0001064046 rvt:S000003753Member 2025-12-31 2025-12-31 0001064046 rvt:S000003754Member 2025-12-31 2025-12-31 0001064046 rvt:S000003755Member 2025-12-31 2025-12-31 0001064046 rvt:S000003756Member 2025-12-31 2025-12-31 0001064046 rvt:S000003757Member 2025-12-31 2025-12-31 0001064046 rvt:S000011813Member 2025-12-31 2025-12-31 0001064046 rvt:S000016688Member 2025-12-31 2025-12-31 false 2025-12-31 497 0001064046 N-1A <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">I.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund, S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund, S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, and S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; width: 80%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 51%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 48%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Fund</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Underlying Index</div> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">I.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund, S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund, S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, and S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; width: 80%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 51%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 48%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Fund</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Underlying Index</div> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">I.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund, S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund, S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, and S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; width: 80%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 51%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 48%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Fund</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Underlying Index</div> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">I.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund, S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund, S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, and S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; width: 80%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 51%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 48%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Fund</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Underlying Index</div> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">I.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund, S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund, S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, and S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; width: 80%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 51%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 48%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Fund</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Underlying Index</div> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">I.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund, S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund, S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, and S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; width: 80%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 51%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 48%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Fund</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Underlying Index</div> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">I.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund, S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund, S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, and S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; width: 80%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 51%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 48%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Fund</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Underlying Index</div> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">II.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Inverse Mid‑Cap Strategy Fund, Inverse NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund, Inverse Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund, and Inverse S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">In each of the first, third, and last sentences of the paragraph, the reference to “opposite” is replaced with “inversely to”, “inverse”, and “inversely”, respectively.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The fifth sentence of the first paragraph is deleted in its entirety and replaced with the following two sentences:</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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</div> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 0pt 15% 0pt 15%;">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).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The last sentence of the first paragraph is further 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.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; width: 85%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 51%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 48%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Fund</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Underlying Index</div> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Inverse Mid‑Cap Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Inverse NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Inverse Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Inverse S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">II.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Inverse Mid‑Cap Strategy Fund, Inverse NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund, Inverse Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund, and Inverse S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">In each of the first, third, and last sentences of the paragraph, the reference to “opposite” is replaced with “inversely to”, “inverse”, and “inversely”, respectively.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The fifth sentence of the first paragraph is deleted in its entirety and replaced with the following two sentences:</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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</div> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 0pt 15% 0pt 15%;">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).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The last sentence of the first paragraph is further 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.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; width: 85%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 51%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 48%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Fund</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Underlying Index</div> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Inverse Mid‑Cap Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Inverse NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Inverse Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Inverse S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">II.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Inverse Mid‑Cap Strategy Fund, Inverse NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund, Inverse Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund, and Inverse S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">In each of the first, third, and last sentences of the paragraph, the reference to “opposite” is replaced with “inversely to”, “inverse”, and “inversely”, respectively.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The fifth sentence of the first paragraph is deleted in its entirety and replaced with the following two sentences:</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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</div> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 0pt 15% 0pt 15%;">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).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The last sentence of the first paragraph is further 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.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; width: 85%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 51%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 48%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Fund</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Underlying Index</div> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Inverse Mid‑Cap Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Inverse NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Inverse Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Inverse S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">II.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Inverse Mid‑Cap Strategy Fund, Inverse NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund, Inverse Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund, and Inverse S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">In each of the first, third, and last sentences of the paragraph, the reference to “opposite” is replaced with “inversely to”, “inverse”, and “inversely”, respectively.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The fifth sentence of the first paragraph is deleted in its entirety and replaced with the following two sentences:</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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</div> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 0pt 15% 0pt 15%;">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).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The last sentence of the first paragraph is further 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.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; width: 85%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 51%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 48%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Fund</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Underlying Index</div> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Inverse Mid‑Cap Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Inverse NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Inverse Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Inverse S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">III.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Dow 2x Strategy Fund, NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, Mid‑Cap 1.5x Strategy Fund, and Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 1.5x Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The sentence below is added as the second sentence of the first paragraph for each of the Mid‑Cap 1.5x Strategy Fund and Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 1.5x Strategy Fund and the fourth sentence of the first paragraph for each of the Dow 2x Strategy Fund, NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, and S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund.</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The last sentence of the first paragraph is deleted in its entirety and replaced with the corresponding sentence set forth below.</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 10%; text-indent: 5%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Dow 2x Strategy Fund</div> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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<sup style="font-size: 75%; vertical-align: top;">®</sup> and financial instruments with economic characteristics that should perform similarly to the securities of companies in the Dow Jones Industrial Average<sup style="font-size: 75%; vertical-align: top;">®</sup>.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">III.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Dow 2x Strategy Fund, NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, Mid‑Cap 1.5x Strategy Fund, and Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 1.5x Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The sentence below is added as the second sentence of the first paragraph for each of the Mid‑Cap 1.5x Strategy Fund and Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 1.5x Strategy Fund and the fourth sentence of the first paragraph for each of the Dow 2x Strategy Fund, NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, and S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund.</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The last sentence of the first paragraph is deleted in its entirety and replaced with the corresponding sentence set forth below.</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 10%; text-indent: 5%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund</div> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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<sup style="font-size: 75%; vertical-align: top;">®</sup> and financial instruments with economic characteristics that should perform similarly to the securities of companies in the NASDAQ‑100 Index<sup style="font-size: 75%; vertical-align: top;">®</sup>.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">III.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Dow 2x Strategy Fund, NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, Mid‑Cap 1.5x Strategy Fund, and Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 1.5x Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The sentence below is added as the second sentence of the first paragraph for each of the Mid‑Cap 1.5x Strategy Fund and Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 1.5x Strategy Fund and the fourth sentence of the first paragraph for each of the Dow 2x Strategy Fund, NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, and S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund.</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The last sentence of the first paragraph is deleted in its entirety and replaced with the corresponding sentence set forth below.</div> </td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 10%; text-indent: 5%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund</div> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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<sup style="font-size: 75%; vertical-align: top;">®</sup> Index and financial instruments with economic characteristics that should perform similarly to the securities of companies in the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">III.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Dow 2x Strategy Fund, NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, Mid‑Cap 1.5x Strategy Fund, and Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 1.5x Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The sentence below is added as the second sentence of the first paragraph for each of the Mid‑Cap 1.5x Strategy Fund and Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 1.5x Strategy Fund and the fourth sentence of the first paragraph for each of the Dow 2x Strategy Fund, NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, and S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund.</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The last sentence of the first paragraph is deleted in its entirety and replaced with the corresponding sentence set forth below.</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 10%; text-indent: 5%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund</div> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Index and financial instruments with economic characteristics that should perform similarly to the securities of companies in the S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Index.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">III.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Dow 2x Strategy Fund, NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, Mid‑Cap 1.5x Strategy Fund, and Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 1.5x Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The sentence below is added as the second sentence of the first paragraph for each of the Mid‑Cap 1.5x Strategy Fund and Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 1.5x Strategy Fund and the fourth sentence of the first paragraph for each of the Dow 2x Strategy Fund, NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, and S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund.</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The last sentence of the first paragraph is deleted in its entirety and replaced with the corresponding sentence set forth below.</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 10%; text-indent: 5%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Mid‑Cap 1.5x Strategy Fund</div> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Index and derivatives and other instruments whose performance is expected to correspond to that of the S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Index.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">III.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Dow 2x Strategy Fund, NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, Mid‑Cap 1.5x Strategy Fund, and Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 1.5x Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The sentence below is added as the second sentence of the first paragraph for each of the Mid‑Cap 1.5x Strategy Fund and Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 1.5x Strategy Fund and the fourth sentence of the first paragraph for each of the Dow 2x Strategy Fund, NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, and S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund.</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The last sentence of the first paragraph is deleted in its entirety and replaced with the corresponding sentence set forth below.</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 10%; text-indent: 5%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 1.5x Strategy Fund</div> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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<sup style="font-size: 75%; vertical-align: top;">®</sup> Index and financial instruments with economic characteristics that should perform similarly to the securities of companies included in the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">IV.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Inverse Dow 2x Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">Under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The fourth sentence of the first paragraph is deleted in its entirety and replaced with the following two sentences:</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 12% 0pt 12%;">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).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">In the last sentence of the first paragraph, the reference to “opposite” is replaced with “inversely” and the reference to “underlying index” is replaced with “Dow Jones Industrial Average<sup style="font-size: 75%; vertical-align: top;">®</sup>”.</div> </td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">V.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Europe 1.25x Strategy Fund and Japan 2x Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The following is added as the ninth sentence of the first paragraph:</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">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.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; width: 85%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 51%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 48%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Fund</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Underlying Index</div> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Europe 1.25x Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">STOXX Europe 50<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Japan 2x Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">Nikkei 225 Stock Average Index</td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">V.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Europe 1.25x Strategy Fund and Japan 2x Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The following is added as the ninth sentence of the first paragraph:</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">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.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; width: 85%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 51%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 48%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Fund</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Underlying Index</div> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Europe 1.25x Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">STOXX Europe 50<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Japan 2x Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">Nikkei 225 Stock Average Index</td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">VI.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Government Long Bond 1.2x Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">Under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The following sentence is added as the second sentence of the first paragraph:</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">These financial instruments will be counted towards the Fund’s 80% investment policy (as set forth below).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The now fourth and fifth sentences of the first paragraph are deleted in their entirety and replaced with the following two sentences:</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The last sentence of the first paragraph is deleted in its entirety and replaced with the following sentence:</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">VII.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Inverse Government Long Bond Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">Under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The following sentence is added as the third sentence of the first paragraph:</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 0pt 15% 0pt 15%;">These financial instruments will be counted towards the Fund’s 80% investment policy (as set forth below).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">In each of the first and now fourth sentences of the first paragraph, the reference to “opposite” is replaced with “inversely to” and “inverse”, respectively.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">In the last sentence of the first paragraph, the reference to “opposite” is replaced with “inversely” and the phrase “fixed income securities issued by the U.S. government” is replaced with “the most recently issued 30 Year U.S. Treasury Bonds”.</div> </td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">VIII.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">High Yield Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">Under the heading “Principal Investment Strategies” in the Fund Summary Section, the following sentence is added as the second sentence of the first paragraph:</div> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">These financial instruments will be counted towards the Fund’s 80% investment policy (as set forth below).</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rydex Variable Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">702 King Farm Blvd., Suite 200</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Rockville, Maryland 20850</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Supplement Dated July 31, 2026</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 12pt 1% 0pt 1%;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026,</div> <div style="text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center; margin: 0pt 1% 0pt 1%;">as supplemented from time to time (together, the “Prospectus”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; text-indent: 1%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">I.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund, S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund, S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund, and S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; width: 80%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 51%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 48%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Fund</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Underlying Index</div> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Growth Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Pure Value Index</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">II.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Inverse Mid‑Cap Strategy Fund, Inverse NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund, Inverse Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund, and Inverse S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">In each of the first, third, and last sentences of the paragraph, the reference to “opposite” is replaced with “inversely to”, “inverse”, and “inversely”, respectively.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The fifth sentence of the first paragraph is deleted in its entirety and replaced with the following two sentences:</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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</div> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 0pt 15% 0pt 15%;">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).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The last sentence of the first paragraph is further 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.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; width: 85%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 51%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 48%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Fund</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Underlying Index</div> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Inverse Mid‑Cap Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Inverse NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Inverse Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Inverse S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">III.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Dow 2x Strategy Fund, NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, Mid‑Cap 1.5x Strategy Fund, and Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 1.5x Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The sentence below is added as the second sentence of the first paragraph for each of the Mid‑Cap 1.5x Strategy Fund and Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 1.5x Strategy Fund and the fourth sentence of the first paragraph for each of the Dow 2x Strategy Fund, NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund, and S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund.</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The last sentence of the first paragraph is deleted in its entirety and replaced with the corresponding sentence set forth below.</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 10%; text-indent: 5%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Dow 2x Strategy Fund</div> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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<sup style="font-size: 75%; vertical-align: top;">®</sup> and financial instruments with economic characteristics that should perform similarly to the securities of companies in the Dow Jones Industrial Average<sup style="font-size: 75%; vertical-align: top;">®</sup>.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 10%; text-indent: 5%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">NASDAQ‑100<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund</div> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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<sup style="font-size: 75%; vertical-align: top;">®</sup> and financial instruments with economic characteristics that should perform similarly to the securities of companies in the NASDAQ‑100 Index<sup style="font-size: 75%; vertical-align: top;">®</sup>.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 10%; text-indent: 5%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund</div> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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<sup style="font-size: 75%; vertical-align: top;">®</sup> Index and financial instruments with economic characteristics that should perform similarly to the securities of companies in the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 10%; text-indent: 5%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> 2x Strategy Fund</div> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Index and financial instruments with economic characteristics that should perform similarly to the securities of companies in the S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Index.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 10%; text-indent: 5%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Mid‑Cap 1.5x Strategy Fund</div> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Index and derivatives and other instruments whose performance is expected to correspond to that of the S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Index.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 10%; text-indent: 5%; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> 1.5x Strategy Fund</div> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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<sup style="font-size: 75%; vertical-align: top;">®</sup> Index and financial instruments with economic characteristics that should perform similarly to the securities of companies included in the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">IV.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Inverse Dow 2x Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">Under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The fourth sentence of the first paragraph is deleted in its entirety and replaced with the following two sentences:</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 12% 0pt 12%;">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).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">In the last sentence of the first paragraph, the reference to “opposite” is replaced with “inversely” and the reference to “underlying index” is replaced with “Dow Jones Industrial Average<sup style="font-size: 75%; vertical-align: top;">®</sup>”.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">V.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Europe 1.25x Strategy Fund and Japan 2x Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">For each Fund, under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The following is added as the ninth sentence of the first paragraph:</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">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.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; width: 85%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 51%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 48%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Fund</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.00px solid #000000; display: inline-block; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: center;">Underlying Index</div> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Europe 1.25x Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">STOXX Europe 50<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 11pt;"> <td style="vertical-align: bottom; text-align: center;">Japan 2x Strategy Fund</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; text-align: center;">Nikkei 225 Stock Average Index</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">VI.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Government Long Bond 1.2x Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">Under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The following sentence is added as the second sentence of the first paragraph:</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">These financial instruments will be counted towards the Fund’s 80% investment policy (as set forth below).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The now fourth and fifth sentences of the first paragraph are deleted in their entirety and replaced with the following two sentences:</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The last sentence of the first paragraph is deleted in its entirety and replaced with the following sentence:</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">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.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">VII.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">Inverse Government Long Bond Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">Under the heading “Principal Investment Strategies” in the Fund Summary Section, the revisions below are made to the first paragraph.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">The following sentence is added as the third sentence of the first paragraph:</div> </td> </tr> </table> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 0pt 15% 0pt 15%;">These financial instruments will be counted towards the Fund’s 80% investment policy (as set forth below).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">In each of the first and now fourth sentences of the first paragraph, the reference to “opposite” is replaced with “inversely to” and “inverse”, respectively.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%;"> </td> <td style="width: 3%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">●</div> </td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; text-align: justify;">In the last sentence of the first paragraph, the reference to “opposite” is replaced with “inversely” and the phrase “fixed income securities issued by the U.S. government” is replaced with “the most recently issued 30 Year U.S. Treasury Bonds”.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 11pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 7%; vertical-align: top; text-align: justify;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 11pt; font-weight: bold; text-align: justify;">VIII.</div> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt; font-family: times new roman; font-weight: bold; text-align: justify;">High Yield Strategy Fund</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%; font-size: 11pt; font-family: times new roman; text-align: justify;">Under the heading “Principal Investment Strategies” in the Fund Summary Section, the following sentence is added as the second sentence of the first paragraph:</div> <div style="font-size: 11pt; font-family: times new roman; text-align: justify; margin: 12pt 15% 0pt 15%;">These financial instruments will be counted towards the Fund’s 80% investment policy (as set forth below).</div> Rydex Variable Trust 2026-05-01