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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>QNITY ELECTRONICS INC</name>
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          <isin value="US74743L1008"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ADVANCED MICRO DEVICES INC</name>
        <lei>R2I72C950HOYXII45366</lei>
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          <ticker value="AMD"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ASE TECHNOLOGY HOLDING CO LTD</name>
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          <isin value="US00215W1009"/>
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        <invCountry>TW</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INTEL CORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MONOLITHIC POWER SYSTEMS INC</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>SKYWORKS SOLUTIONS INC</name>
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          <isin value="US83088M1027"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>RAMBUS INC</name>
        <lei>2549000211GDCQSLV833</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>CAMTEK LTD</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>TERADYNE INC</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>POWER INTEGRATIONS INC</name>
        <lei>54930085LGXSCIHD5W31</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>ON SEMICONDUCTOR CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ONTO INNOVATION INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FORMFACTOR INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>PHOTRONICS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AMBARELLA INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>GLOBALFOUNDRIES INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>VEECO INSTRUMENTS INC</name>
        <lei>5493004201F72ADDZW04</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>LAM RESEARCH CORP</name>
        <lei>549300I4GMO6D34U1T02</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>STMICROELECTRONICS NV</name>
        <lei>213800Z8NOHIKRI42W10</lei>
        <title>STMICROELECTRONICS NV NY REGISTRY</title>
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        <invCountry>NL</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>KLA CORP</name>
        <lei>549300H0BF5JCG96TJ81</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>CIRRUS LOGIC INC</name>
        <lei>549300NKSJEM5ZZSSV18</lei>
        <title>CIRRUS LOGIC INC COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>ENTEGRIS INC</name>
        <lei>IYX6OWO7BT5DKO3BYG52</lei>
        <title>ENTEGRIS INC COM</title>
        <cusip>29362U104</cusip>
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          <isin value="US29362U1043"/>
          <ticker value="ENTG"/>
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        <balance>2712.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TEXAS INSTRUMENTS INC</name>
        <lei>WDJNR2L6D8RWOEB8T652</lei>
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          <isin value="US8825081040"/>
          <ticker value="TXN"/>
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        <balance>4728.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NVIDIA CORP</name>
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        <title>NVIDIA CORP COM</title>
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          <isin value="US67066G1040"/>
          <ticker value="NVDA"/>
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        <balance>29571.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KULICKE AND SOFFA INDUSTRIES INC</name>
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        <cusip>501242101</cusip>
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          <isin value="US5012421013"/>
          <ticker value="KLIC"/>
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        <balance>3419.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CANADIAN SOLAR INC</name>
        <lei>5493001XSC6TKMBVOM15</lei>
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        <cusip>136635109</cusip>
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          <isin value="CA1366351098"/>
          <ticker value="CSIQ"/>
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        <balance>23918.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ENPHASE ENERGY INC</name>
        <lei>5493008U7KIGMI59Z314</lei>
        <title>ENPHASE ENERGY INC COM</title>
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          <isin value="US29355A1079"/>
          <ticker value="ENPH"/>
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        <balance>4166.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SILICON MOTION TECHNOLOGY CORP</name>
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        <cusip>82706C108</cusip>
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          <isin value="US82706C1080"/>
          <ticker value="SIMO"/>
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        <balance>1386.00000000</balance>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IMPINJ INC</name>
        <lei>549300M26VGKSMMWWN17</lei>
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        <cusip>453204109</cusip>
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          <isin value="US4532041096"/>
          <ticker value="PI"/>
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        <balance>1040.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>DIODES INC</name>
        <lei>549300XP2X1ARVH3BX23</lei>
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          <isin value="US2545431015"/>
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        <balance>1701.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>MICRON TECHNOLOGY INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MKS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PENGUIN SOLUTIONS INC (US)</name>
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          <ticker value="PENG"/>
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        <fairValLevel>1</fairValLevel>
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        <name>CREDO TECHNOLOGY GROUP HOLDING LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ASTERA LABS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SYNAPTICS INC</name>
        <lei>549300AJ3LI4FWNRQX29</lei>
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        <balance>1445.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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        <name>LATTICE SEMICONDUCTOR CORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>J.P. MORGAN SECURITIES LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SOLAREDGE TECHNOLOGIES INC</name>
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        <title>SOLAREDGE TECHNOLOGIES INC COM</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ASML HOLDING NV</name>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Rydex Variable Trust</ncom:nameOfApplicant>
      <ncom:signature>James Howley</ncom:signature>
      <ncom:signerName>James Howley</ncom:signerName>
      <ncom:title>Chief Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
