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        <fairValLevel>1</fairValLevel>
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        <name>ALPHABET INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DIAMONDBACK ENERGY INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MONDELEZ INTERNATIONAL INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LAM RESEARCH CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MARRIOTT INTERNATIONAL INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>EXELON CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AXON ENTERPRISE INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>QUALCOMM INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>COPART INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ELECTRONIC ARTS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AIRBNB INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>WALMART INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>COSTCO WHOLESALE CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>COMCAST CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ASTERA LABS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>XCEL ENERGY INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ROPER TECHNOLOGIES INC</name>
        <lei>54930003T4SXCIWVXY35</lei>
        <title>ROPER TECHNOLOGIES INC COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>FERROVIAL NV</name>
        <lei>72450022R2ZFL41Y6I04</lei>
        <title>FERROVIAL NV EUR0.01</title>
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        <invCountry>NL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>DATADOG INC</name>
        <lei>549300F6JNO0KRPO1K63</lei>
        <title>DATADOG INC CL A COM</title>
        <cusip>23804L103</cusip>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>INTUIT INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CADENCE DESIGN SYSTEMS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>AUTOMATIC DATA PROCESSING INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>DEXCOM INC</name>
        <lei>549300YSK3QDSFR5EU59</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>HONEYWELL INTERNATIONAL INC</name>
        <lei>ISRPG12PN4EIEOEMW547</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CONSTELLATION ENERGY CORP</name>
        <lei>549300F8Y20RYGNGV346</lei>
        <title>CONSTELLATION ENERGY CORP COM</title>
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          <ticker value="CEG"/>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>INTUITIVE SURGICAL INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TAKE-TWO INTERACTIVE SOFTWARE INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PDD HOLDINGS INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BARCLAYS BANK PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>OLD DOMINION FREIGHT LINE INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LUMENTUM HOLDINGS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CISCO SYSTEMS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SEAGATE TECHNOLOGY HOLDINGS PLC</name>
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        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SHOPIFY INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>T-MOBILE US INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ARM HOLDINGS PLC</name>
        <lei>2138001E66EELTE7Y904</lei>
        <title>ARM HOLDINGS PLC SPONSORED ADS</title>
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        <fairValLevel>1</fairValLevel>
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        <name>REGENERON PHARMACEUTICALS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>STRATEGY INC</name>
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        <title>STRATEGY INC CL A NEW</title>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>BAKER HUGHES COMPANY</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TEXAS INSTRUMENTS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ADOBE INC</name>
        <lei>FU4LY2G4933NH2E1CP29</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>J.P. MORGAN SECURITIES LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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    <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>
