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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FRANKLIN RESOURCES INC</name>
        <lei>RIFQSET379FOGTEFKS80</lei>
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          <isin value="US3546131018"/>
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        <balance>8086.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DEVON ENERGY CORP</name>
        <lei>54930042348RKR3ZPN35</lei>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INTERNATIONAL PAPER COMPANY</name>
        <lei>824LMFJDH41EY779Q875</lei>
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          <isin value="US4601461035"/>
          <ticker value="IP"/>
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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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      <invstOrSec>
        <name>SLB LTD</name>
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          <isin value="AN8068571086"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CW</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ASSURANT INC</name>
        <lei>H3F39CAXWQRVWURFXL38</lei>
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          <isin value="US04621X1081"/>
          <ticker value="AIZ"/>
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        <curCd>USD</curCd>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AMCOR PLC</name>
        <lei>549300GSODGFCDQ3DI89</lei>
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          <isin value="JE00BV7DQ550"/>
          <ticker value="AMCR"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>JE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DELTA AIR LINES INC</name>
        <lei>Q2CCMS6R0AS67HJMBN42</lei>
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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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      <invstOrSec>
        <name>FEDEX FREIGHT HOLDING COMPANY INC</name>
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        <curCd>USD</curCd>
        <valUSD>34277.00000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CONSOLIDATED EDISON INC</name>
        <lei>54930033SBW53OO8T749</lei>
        <title>CONSOLIDATED EDISON INC COM</title>
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          <isin value="US2091151041"/>
          <ticker value="ED"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>TYSON FOODS INC</name>
        <lei>WD6L6041MNRW1JE49D58</lei>
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          <ticker value="TSN"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>PNC FINANCIAL SERVICES GROUP INC (THE)</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>KEYCORP</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
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          <ticker value="KEY"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>CAPITAL ONE FINANCIAL CORP</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>BLOCK INC</name>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>BLOCK INC CL A</title>
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          <ticker value="XYZ"/>
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        <fairValLevel>1</fairValLevel>
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        <name>APA CORP</name>
        <lei>549300VCIWLRHYVSHC79</lei>
        <title>APA CORP COM</title>
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          <ticker value="APA"/>
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        <fairValLevel>1</fairValLevel>
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        <name>MARATHON PETROLEUM CORP</name>
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          <ticker value="MPC"/>
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        <fairValLevel>1</fairValLevel>
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        <name>DOW INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SMURFIT WESTROCK PLC</name>
        <lei>635400EGSEOPDW2EXS14</lei>
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          <ticker value="SW"/>
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        <invCountry>IE</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>FEDEX CORP</name>
        <lei>549300E707U7WNPZN687</lei>
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          <ticker value="FDX"/>
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        <fairValLevel>1</fairValLevel>
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        <name>WARNER BROS. DISCOVERY INC</name>
        <lei>5493006ZCRFWKF6B1K26</lei>
        <title>WARNER BROS. DISCOVERY INC COM SER A</title>
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          <ticker value="WBD"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>APTIV PLC</name>
        <lei>254900HTTDFIJZ32GX53</lei>
        <title>APTIV PLC COM SHS</title>
        <cusip>000000000</cusip>
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          <ticker value="APTV"/>
          <other otherDesc="SEDOL" value="BTDN8H1"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>LYONDELLBASELL INDUSTRIES NV</name>
        <lei>BN6WCCZ8OVP3ITUUVN49</lei>
        <title>LYONDELLBASELL INDUSTRIES NV COM EUR0.04 CLASS 'A'</title>
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          <isin value="NL0009434992"/>
          <ticker value="LYB"/>
          <other otherDesc="SEDOL" value="B3SPXZ3"/>
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        <curCd>USD</curCd>
        <valUSD>291259.80000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MOLSON COORS BEVERAGE COMPANY</name>
        <lei>54930073LBBH6ZCBE225</lei>
        <title>MOLSON COORS BEVERAGE COMPANY CL B</title>
        <cusip>60871R209</cusip>
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          <isin value="US60871R2094"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VICI PROPERTIES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PINNACLE WEST CAPITAL CORP</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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        <name>STATE STREET CORP</name>
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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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        <name>SOUTHWEST AIRLINES COMPANY</name>
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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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        <name>EVERSOURCE ENERGY</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BUILDERS FIRSTSOURCE INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>FIFTH THIRD BANCORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FISERV INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HEWLETT PACKARD ENTERPRISE COMPANY</name>
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        <fairValLevel>1</fairValLevel>
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        <name>STANLEY BLACK &amp; DECKER INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PRINCIPAL FINANCIAL GROUP INC</name>
        <lei>CUMYEZJOAF02RYZ1JJ85</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>CIGNA GROUP (THE)</name>
        <lei>549300VIWYMSIGT1U456</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>COMCAST CORP</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>CVS HEALTH CORP</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS HEALTH CORP COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>DOLLAR GENERAL CORP</name>
        <lei>OPX52SQVOZI8IVSWYU66</lei>
        <title>DOLLAR GENERAL CORP COM</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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        <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>REGIONS FINANCIAL CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>MCKESSON CORP</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>ARCHER DANIELS MIDLAND COMPANY</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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        <name>BANK OF AMERICA CORP</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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        <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>2</fairValLevel>
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      <invstOrSec>
        <name>KEURIG DR PEPPER INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ELEVANCE HEALTH INC</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
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          <isin value="US0367521038"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ONEOK INC</name>
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          <isin value="US6826801036"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UNITEDHEALTH GROUP INC</name>
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          <isin value="US91324P1021"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>LENNAR CORP</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>AT&amp;T INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AES CORP (THE)</name>
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          <isin value="US00130H1059"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>BALL CORP</name>
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        <curCd>USD</curCd>
        <valUSD>100027.20000000</valUSD>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>TRAVELERS COMPANIES INC (THE)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GLOBAL PAYMENTS INC</name>
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          <ticker value="GPN"/>
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        <fairValLevel>1</fairValLevel>
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        <name>BEST BUY CO INC</name>
        <lei>HL5XPTVRV0O8TUN5LL90</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>HUNTINGTON BANCSHARES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>VALERO ENERGY CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CARDINAL HEALTH INC</name>
        <lei>CCU46N3GJMF4OK4N7U60</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>BAXTER INTERNATIONAL INC</name>
        <lei>J5OIVXX3P24RJRW5CK77</lei>
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        <fairValLevel>1</fairValLevel>
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        <lei>WPTL2Z3FIYTHSP5V2253</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>WALT DISNEY COMPANY (THE)</name>
        <lei>549300GZKULIZ0WOW665</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>BUNGE GLOBAL SA</name>
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        <invCountry>CH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>GENUINE PARTS COMPANY</name>
        <lei>549300D46DQVEU651W04</lei>
        <title>GENUINE PARTS COMPANY COM</title>
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          <ticker value="GPC"/>
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        <fairValLevel>1</fairValLevel>
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        <name>EXXONMOBIL HOLDINGS CORP</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>EXXON MOBIL CORP COM</title>
        <cusip>30231G102</cusip>
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          <ticker value="XOM"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>DIAMONDBACK ENERGY INC</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>DIAMONDBACK ENERGY INC COM</title>
        <cusip>25278X109</cusip>
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          <ticker value="FANG"/>
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        <balance>809.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>142206.02000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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        <name>NEWS CORP</name>
        <lei>549300ITS31QK8VRBQ14</lei>
        <title>NEWS CORP CL B</title>
        <cusip>65249B208</cusip>
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          <isin value="US65249B2088"/>
          <ticker value="NWS"/>
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        <balance>729.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20455.74000000</valUSD>
        <pctVal>0.097654160289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MOSAIC COMPANY (THE)</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
        <title>MOSAIC COMPANY (THE) COM</title>
        <cusip>61945C103</cusip>
        <identifiers>
          <isin value="US61945C1036"/>
          <ticker value="MOS"/>
        </identifiers>
        <balance>15444.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>327258.36000000</valUSD>
        <pctVal>1.562306733630</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VIATRIS INC</name>
        <lei>254900ZZTSW7NL773X71</lei>
        <title>VIATRIS INC COM</title>
        <cusip>92556V106</cusip>
        <identifiers>
          <isin value="US92556V1061"/>
          <ticker value="VTRS"/>
        </identifiers>
        <balance>15324.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>243345.12000000</valUSD>
        <pctVal>1.161711253371</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVESCO LTD</name>
        <lei>ECPGFXU8A2SHKVVGJI15</lei>
        <title>INVESCO LTD COM STK USD0.20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG491BT1088"/>
          <ticker value="IVZ"/>
          <other otherDesc="SEDOL" value="B28XP76"/>
        </identifiers>
        <balance>6358.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>167787.62000000</valUSD>
        <pctVal>0.801005445806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </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>
