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        <curCd>USD</curCd>
        <valUSD>29238.96000000</valUSD>
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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>UNITED PARCEL SERVICE INC</name>
        <lei>D01LMJZU09ULLNCY6Z23</lei>
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          <isin value="US9113121068"/>
          <ticker value="UPS"/>
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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>FERRARI NV</name>
        <lei>549300RIVY5EX8RCON76</lei>
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          <isin value="NL0011585146"/>
          <ticker value="RACE"/>
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        <balance>95.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DANA INC</name>
        <lei>KVWHW7YLZPFJM8QYNJ51</lei>
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          <isin value="US2358252052"/>
          <ticker value="DAN"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>QUANTUMSCAPE CORP</name>
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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>SAIA INC</name>
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          <isin value="US78709Y1055"/>
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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>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CANADIAN PACIFIC KANSAS CITY LTD</name>
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          <isin value="CA13646K1084"/>
          <ticker value="CP"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HONDA MOTOR CO LTD</name>
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          <isin value="US4381283088"/>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RYDER SYSTEM INC</name>
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          <isin value="US7835491082"/>
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        <fairValLevel>1</fairValLevel>
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        <name>TOYOTA MOTOR CORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>XPO INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CSX CORP</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>EXPEDITORS INTERNATIONAL OF WASHINGTON INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>J.B. HUNT TRANSPORT SERVICES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>OLD DOMINION FREIGHT LINE INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>DORMAN PRODUCTS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FRONTIER GROUP HOLDINGS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TESLA INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>UNITED AIRLINES HOLDINGS INC</name>
        <lei>98450079DA0B78DD6764</lei>
        <title>UNITED AIRLINES HOLDINGS INC COM</title>
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          <ticker value="UAL"/>
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        <fairValLevel>1</fairValLevel>
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        <name>JETBLUE AIRWAYS CORP</name>
        <lei>54930070J9H97ZO93T57</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>AUTOLIV INC</name>
        <lei>A23RUXWKASG834LTMK28</lei>
        <title>AUTOLIV INC COM</title>
        <cusip>052800109</cusip>
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          <ticker value="ALV"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>LEAR CORP</name>
        <lei>549300UPNBTXA1SYTQ33</lei>
        <title>LEAR CORP COM NEW</title>
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          <ticker value="LEA"/>
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        <fairValLevel>1</fairValLevel>
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        <name>MATSON INC</name>
        <lei>549300OI5H3Y0I9I4I12</lei>
        <title>MATSON INC COM</title>
        <cusip>57686G105</cusip>
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          <ticker value="MATX"/>
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        <balance>82.00000000</balance>
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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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        <name>FORD MOTOR CO</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>FORD MOTOR CO COM</title>
        <cusip>345370860</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>LYFT INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>STELLANTIS NV</name>
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        <fairValLevel>1</fairValLevel>
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        <name>RYANAIR HOLDINGS PLC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>ZIM INTEGRATED SHIPPING SERVICES LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NIO INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>KIRBY CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GENTEX CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ALLEGIANT TRAVEL COMPANY</name>
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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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        <name>GENERAL MOTORS COMPANY</name>
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        <fairValLevel>1</fairValLevel>
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        <name>VISTEON CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>FEDEX FREIGHT HOLDING COMPANY INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GOODYEAR TIRE &amp; RUBBER COMPANY</name>
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        <title>GOODYEAR TIRE &amp; RUBBER COMPANY COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>TFI INTERNATIONAL INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HERTZ GLOBAL HOLDINGS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>RIVIAN AUTOMOTIVE INC</name>
        <lei>25490004LNKJ84MFYY24</lei>
        <title>RIVIAN AUTOMOTIVE INC COM CL A</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HUB GROUP INC</name>
        <lei>N/A</lei>
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        <cusip>443320106</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>THOR INDUSTRIES INC</name>
        <lei>254900XZO1228PDSG060</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AVIS BUDGET GROUP INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GARRETT MOTION INC</name>
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          <ticker value="GTX"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UBER TECHNOLOGIES INC</name>
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          <isin value="US90353T1007"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LUCID GROUP INC</name>
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          <isin value="US5494982029"/>
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        <balance>1656.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>GRAB HOLDINGS LTD</name>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DELTA AIR LINES INC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HARLEY-DAVIDSON INC</name>
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          <ticker value="HOG"/>
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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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      <invstOrSec>
        <name>ADIENT PLC</name>
        <lei>5493002QLDY8O75RTR78</lei>
        <title>ADIENT PLC COM USD0.001</title>
        <cusip>000000000</cusip>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARCBEST CORP</name>
        <lei>5493006S3KBNE8ZS3J23</lei>
        <title>ARCBEST CORP COM</title>
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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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        <name>ZTO EXPRESS (CAYMAN) INC</name>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>FEDEX CORP</name>
        <lei>549300E707U7WNPZN687</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>LI AUTO INC</name>
        <lei>2549003R73Q70J5H4I65</lei>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>DREYFUS TREASURY OBLIGATIONS CASH MANAGEMENT</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FORWARD AIR CORP</name>
        <lei>N/A</lei>
        <title>FORWARD AIR CORP COM</title>
        <cusip>34986A104</cusip>
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          <ticker value="FWRD"/>
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        <fairValLevel>1</fairValLevel>
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        <name>RXO INC</name>
        <lei>549300KL8CA6GP8XPM30</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>APTIV PLC</name>
        <lei>254900HTTDFIJZ32GX53</lei>
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        <invCountry>JE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SOUTHWEST AIRLINES COMPANY</name>
        <lei>UDTZ87G0STFETI6HGH41</lei>
        <title>SOUTHWEST AIRLINES COMPANY COM</title>
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          <ticker value="LUV"/>
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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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        <name>WERNER ENTERPRISES INC</name>
        <lei>549300P6XRGOCHHJST37</lei>
        <title>WERNER ENTERPRISES INC COM</title>
        <cusip>950755108</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>MOBILEYE GLOBAL INC</name>
        <lei>N/A</lei>
        <title>MOBILEYE GLOBAL INC COMMON CLASS A</title>
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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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    <signature>
      <ncom:dateSigned>2026-08-25</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>
