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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RELX PLC</name>
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        <title>RELX PLC SPONSORED ADR</title>
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          <isin value="US7595301083"/>
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        <curCd>USD</curCd>
        <valUSD>6238.99000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ASML HOLDING NV</name>
        <lei>724500Y6DUVHQD6OXN27</lei>
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        <cusip>000000000</cusip>
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          <isin value="USN070592100"/>
          <ticker value="ASML"/>
          <other otherDesc="SEDOL" value="B908F01"/>
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        <balance>42.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>83556.48000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HERMES INTERNATIONAL SA</name>
        <lei>969500Y4IJGHJE2MTJ13</lei>
        <title>HERMES INTERNATIONAL SA ADR</title>
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          <isin value="US42751Q1058"/>
          <ticker value="HESAY"/>
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        <balance>38.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6955.52000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BNP PARIBAS SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP PARIBAS SA SPONSORED ADR</title>
        <cusip>05565A202</cusip>
        <identifiers>
          <isin value="US05565A2024"/>
          <ticker value="BNPQY"/>
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        <balance>225.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13110.75000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RIO TINTO PLC</name>
        <lei>213800YOEO5OQ72G2R82</lei>
        <title>RIO TINTO PLC SPONSORED ADR</title>
        <cusip>767204100</cusip>
        <identifiers>
          <isin value="US7672041008"/>
          <ticker value="RIO"/>
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        <balance>116.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11011.88000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>J.P. MORGAN SECURITIES LLC</name>
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        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="BGHB3J1E6260630"/>
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        <curCd>USD</curCd>
        <valUSD>321066.84000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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            <repurchaseCollateral>
              <principalAmt>377012.41000000</principalAmt>
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              <invstCat>UST</invstCat>
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      <invstOrSec>
        <name>UNILEVER PLC</name>
        <lei>549300MKFYEKVRWML317</lei>
        <title>UNILEVER PLC SPON ADR NEW</title>
        <cusip>904767803</cusip>
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          <isin value="US9047678035"/>
          <ticker value="UL"/>
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        <balance>235.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14128.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG</name>
        <lei>529900MUF4C20K50JS49</lei>
        <title>MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG UNSPONSORED ADR</title>
        <cusip>626188106</cusip>
        <identifiers>
          <isin value="US6261881063"/>
          <ticker value="MURGY"/>
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        <balance>689.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7716.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BRITISH AMERICAN TOBACCO PLC</name>
        <lei>213800FKA5MF17RJKT63</lei>
        <title>BRITISH AMERICAN TOBACCO PLC SPONSORED ADR</title>
        <cusip>110448107</cusip>
        <identifiers>
          <isin value="US1104481072"/>
          <ticker value="BTI"/>
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        <balance>235.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14513.60000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EUREX Clearing Aktiengesellschaft</name>
        <lei>529900LN3S50JPU47S06</lei>
        <title>STOXX Europe 50 Index Futures(FSTX) Index Fut</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE000F3B36M6"/>
          <ticker value="FSTX U26-EUX"/>
          <other otherDesc="FIGI" value="BBG01Z7GL3W3"/>
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        <balance>25.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87527352"/>
        <valUSD>25506.89000000</valUSD>
        <pctVal>1.356793109191</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>EUREX Clearing Aktiengesellschaft</counterpartyName>
              <counterpartyLei>529900LN3S50JPU47S06</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>DEUTSCHE BORSE AKTIENGESELLSCHAFT</issuerName>
                <issueTitle>EURO STOXX 50</issueTitle>
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                  <cusip value="000000000"/>
                  <ticker value="SX5E"/>
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            <expDate>2026-09-18</expDate>
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            <unrealizedAppr>25506.89000000</unrealizedAppr>
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      <invstOrSec>
        <name>AIRBUS SE</name>
        <lei>MINO79WLOO247M1IL051</lei>
        <title>AIRBUS SE UNSPONSORED ADR</title>
        <cusip>009279100</cusip>
        <identifiers>
          <isin value="US0092791005"/>
          <ticker value="EADSY"/>
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        <balance>253.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14066.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SIEMENS AG</name>
        <lei>W38RGI023J3WT1HWRP32</lei>
        <title>SIEMENS AG SPONSORED ADR</title>
        <cusip>826197501</cusip>
        <identifiers>
          <isin value="US8261975010"/>
          <ticker value="SIEGY"/>
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        <balance>158.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25423.78000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AXA SA</name>
        <lei>F5WCUMTUM4RKZ1MAIE39</lei>
        <title>AXA SA SPONSORED ADR</title>
        <cusip>054536107</cusip>
        <identifiers>
          <isin value="US0545361075"/>
          <ticker value="AXAHY"/>
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        <balance>190.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9545.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAP SE</name>
        <lei>529900D6BF99LW9R2E68</lei>
        <title>SAP SE SPON ADR</title>
        <cusip>803054204</cusip>
        <identifiers>
          <isin value="US8030542042"/>
          <ticker value="SAP"/>
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        <balance>109.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16797.99000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ANHEUSER-BUSCH INBEV SA/NV</name>
        <lei>5493008H3828EMEXB082</lei>
        <title>ANHEUSER-BUSCH INBEV SA/NV SPONSORED ADR</title>
        <cusip>03524A108</cusip>
        <identifiers>
          <isin value="US03524A1088"/>
          <ticker value="BUD"/>
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        <balance>111.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9146.40000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>L'AIR LIQUIDE SA</name>
        <lei>969500MMPQVHK671GT54</lei>
        <title>L'AIR LIQUIDE SA ADR</title>
        <cusip>009126202</cusip>
        <identifiers>
          <isin value="US0091262024"/>
          <ticker value="AIQUY"/>
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        <balance>344.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13581.12000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>L'OREAL SA</name>
        <lei>529900JI1GG6F7RKVI53</lei>
        <title>L'OREAL SA ADR</title>
        <cusip>502117203</cusip>
        <identifiers>
          <isin value="US5021172037"/>
          <ticker value="LRLCY"/>
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        <balance>130.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11402.30000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>UNICREDIT SPA</name>
        <lei>549300TRUWO2CD2G5692</lei>
        <title>UNICREDIT SPA UNSPONSORD ADR</title>
        <cusip>904678406</cusip>
        <identifiers>
          <isin value="US9046784065"/>
          <ticker value="UNCRY"/>
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        <balance>326.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14575.46000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>COMPAGNIE FINANCIERE RICHEMONT SA</name>
        <lei>549300YIPGJ6UX2QPS51</lei>
        <title>COMPAGNIE FINANCIERE RICHEMONT SA SPON ADR</title>
        <cusip>204319107</cusip>
        <identifiers>
          <isin value="US2043191079"/>
          <ticker value="CFRUY"/>
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        <balance>581.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13426.91000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>IBERDROLA SA</name>
        <lei>5QK37QC7NWOJ8D7WVQ45</lei>
        <title>IBERDROLA SA SPON ADR</title>
        <cusip>450737101</cusip>
        <identifiers>
          <isin value="US4507371015"/>
          <ticker value="IBDRY"/>
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        <balance>170.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16983.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VINCI SA</name>
        <lei>213800WFQ334R8UXUG83</lei>
        <title>VINCI SA ADR</title>
        <cusip>927320101</cusip>
        <identifiers>
          <isin value="US9273201015"/>
          <ticker value="VCISY"/>
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        <balance>252.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9189.18000000</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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      <invstOrSec>
        <name>Guggenheim Funds Trust</name>
        <lei>54930033G24U3UGWK691</lei>
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          <isin value="US40169J5231"/>
          <ticker value="GIYIX"/>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NESTLE' SA/AG</name>
        <lei>KY37LUS27QQX7BB93L28</lei>
        <title>NESTLE' SA/AG SPONSORED ADR</title>
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          <isin value="US6410694060"/>
          <ticker value="NSRGY"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LONDON STOCK EXCHANGE GROUP PLC</name>
        <lei>213800QAUUUP6I445N30</lei>
        <title>LONDON STOCK EXCHANGE GROUP PLC SPONSORED ADS</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ABB LTD (CH)</name>
        <lei>5493000LKVGOO9PELI61</lei>
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        <cusip>000375204</cusip>
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          <isin value="US0003752047"/>
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        <curCd>USD</curCd>
        <valUSD>18261.60000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>CH</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ASTRAZENECA PLC</name>
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        <curCd>USD</curCd>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BP PLC</name>
        <lei>213800LH1BZH3DI6G760</lei>
        <title>BP PLC SPONSORED ADR</title>
        <cusip>055622104</cusip>
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          <isin value="US0556221044"/>
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        <curCd>USD</curCd>
        <valUSD>10937.20000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SANOFI SA</name>
        <lei>549300E9PC51EN656011</lei>
        <title>SANOFI SA SPONSORED ADR</title>
        <cusip>80105N105</cusip>
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          <isin value="US80105N1054"/>
          <ticker value="SNY"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NATIONAL GRID PLC</name>
        <lei>8R95QZMKZLJX5Q2XR704</lei>
        <title>NATIONAL GRID PLC SPONSORED ADR NE</title>
        <cusip>636274409</cusip>
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          <isin value="US6362744095"/>
          <ticker value="NGG"/>
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        <curCd>USD</curCd>
        <valUSD>9281.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ROCHE HOLDING AG</name>
        <lei>549300U41AUUVOAAOB37</lei>
        <title>ROCHE HOLDING AG SPONSORED ADR</title>
        <cusip>771195104</cusip>
        <identifiers>
          <isin value="US7711951043"/>
          <ticker value="RHHBY"/>
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        <balance>606.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>31118.10000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALLIANZ SE</name>
        <lei>529900K9B0N5BT694847</lei>
        <title>ALLIANZ SE UNSPONSRD ADS</title>
        <cusip>018820100</cusip>
        <identifiers>
          <isin value="US0188201000"/>
          <ticker value="ALIZY"/>
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        <balance>411.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19366.32000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RHEINMETALL AG</name>
        <lei>5299001OU9CSE29O6S05</lei>
        <title>RHEINMETALL AG UNSPONSORD ADR</title>
        <cusip>76206K107</cusip>
        <identifiers>
          <isin value="US76206K1079"/>
          <ticker value="RNMBY"/>
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        <balance>25.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5709.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BANCO BILBAO VIZCAYA ARGENTARIA SA</name>
        <lei>K8MS7FD7N5Z2WQ51AZ71</lei>
        <title>BANCO BILBAO VIZCAYA ARGENTARIA SA SPONSORED ADR</title>
        <cusip>05946K101</cusip>
        <identifiers>
          <isin value="US05946K1016"/>
          <ticker value="BBVA"/>
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        <balance>610.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15286.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>BANCO SANTANDER SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>BANCO SANTANDER SA ADR</title>
        <cusip>05964H105</cusip>
        <identifiers>
          <isin value="US05964H1059"/>
          <ticker value="SAN"/>
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        <balance>1587.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21900.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NOVARTIS AG</name>
        <lei>5493007HIVTX6SY6XD66</lei>
        <title>NOVARTIS AG SPONSORED ADR</title>
        <cusip>66987V109</cusip>
        <identifiers>
          <isin value="US66987V1098"/>
          <ticker value="NVS"/>
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        <balance>205.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32127.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GSK PLC</name>
        <lei>5493000HZTVUYLO1D793</lei>
        <title>GSK PLC SPONSORED ADR</title>
        <cusip>37733W204</cusip>
        <identifiers>
          <isin value="US37733W2044"/>
          <ticker value="GSK"/>
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        <balance>218.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11427.56000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>Euro FX Futures, Sep-2026,ETH</title>
        <cusip>000000000</cusip>
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          <ticker value="6E U26"/>
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        <balance>11.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-16703.05000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DEUTSCHE TELEKOM AG</name>
        <lei>549300V9QSIG4WX4GJ96</lei>
        <title>DEUTSCHE TELEKOM AG SPONSORED ADS</title>
        <cusip>251566105</cusip>
        <identifiers>
          <isin value="US2515661054"/>
          <ticker value="DTEGY"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SIEMENS ENERGY AG</name>
        <lei>5299005CHJZ14D4FDJ62</lei>
        <title>SIEMENS ENERGY AG SPONSORED ADS</title>
        <cusip>82621A203</cusip>
        <identifiers>
          <isin value="US82621A2033"/>
          <ticker value="SMERY"/>
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        <balance>440.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16781.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ESSILORLUXOTTICA SA</name>
        <lei>549300M3VH1A3ER1TB49</lei>
        <title>ESSILORLUXOTTICA SA UNSPONSORED ADR</title>
        <cusip>297284200</cusip>
        <identifiers>
          <isin value="US2972842007"/>
          <ticker value="ESLOY"/>
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        <balance>67.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6289.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SAFRAN SA</name>
        <lei>969500UIC89GT3UL7L24</lei>
        <title>SAFRAN SA SPON ADR</title>
        <cusip>786584102</cusip>
        <identifiers>
          <isin value="US7865841024"/>
          <ticker value="SAFRY"/>
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        <balance>160.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15723.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SHELL PLC</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>SHELL PLC SPON ADS</title>
        <cusip>780259305</cusip>
        <identifiers>
          <isin value="US7802593050"/>
          <ticker value="SHEL"/>
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        <balance>302.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23417.08000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UBS GROUP AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS GROUP AG CHF0.10 (REGD)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0244767585"/>
          <ticker value="UBS"/>
          <other otherDesc="SEDOL" value="BRTR118"/>
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        <balance>333.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16503.48000000</valUSD>
        <pctVal>0.877872917540</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCHNEIDER ELECTRIC SE</name>
        <lei>969500A1YF1XUYYXS284</lei>
        <title>SCHNEIDER ELECTRIC SE UNSPONSORD ADR</title>
        <cusip>80687P106</cusip>
        <identifiers>
          <isin value="US80687P1066"/>
          <ticker value="SBGSY"/>
        </identifiers>
        <balance>312.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20336.16000000</valUSD>
        <pctVal>1.081745432524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PROSUS NV</name>
        <lei>635400Z5LQ5F9OLVT688</lei>
        <title>PROSUS NV SPONSORED ADR</title>
        <cusip>74365P108</cusip>
        <identifiers>
          <isin value="US74365P1084"/>
          <ticker value="PROSY"/>
        </identifiers>
        <balance>681.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5924.70000000</valUSD>
        <pctVal>0.315153753908</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENEL SPA</name>
        <lei>WOCMU6HCI0OJWNPRZS33</lei>
        <title>ENEL SPA UNSPONSORD ADR</title>
        <cusip>29265W207</cusip>
        <identifiers>
          <isin value="US29265W2070"/>
          <ticker value="ENLAY"/>
        </identifiers>
        <balance>840.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9601.20000000</valUSD>
        <pctVal>0.510718554867</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZURICH INSURANCE GROUP AG</name>
        <lei>529900QVNRBND50TXP03</lei>
        <title>ZURICH INSURANCE GROUP AG SPONSORED ADR</title>
        <cusip>989825104</cusip>
        <identifiers>
          <isin value="US9898251049"/>
          <ticker value="ZURVY"/>
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        <balance>330.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12203.73000000</valUSD>
        <pctVal>0.649155454484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Guggenheim Funds Trust</name>
        <lei>54930033G24U3UGWK691</lei>
        <title>Guggenheim Ultra Short Income ETF</title>
        <cusip>40169J416</cusip>
        <identifiers>
          <isin value="US40169J4168"/>
          <ticker value="GCSH"/>
        </identifiers>
        <balance>1576.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>78996.53000000</valUSD>
        <pctVal>4.202078244506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROLLS-ROYCE HOLDINGS PLC</name>
        <lei>213800EC7997ZBLZJH69</lei>
        <title>ROLLS-ROYCE HOLDINGS PLC SPONSORED ADR</title>
        <cusip>775781206</cusip>
        <identifiers>
          <isin value="US7757812067"/>
          <ticker value="RYCEY"/>
        </identifiers>
        <balance>900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17325.00000000</valUSD>
        <pctVal>0.921572195463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MERRILL LYNCH, PIERCE, FENNER &amp; SMITH INCORPORATED</name>
        <lei>8NAV47T0Y26Q87Y0QP81</lei>
        <title>MERRILL LYNCH, PIERCE, FENNER &amp; SMITH INCORPORATED TRI PARTY</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="BGHB3J1F3260630"/>
        </identifiers>
        <balance>321051.39000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>321051.39000000</valUSD>
        <pctVal>17.07775089978</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="8NAV47T0Y26Q87Y0QP81" name="MERRILL LYNCH, PIERCE, FENNER &amp; SMITH INCORPORATED"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.63000000</repurchaseRt>
          <maturityDt>2026-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>327455.13000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>327472.84000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <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>
