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        <name>Iovance Biotherapeutics Inc</name>
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        <name>Intellia Therapeutics Inc</name>
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        <name>Invitae Corp</name>
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        <name>Ultragenyx Pharmaceutical Inc</name>
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        <name>Regeneron Pharmaceuticals Inc</name>
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        <name>Blueprint Medicines Corp</name>
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        <name>Amgen Inc</name>
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        <name>Neurocrine Biosciences Inc</name>
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        <name>Bio-Techne Corp</name>
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        <name>Ironwood Pharmaceuticals Inc</name>
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        <name>Biohaven Pharmaceutical Holdin</name>
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        <name>Alnylam Pharmaceuticals Inc</name>
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        <name>Exelixis Inc</name>
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        <name>Editas Medicine Inc</name>
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        <name>Horizon Therapeutics Plc</name>
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        <name>Exact Sciences Corp</name>
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        <name>Apellis Pharmaceuticals Inc</name>
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        <name>Guardant Health Inc</name>
        <lei>254900M8C3E5VC8BR186</lei>
        <title>Guardant Health, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>J.P. MORGAN SECURITIES LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>J.P. Morgan Securities LLC</title>
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        <curCd>USD</curCd>
        <valUSD>78744.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="ZBUT11V806EZRVTWT807" name="J.P. MORGAN SECURITIES LLC"/>
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          <maturityDt>2022-04-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>82227.15000000</principalAmt>
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              <collateralVal>80319.31000000</collateralVal>
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              <invstCat>UST</invstCat>
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        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CRISPR Therapeutics AG</name>
        <lei>506700O6IRRIQLT3W370</lei>
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          <isin value="CH0334081137"/>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>ICON PLC</name>
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          <isin value="IE0005711209"/>
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        <balance>870.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TG Therapeutics Inc</name>
        <lei>529900X21UKABN9NJ529</lei>
        <title>TG Therapeutics, Inc.</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Medpace Holdings Inc</name>
        <lei>549300H8TYEUVTW14A54</lei>
        <title>Medpace Holdings, Inc.</title>
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          <isin value="US58506Q1094"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BioCryst Pharmaceuticals Inc</name>
        <lei>549300Z0INP1Z5NP6J59</lei>
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          <isin value="US09058V1035"/>
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        <balance>9056.00000000</balance>
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        <valUSD>147250.56000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cassava Sciences Inc</name>
        <lei>529900XA0UG5JXABYF08</lei>
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        <balance>2660.00000000</balance>
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        <valUSD>98792.40000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="73611.48000000"/>
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      <invstOrSec>
        <name>Novavax Inc</name>
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        <title>Novavax, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>ChemoCentryx Inc</name>
        <lei>529900YTTXUSFQTAKY40</lei>
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        <balance>4414.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>110658.98000000</valUSD>
        <pctVal>0.653889365541</pctVal>
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        <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>
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      <invstOrSec>
        <name>Pacific Biosciences of Califor</name>
        <lei>529900F1BWRE1M0KZN89</lei>
        <title>Pacific Biosciences of California, Inc.</title>
        <cusip>69404D108</cusip>
        <identifiers>
          <isin value="US69404D1081"/>
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        <balance>11617.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>105714.70000000</valUSD>
        <pctVal>0.624673371392</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>
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      <invstOrSec>
        <name>Incyte Corp</name>
        <lei>549300Z4WN6JVZ3T4680</lei>
        <title>Incyte Corp.</title>
        <cusip>45337C102</cusip>
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        <balance>4522.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>359137.24000000</valUSD>
        <pctVal>2.122159647648</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Mirati Therapeutics Inc</name>
        <lei>529900GYRW59IDQV6N54</lei>
        <title>Mirati Therapeutics, Inc.</title>
        <cusip>60468T105</cusip>
        <identifiers>
          <isin value="US60468T1051"/>
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        <balance>2136.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>175621.92000000</valUSD>
        <pctVal>1.037758579050</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Royalty Pharma PLC</name>
        <lei>549300FGFN7VOK8BZR03</lei>
        <title>Royalty Pharma plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BMVP7Y09"/>
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        <balance>10349.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>403197.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Arrowhead Pharmaceuticals Inc</name>
        <lei>549300O3CSB8T7OZ3D66</lei>
        <title>Arrowhead Pharmaceuticals, Inc.</title>
        <cusip>04280A100</cusip>
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        <curCd>USD</curCd>
        <valUSD>182580.30000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Biogen Inc</name>
        <lei>W8J5WZB5IY3K0NDQT671</lei>
        <title>Biogen, Inc.</title>
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        <curCd>USD</curCd>
        <valUSD>466268.40000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United Therapeutics Corp</name>
        <lei>5299005C4HZL4UWROC14</lei>
        <title>United Therapeutics Corp.</title>
        <cusip>91307C102</cusip>
        <identifiers>
          <isin value="US91307C1027"/>
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        <balance>1304.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>233950.64000000</valUSD>
        <pctVal>1.382425859678</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BioNTech SE</name>
        <lei>894500UZJ5LG1F8J1U58</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BioMarin Pharmaceutical Inc</name>
        <lei>NSLL8ITTRR0J5HEMR848</lei>
        <title>BioMarin Pharmaceutical, Inc.</title>
        <cusip>09061G101</cusip>
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          <isin value="US09061G1013"/>
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        <balance>3937.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-05-02</ncom:dateSigned>
      <ncom:nameOfApplicant>Rydex Variable Trust</ncom:nameOfApplicant>
      <ncom:signature>John Sullivan</ncom:signature>
      <ncom:signerName>John Sullivan</ncom:signerName>
      <ncom:title>CFO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
