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    <isConfidential>false</isConfidential>
    <filerInfo>

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          <cik>0001064046</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
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        <classId>C000010403</classId>
      </seriesClassInfo>

    </filerInfo>
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      <regFileNumber>811-08821</regFileNumber>
      <regCik>0001064046</regCik>
      <regLei>549300LJH0YR8RY3N305</regLei>
      <regStreet1>702 King Farm Blvd., Suite 200</regStreet1>
      <regCity>Rockville</regCity>
      <regStateConditional regCountry="US" regState="US-MD"/>
      <regZipOrPostalCode>20850</regZipOrPostalCode>
      <regPhone>301-296-5100</regPhone>
      <seriesName>Commodities Strategy Fund</seriesName>
      <seriesId>S000003734</seriesId>
      <seriesLei>549300SFKL5J953D6X96</seriesLei>
      <repPdEnd>2022-12-31</repPdEnd>
      <repPdDate>2022-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <totLiabs>53988.38</totLiabs>
      <netAssets>13144738.52</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>2204412.85000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
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      <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
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          <ticker value="GIV2"/>
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        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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            <payOffProf>Long</payOffProf>
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              <indexBasketInfo>
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            <expDate>2022-10-17</expDate>
            <notionalAmt>13634837.50000000</notionalAmt>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-10-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Rydex Variable Trust</ncom:nameOfApplicant>
      <ncom:signature>Jim Howley</ncom:signature>
      <ncom:signerName>Jim Howley</ncom:signerName>
      <ncom:title>CFO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
