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    <accessionNumber>0001752724-24-048565</accessionNumber>
    <filerInfo>

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          <ccc>XXXXXXXX</ccc>
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        <classId>C000010404</classId>
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      <regFileNumber>811-08821</regFileNumber>
      <regCik>0001064046</regCik>
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      <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>Inverse Government Long Bond Strategy Fund</seriesName>
      <seriesId>S000003735</seriesId>
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      <repPdEnd>2023-12-31</repPdEnd>
      <repPdDate>2023-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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    <signature>
      <ncom:dateSigned>2024-07-15</ncom:dateSigned>
      <ncom:nameOfApplicant>Rydex Variable Trust</ncom:nameOfApplicant>
      <ncom:signature>James Howley</ncom:signature>
      <ncom:signerName>James Howley</ncom:signerName>
      <ncom:title>CFO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
