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      <invstOrSec>
        <name>Barclays Bank plc</name>
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        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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      <invstOrSec>
        <name>Procter &amp; Gamble Co/The</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chevron Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>J.P. MORGAN SECURITIES LLC</name>
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      <invstOrSec>
        <name>3M Co</name>
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      <invstOrSec>
        <name>American Express Co</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Home Depot Inc/The</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Merck &amp; Co Inc</name>
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        <name>Microsoft Corp</name>
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      <invstOrSec>
        <name>Walt Disney Co/The</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Intel Corp</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>Johnson &amp; Johnson</name>
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        <name>McDonald's Corp</name>
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        <name>Walgreens Boots Alliance Inc</name>
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        <name>Caterpillar Inc</name>
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        <name>Honeywell International Inc</name>
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        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>N/A</lei>
        <title>Dow Jones Industrial Average Index Mini Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DMH2"/>
        </identifiers>
        <balance>16.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>47930.44000000</valUSD>
        <pctVal>0.107692396670</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Dow Jones Industrial Average</indexName>
                <indexIdentifier>US2605661048</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2022-03-18</expDate>
            <notionalAmt>2850469.56000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>47930.44000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-01-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Rydex Dynamic Funds</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>
