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      <regStreet1>702 King Farm Blvd., Suite 200</regStreet1>
      <regCity>Rockville</regCity>
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      <regZipOrPostalCode>20850</regZipOrPostalCode>
      <regPhone>301-296-5100</regPhone>
      <seriesName>Emerging Markets 2x Strategy Fund</seriesName>
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      <repPdEnd>2020-03-31</repPdEnd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Wipro Ltd</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BARCLAYS CAPITAL INC.</name>
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        <title>Barclays Capital</title>
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          <transCat>Repurchase</transCat>
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      <invstOrSec>
        <name>China Unicom Hong Kong Ltd</name>
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        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
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          <other otherDesc="Internal ID" value="REPO-BANK"/>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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              <invstCat>UST</invstCat>
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      <invstOrSec>
        <name>ZTO Express Cayman Inc</name>
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        <title>ZTO Express Cayman, Inc.</title>
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        <name>Itau Unibanco Holding SA</name>
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        <assetCat>EP</assetCat>
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        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>China Life Insurance Co Ltd</name>
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        <invCountry>CN</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>BRF SA</name>
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        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Alibaba Group Holding Ltd</name>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Telefonica Brasil SA</name>
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        <assetCat>EC</assetCat>
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        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>United Microelectronics Corp</name>
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        <assetCat>EC</assetCat>
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        <invCountry>TW</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>58.com Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Petroleo Brasileiro SA</name>
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        <name>Enel Americas SA</name>
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        <name>First American Funds</name>
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        <name>Fomento Economico Mexicano SAB</name>
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        <name>PetroChina Co Ltd</name>
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        <name>America Movil SAB de CV</name>
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        <name>BNP Paribas</name>
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        <name>Cemex SAB de CV</name>
        <lei>549300RIG2CXWN6IV731</lei>
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        <name>Ambev SA</name>
        <lei>549300TH5Q6VRP8OT012</lei>
        <title>Ambev S.A.</title>
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        <curCd>USD</curCd>
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        <pctVal>1.284081605322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Momo Inc</name>
        <lei>549300YMGLID32W48529</lei>
        <title>Momo, Inc.</title>
        <cusip>60879B107</cusip>
        <identifiers>
          <isin value="US60879B1070"/>
        </identifiers>
        <balance>410.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12701.80000000</valUSD>
        <pctVal>0.307065756933</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASE Technology Holding Co Ltd</name>
        <lei>300300GO8QHPMV87NZ73</lei>
        <title>ASE Technology Holding Company Ltd.</title>
        <cusip>00215W100</cusip>
        <identifiers>
          <isin value="US00215W1009"/>
        </identifiers>
        <balance>4006.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17866.76000000</valUSD>
        <pctVal>0.431928559995</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ctrip.com International Ltd</name>
        <lei>2549004RMYDSRQL4KW41</lei>
        <title>Ctrip.com International Ltd.</title>
        <cusip>22943F100</cusip>
        <identifiers>
          <isin value="US22943F1003"/>
        </identifiers>
        <balance>1040.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30461.60000000</valUSD>
        <pctVal>0.736408561101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco Bradesco SA</name>
        <lei>549300CTUU1RFXHQJE44</lei>
        <title>Banco Bradesco S.A.</title>
        <cusip>059460303</cusip>
        <identifiers>
          <isin value="US0594603039"/>
        </identifiers>
        <balance>10525.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>85673.50000000</valUSD>
        <pctVal>2.071155121844</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TAL Education Group</name>
        <lei>5493003PJZS0EC085V72</lei>
        <title>TAL Education Group</title>
        <cusip>874080104</cusip>
        <identifiers>
          <isin value="US8740801043"/>
        </identifiers>
        <balance>956.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32733.44000000</valUSD>
        <pctVal>0.791330246944</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SINOPEC CORP</name>
        <lei>529900A2OB24EZ5B3J19</lei>
        <title>China Petroleum &amp; Chemical Corp.</title>
        <cusip>16941R108</cusip>
        <identifiers>
          <isin value="US16941R1086"/>
        </identifiers>
        <balance>666.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39094.20000000</valUSD>
        <pctVal>0.945101490710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vale SA</name>
        <lei>254900SMTWBX7RU2SR20</lei>
        <title>Vale S.A.</title>
        <cusip>91912E105</cusip>
        <identifiers>
          <isin value="US91912E1055"/>
        </identifiers>
        <balance>8277.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>95185.50000000</valUSD>
        <pctVal>2.301107528585</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Mobile Ltd</name>
        <lei>529900U2JJ7GK68NI589</lei>
        <title>China Mobile Ltd.</title>
        <cusip>16941M109</cusip>
        <identifiers>
          <isin value="US16941M1099"/>
        </identifiers>
        <balance>2886.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>119480.40000000</valUSD>
        <pctVal>2.888436242478</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Woori Financial Group Inc</name>
        <lei>N/A</lei>
        <title>Woori Financial Group, Inc.</title>
        <cusip>981064108</cusip>
        <identifiers>
          <isin value="US9810641087"/>
        </identifiers>
        <balance>408.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12733.68000000</valUSD>
        <pctVal>0.307836455285</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Oriental Education &amp; Techn</name>
        <lei>529900NHZVBZQZ8EKN29</lei>
        <title>New Oriental Education &amp; Technology Group, Inc.</title>
        <cusip>647581107</cusip>
        <identifiers>
          <isin value="US6475811070"/>
        </identifiers>
        <balance>310.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34335.60000000</valUSD>
        <pctVal>0.830062432392</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco de Chile</name>
        <lei>8B4EZFY8IHJC44TT2K84</lei>
        <title>Banco de Chile</title>
        <cusip>059520106</cusip>
        <identifiers>
          <isin value="US0595201064"/>
        </identifiers>
        <balance>580.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16298.00000000</valUSD>
        <pctVal>0.394003818868</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chunghwa Telecom Co Ltd</name>
        <lei>N/A</lei>
        <title>Chunghwa Telecom Company Ltd.</title>
        <cusip>17133Q502</cusip>
        <identifiers>
          <isin value="US17133Q5027"/>
        </identifiers>
        <balance>992.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35404.48000000</valUSD>
        <pctVal>0.855902584675</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AngloGold Ashanti Ltd</name>
        <lei>378900EF3BA9A5F42A59</lei>
        <title>AngloGold Ashanti Ltd.</title>
        <cusip>035128206</cusip>
        <identifiers>
          <isin value="US0351282068"/>
        </identifiers>
        <balance>1077.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19676.79000000</valUSD>
        <pctVal>0.475685998470</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Telekomunikasi Indonesia Perse</name>
        <lei>529900M5SQZAOKV1PC81</lei>
        <title>Telekomunikasi Indonesia Persero Tbk PT</title>
        <cusip>715684106</cusip>
        <identifiers>
          <isin value="US7156841063"/>
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        <balance>1241.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37366.51000000</valUSD>
        <pctVal>0.903334620062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J.P. MORGAN SECURITIES LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>JPMorgan Chase &amp; Co.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="REPO-JP M"/>
        </identifiers>
        <balance>600370.77000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>600370.77000000</valUSD>
        <pctVal>14.51395116682</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="ZBUT11V806EZRVTWT807" name="J.P. MORGAN SECURITIES LLC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>2.35000000</repurchaseRt>
          <maturityDt>2019-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>607097.82000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>612378.35000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICICI Bank Ltd</name>
        <lei>R7RX8ER1V4666J8D1I38</lei>
        <title>ICICI Bank Ltd.</title>
        <cusip>45104G104</cusip>
        <identifiers>
          <isin value="US45104G1040"/>
        </identifiers>
        <balance>4103.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>49974.54000000</valUSD>
        <pctVal>1.208133489151</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sasol Ltd</name>
        <lei>N/A</lei>
        <title>Sasol Ltd.</title>
        <cusip>803866300</cusip>
        <identifiers>
          <isin value="US8038663006"/>
        </identifiers>
        <balance>1497.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25463.97000000</valUSD>
        <pctVal>0.615590957390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2019-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Rydex Series Funds</ncom:nameOfApplicant>
      <ncom:signature>John Sullivan</ncom:signature>
      <ncom:signerName>John Sullivan</ncom:signerName>
      <ncom:title>CFO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
