CONSENT OF ERNST & YOUNG LLP, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


We consent to the references to our firm under the captions "Financial
Highlights" in the Prospectus/Information Statement and "Independent Registered
Public Accounting Firm" in the Statement of Additional Information in this
Registration Statement (Form N-14)(File Nos. 333-59692 and 811-07584) of Rydex
Series Funds, the captions "Financial Highlights" in the A-Class, C-Class and
H-Class Prospectuses with respect to the Absolute Return Strategies Fund and
Hedged Equity Fund series of Rydex Series Funds dated August 1, 2008,
incorporated by reference in this Registration Statement, and the captions
"Independent Registered Public Accounting Firm" and "Financial Statements" in
the Statement of Additional Information with respect to the Absolute Return
Strategies Fund and Hedged Equity Fund series of Rydex Series Funds dated August
1, 2008, incorporated by reference in this Registration Statement, and to the
incorporation by reference in this Registration Statement of Rydex Series Funds
of our report on the Absolute Return Strategies Fund and Hedged Equity Fund of
Rydex Series Funds dated May 29, 2008, included in the 2008 Annual Report to
shareholders.

/s/ ERNST & YOUNG LLP
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McLean, Virginia
March 13, 2009