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


We  consent  to the  references  to our firm  under  the  captions  "Independent
Registered Public  Accounting Firm" and "Financial  Statements" in the Statement
of  Additional  Information  of Managed  Futures  Strategy  Fund and  Long/Short
Commodities  Strategy  Fund,  and to the  incorporation  by  reference  in  this
Registration Statement (Form N-1A) (Post-Effective  Amendment No. 96 to File No.
033-59692;  Amendment No. 94 to File No. 811-07584) of Rydex Series Funds of our
reports  dated  February  26, 2010 on the  financial  statements  and  financial
highlights  of the Managed  Futures  Strategy  Fund and  Long/Short  Commodities
Strategy Fund included in the 2009 Annual Reports to shareholders.


/s/ Ernst & Young LLP

McLean, Virginia
March 15, 2010