Direxion MSCI Defensives Over Cyclicals ETF RWDC

The investment seeks investment results, before fees and expenses, that track the MSCI USA Defensive Sectors - USA Cyclical Sectors 150/50 Return Spread Index (the "index"). The fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in securities that comprise the Long Component of the index or shares of exchange-traded funds ("ETFs") on the Long Component of the index. The index measures the performance of a portfolio that has 150% long exposure to the MSCI USA Defensive Sectors Index and 50% short exposure to the MSCI USA Cyclical Sectors Index. The fund is non-diversified.