RWCD Stock, Direxion MSCI Cyclicals Over Defensives ETF Information

The investment seeks investment results before fees and expenses that track the MSCI USA Cyclical Sectors USA Defensive Sectors 15050 Return Spread Index . The fund under normal circumstances invests at least 80% of its net assets plus borrowing for investment purposes in securities that comprise the longComponent of the index or shares of exchangetraded funds ETFs on the longComponent of the index. The index measures the performance of a portfolio that has 150% longexposure to the MSCI USA Cyclical Sectors Index and 50% short exposure to the MSCI USA Defensive Sectors Index. The fund is nondiversified. 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 on the Long Component of the index.