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Relative Weight ETFs


The Direxion MSCI USA Cyclicals Over Defensives ETF seeks investment results, before fees and expenses, that track the MSCI USA Cyclical Sectors – USA Defensive Sectors 150/50 Return Spread Index. There is no guarantee that the fund will achieve its stated investment objective.

Relative Weight ETFs provide a simple, cost-effective way to express thematic views. When the favored weighting is correct, the fund will seek to outperform traditional long-only strategies.


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Target Index

The MSCI USA Cyclical Sectors – USA Defensive Sectors 150/50 Return Spread Index (DU722431) measures the performance of a portfolio that has 150% long exposure to the MSCI USA Cyclical Sectors Index (the “Long Component”) and 50% short exposure to the MSCI USA Defensive Sectors Index (the “Short Component”). On a monthly basis, the Index will rebalance such that the weight of the Long Component is equal to 150% and the weight of the Short Component is equal to 50% of the Index value. In tracking the Index, the Fund seeks to provide a vehicle for investors looking to efficiently express a cyclicals over defensives investment view by overweighting exposure to the Long Component and shorting exposure to the Short Component. One cannot directly invest in an index.

Index Holdings & Weightings

Top 5 Long %

Apple 11.94
Microsoft 11.00 8.73
Facebook – Class A 4.09
Alphabet Inc – Class C 3.24

Top 5 Short %

Johnson & Johnson -2.52
Procter Gamble -2.01
UnitedHealth -1.90
Merck -1.33
Exxon -1.29

Index Sector Weightings %

Information Technology 57.22
Consumer Discretionary 22.92
Communication Services 21.89
Financials 20.43
Industrials 16.34
Real Estate 6.09
Materials 5.08
Energy -4.88
Utilities -5.53
Consumer Staples -12.41
Health Care -27.17

Source: Bloomberg. Index and Sector weightings are net and as of 6/30/2020 and subject to change.


Fund Exposure

Cyclicals Stocks 150%
Defense Stocks -50%
Total Net Exposure 100%

Pricing & Performance

NAV and Market Price information as of Invalid date. Line chart shows pricing trend over the last 30 days. The Primary Listing Exchange is the NYSE Arca, Inc.