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Relative Weight ETFs


The Direxion MSCI USA Defensives Over Cyclicals ETF seeks investment results, before fees and expenses, that track the MSCI USA Defensive Sectors – USA Cyclical 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 Defensive Sectors – USA Cyclical Sectors 150/50 Return Spread Index (DU722430) measures the performance of a portfolio that has 150% long exposure to the MSCI USA Defensive Sectors Index (the “Long Component”) and 50% short exposure to the MSCI USA Cyclical 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 defensives over cyclicals 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 %

Johnson & Johnson 7.56
Procter Gamble 6.03
UnitedHealth 5.71
Merck 4.00
Exxon 3.86

Top 5 Short %

Apple -3.98
Microsoft -3.67 -2.91
Facebook – Class A -1.36
Alphabet Inc – Class C -1.08

Index Sector Weightings %

Health Care 81.50
Consumer Staples 37.24
Utilities 16.59
Energy 14.65
Materials -1.69
Real Estate -2.03
Industrials -5.45
Financials -6.81
Communication Services -7.30
Consumer Discretionary -7.64
Information Technology -19.07

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


Fund Exposure

Defense Stocks 150%
Cyclicals 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.