The Direxion MSCI Cyclicals Over Defensives ETF (RWCD) aims to replicate the investment performance of the MSCI USA Cyclical Sectors - USA Defensive Sectors 150/50 Return Spread Index, prior to the deduction of fees and expenses. Under normal operating conditions, the fund dedicates at least 80% of its total net assets, with additional leverage obtained through borrowing for investment purposes, to either the direct securities or exchange-traded funds (ETFs) that constitute the "Long Component" of this benchmark index. The underlying index itself is designed to measure the returns of a portfolio that maintains a 150% long exposure to the MSCI USA Cyclical Sectors Index, offset by a 50% short exposure to the MSCI USA Defensive Sectors Index.