DIREXION MSCI USA CYCLICALS OVER DEFENSIVES ETF (RWCD) Exchange: NYSE ARCA

DELISTED - The Index 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. 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”) that track the Long Component of the Index. Additionally, the Fund will invest in derivatives, such as swap agreements or futures contracts that provide long and short exposure to Index securities and/or ETFs that track the Long or Short Component of the Index. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund intends to use derivatives to obtain up to 70% of the Fund’s exposure to the Long Component of the Index and to use derivatives to obtain all of the Fund’s exposure to the Short Component of the Index. This will result in the Fund having both long and short derivatives positions. Cyclical stocks are equity securities that whose price is affected by ups and downs in the overall economy. Cyclical stocks are typically companies that sell discretionary items to consumers that buy more in an expanding economy and decrease spending during a recession. The stocks that compose the MSCI USA Cyclical Sectors Index tend to rise and fall with the business cycle and when the economy is doing well, generally the value of these companies increases; however, when there is a recession or downturn in the economy, these companies tend to decrease in value because their goods and services are generally not a necessity. As of December 31, 2019, the MSCI USA Cyclical Sectors Index consisted of 467 holdings, which were concentrated in the information technology and financials sectors. Defensive stocks are companies whose sales and earnings are relatively stable during both economic upturns and downturns due to the relative stable demand for their products and services. The stocks that compose the MSCI USA Defensive Sectors Index tend to remain stable during the various phases of the business cycle due to the constant demand for their products, which are generally considered necessities. As of December 31, 2019, the MSCI USA Defensive Sectors Index consisted of 171 holdings, which were concentrated in the healthcare and consumer staples sectors. The securities in the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (i.e., hold 25% or more of its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index is so concentrated. The Fund, at times, may also invest in, or short, the Index securities, a representative sample of the Index securities that has aggregate characteristics similar to those of the Index or a portion of the Index, or an ETF that tracks a portion of the Index or a substantially similar index. Additionally, the Fund may utilize derivatives, such as swaps or futures on the Index, or on an index that is substantially similar to the Long or Short Component of the Index. The Fund is expected to hold money market funds and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements as collateral for the derivative positions.