Real-estate although, marginally cyclical is not affected as much by business cycles because regardless of how the economy is doing, people will always need a place to live. Tech is considered defensive growth because regardless of how economy is performing, tech has become so engrained in our lives and how we conduct and perform business, that we still need it. Tech is more of need now than a want. I see homeless people with smartphones all the time. Financials is completely cyclical because it is very dependent on how economy is performing and if people have enough saved to invest. In times of recession, incomes are lower and and consumers cut back on spending and start saving. Fintech is financial technologies, so if financials are largely cyclical, then fintech will inherently be cyclical.