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        <nameOfIssuer>ARCH CAPITAL GROUP LTD</nameOfIssuer>
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        <nameOfIssuer>AUTOMATIC DATA PROCESSING</nameOfIssuer>
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        <nameOfIssuer>AGNC INVESTMENT CORP</nameOfIssuer>
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        <nameOfIssuer>ASSURANT INC</nameOfIssuer>
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        <nameOfIssuer>AMPHENOL CORP-CL A</nameOfIssuer>
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        <nameOfIssuer>APPLOVIN CORP-CLASS A</nameOfIssuer>
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        <nameOfIssuer>ARES MANAGEMENT CORP - A</nameOfIssuer>
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        <nameOfIssuer>BROADCOM INC</nameOfIssuer>
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        <nameOfIssuer>JPMORGAN BETABUILDERS JAPAN</nameOfIssuer>
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        <nameOfIssuer>BANK OF NEW YORK MELLON CORP</nameOfIssuer>
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        <nameOfIssuer>INVESCO SENIOR LOAN ETF</nameOfIssuer>
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        <nameOfIssuer>CINCINNATI FINANCIAL CORP</nameOfIssuer>
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        <nameOfIssuer>COMTECH TELECOMMUNICATIONS</nameOfIssuer>
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        <nameOfIssuer>COSTCO WHOLESALE CORP</nameOfIssuer>
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        <nameOfIssuer>SPDR BLOOMBERG CONVERTIBLE S</nameOfIssuer>
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        <nameOfIssuer>SPDR S&amp;P INTER DVD ETF</nameOfIssuer>
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        <nameOfIssuer>ISHARES MSCI CHILE ETF</nameOfIssuer>
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        <nameOfIssuer>ISHARES JP MORGAN USD EMERGI</nameOfIssuer>
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        <nameOfIssuer>ISHARES MSCI POLAND ETF</nameOfIssuer>
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            <sshPrnamt>1979</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>1979</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES MSCI SWEDEN ETF</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>464286756</cusip>
        <value>763247</value>
        <shrsOrPrnAmt>
            <sshPrnamt>18138</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>18138</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES MSCI GERMANY ETF</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>464286806</cusip>
        <value>804376</value>
        <shrsOrPrnAmt>
            <sshPrnamt>21693</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>21693</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES MSCI ITALY ETF</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>46434G830</cusip>
        <value>811571</value>
        <shrsOrPrnAmt>
            <sshPrnamt>19177</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>19177</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES MSCI SWITZERLAND ETF</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>464286749</cusip>
        <value>783324</value>
        <shrsOrPrnAmt>
            <sshPrnamt>15125</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>15125</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES MSCI NETHERLANDS ETF</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>464286814</cusip>
        <value>110750</value>
        <shrsOrPrnAmt>
            <sshPrnamt>2370</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>2370</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES MSCI AUSTRIA ETF</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>464286202</cusip>
        <value>822052</value>
        <shrsOrPrnAmt>
            <sshPrnamt>32725</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>32725</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES MSCI SPAIN ETF</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>464286764</cusip>
        <value>825369</value>
        <shrsOrPrnAmt>
            <sshPrnamt>21686</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>21686</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES MSCI FRANCE ETF</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>464286707</cusip>
        <value>787562</value>
        <shrsOrPrnAmt>
            <sshPrnamt>19788</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>19788</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES MSCI UNITED KINGDOM</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>46435G334</cusip>
        <value>791479</value>
        <shrsOrPrnAmt>
            <sshPrnamt>21123</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>21123</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES MSCI BRAZIL ETF</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>464286400</cusip>
        <value>517000</value>
        <shrsOrPrnAmt>
            <sshPrnamt>20000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>20000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES MSCI BRAZIL SMALL-CA</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>464289131</cusip>
        <value>538500</value>
        <shrsOrPrnAmt>
            <sshPrnamt>50000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>50000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES MSCI SOUTH AFRICA ET</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>464286780</cusip>
        <value>954177</value>
        <shrsOrPrnAmt>
            <sshPrnamt>19825</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>19825</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES FALLEN ANGELS ETF</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>46435G474</cusip>
        <value>1804012</value>
        <shrsOrPrnAmt>
            <sshPrnamt>67339</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>67339</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>DIAMONDBACK ENERGY INC</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>25278X109</cusip>
        <value>682208</value>
        <shrsOrPrnAmt>
            <sshPrnamt>4267</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>4267</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>COMFORT SYSTEMS USA INC</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>199908104</cusip>
        <value>857398</value>
        <shrsOrPrnAmt>
            <sshPrnamt>2660</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>2660</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SPDR BLOOMBERG INVESTMENT GR</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>78468R200</cusip>
        <value>759621</value>
        <shrsOrPrnAmt>
            <sshPrnamt>24647</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>24647</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>FREDDIE MAC</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>313400301</cusip>
        <value>655857</value>
        <shrsOrPrnAmt>
            <sshPrnamt>122590</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>122590</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>FOX CORP - CLASS A</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>35137L105</cusip>
        <value>2920900</value>
        <shrsOrPrnAmt>
            <sshPrnamt>51606</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>51606</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>TECHNIPFMC PLC</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>G87110105</cusip>
        <value>1102939</value>
        <shrsOrPrnAmt>
            <sshPrnamt>34804</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>34804</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES CHINA LARGE-CAP ETF</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>464287184</cusip>
        <value>895498</value>
        <shrsOrPrnAmt>
            <sshPrnamt>24986</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>24986</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES US&amp;INTL HIGH YIELD C</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>464286178</cusip>
        <value>1813369</value>
        <shrsOrPrnAmt>
            <sshPrnamt>40695</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>40695</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>GENERAL MOTORS CO</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>37045V100</cusip>
        <value>1682733</value>
        <shrsOrPrnAmt>
            <sshPrnamt>35780</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>35780</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>GLOBUS MEDICAL INC - A</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>379577208</cusip>
        <value>709674</value>
        <shrsOrPrnAmt>
            <sshPrnamt>9695</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>9695</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>GLOBAL X MSCI GREECE ETF</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>37954Y319</cusip>
        <value>971011</value>
        <shrsOrPrnAmt>
            <sshPrnamt>20673</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>20673</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>WARRIOR MET COAL INC</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>93627C101</cusip>
        <value>573594</value>
        <shrsOrPrnAmt>
            <sshPrnamt>12020</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>12020</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>HARTFORD INSURANCE GROUP INC</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>416515104</cusip>
        <value>4222657</value>
        <shrsOrPrnAmt>
            <sshPrnamt>34128</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>34128</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>HOULIHAN LOKEY INC</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>441593100</cusip>
        <value>511794</value>
        <shrsOrPrnAmt>
            <sshPrnamt>3169</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>3169</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ROBINHOOD MARKETS INC - A</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>770700102</cusip>
        <value>553504</value>
        <shrsOrPrnAmt>
            <sshPrnamt>13299</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>13299</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>HEWLETT PACKARD ENTERPRISE</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>42824C109</cusip>
        <value>671051</value>
        <shrsOrPrnAmt>
            <sshPrnamt>43490</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>43490</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>HOWMET AEROSPACE INC</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>443201108</cusip>
        <value>345212</value>
        <shrsOrPrnAmt>
            <sshPrnamt>2661</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>2661</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>FLEXSHARES HIGH YIELD VALUE</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>33939L662</cusip>
        <value>1791701</value>
        <shrsOrPrnAmt>
            <sshPrnamt>44371</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>44371</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES 7-10 YEAR TREASURY B</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>464287440</cusip>
        <value>6845849</value>
        <shrsOrPrnAmt>
            <sshPrnamt>71782</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>71782</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES 3-7 YEAR TREASURY BO</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>464288661</cusip>
        <value>6862344</value>
        <shrsOrPrnAmt>
            <sshPrnamt>58089</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>58089</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES 1-5Y INV GRADE CORP</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>464288646</cusip>
        <value>760570</value>
        <shrsOrPrnAmt>
            <sshPrnamt>14523</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>14523</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SPDR BLOOMBERG HIGH YIELD BO</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>78468R622</cusip>
        <value>1793927</value>
        <shrsOrPrnAmt>
            <sshPrnamt>18824</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>18824</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>JPMORGAN CHASE &amp; CO</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>46625H100</cusip>
        <value>1609168</value>
        <shrsOrPrnAmt>
            <sshPrnamt>6560</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>6560</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>KINROSS GOLD CORP</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>496902404</cusip>
        <value>1124005</value>
        <shrsOrPrnAmt>
            <sshPrnamt>89136</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>89136</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>KKR &amp; CO INC</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>48251W104</cusip>
        <value>465099</value>
        <shrsOrPrnAmt>
            <sshPrnamt>4023</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>4023</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>KINDER MORGAN INC</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>49456B101</cusip>
        <value>1624070</value>
        <shrsOrPrnAmt>
            <sshPrnamt>56925</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
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        <votingAuthority>
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        <nameOfIssuer>ISHARES IBOXX INVESTMENT GRA</nameOfIssuer>
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        <cusip>464287242</cusip>
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        <nameOfIssuer>MCKESSON CORP</nameOfIssuer>
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        <nameOfIssuer>ISHARES NATIONAL MUNI BOND E</nameOfIssuer>
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        <nameOfIssuer>NORWEGIAN CRUISE LINE HOLDIN</nameOfIssuer>
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        <nameOfIssuer>ANNALY CAPITAL MANAGEMENT IN</nameOfIssuer>
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        <nameOfIssuer>INOTIV INC</nameOfIssuer>
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        <nameOfIssuer>NORTHERN TRUST CORP</nameOfIssuer>
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        <nameOfIssuer>NU HOLDINGS LTD/CAYMAN ISL-A</nameOfIssuer>
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        <nameOfIssuer>NVIDIA CORP</nameOfIssuer>
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        <nameOfIssuer>INVESCO S&amp;P 500 BUYWRITE ETF</nameOfIssuer>
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        <nameOfIssuer>ISHARES PREFERRED &amp; INCOME S</nameOfIssuer>
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        <nameOfIssuer>PROGRESSIVE CORP</nameOfIssuer>
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        <nameOfIssuer>PACKAGING CORP OF AMERICA</nameOfIssuer>
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        <nameOfIssuer>PILGRIM'S PRIDE CORP</nameOfIssuer>
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        <nameOfIssuer>PERMIAN RESOURCES CORP</nameOfIssuer>
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        <nameOfIssuer>PRUDENTIAL FINANCIAL INC</nameOfIssuer>
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        <nameOfIssuer>INVESCO QQQ TRUST SERIES 1</nameOfIssuer>
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        <nameOfIssuer>INVESCO NASDAQ 100 ETF</nameOfIssuer>
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        <nameOfIssuer>ROBLOX CORP -CLASS A</nameOfIssuer>
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        <nameOfIssuer>ROYAL CARIBBEAN CRUISES LTD</nameOfIssuer>
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        <nameOfIssuer>ISHARES MORTGAGE REAL ESTATE</nameOfIssuer>
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        <nameOfIssuer>SIMPLIFY BOND BULL ETF</nameOfIssuer>
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        <votingAuthority>
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        <nameOfIssuer>REINSURANCE GROUP OF AMERICA</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
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        <value>437709</value>
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        <nameOfIssuer>REPUBLIC SERVICES INC</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
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        <nameOfIssuer>ROYAL BANK OF CANADA</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
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            <None>0</None>
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        <nameOfIssuer>SCHWAB U.S. TIPS ETF</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>808524870</cusip>
        <value>763111</value>
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        <votingAuthority>
            <Sole>28379</Sole>
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            <None>0</None>
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        <nameOfIssuer>SPROUTS FARMERS MARKET INC</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>85208M102</cusip>
        <value>592548</value>
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            <Sole>3882</Sole>
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        <nameOfIssuer>SOHO HOUSE &amp; CO INC</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>586001109</cusip>
        <value>216300</value>
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            <sshPrnamt>35000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>35000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>ISHARES 1-3 YEAR TREASURY BO</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>464287457</cusip>
        <value>6851450</value>
        <shrsOrPrnAmt>
            <sshPrnamt>82817</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>82817</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>ISHARES 0-5 YR HY CORP BOND</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>46434V407</cusip>
        <value>1797150</value>
        <shrsOrPrnAmt>
            <sshPrnamt>42266</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>42266</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>SUPER MICRO COMPUTER INC</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>86800U302</cusip>
        <value>98885</value>
        <shrsOrPrnAmt>
            <sshPrnamt>2888</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>2888</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>SYNCHRONY FINANCIAL</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>87165B103</cusip>
        <value>2286479</value>
        <shrsOrPrnAmt>
            <sshPrnamt>43190</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>43190</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>TENET HEALTHCARE CORP</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>88033G407</cusip>
        <value>1000815</value>
        <shrsOrPrnAmt>
            <sshPrnamt>7441</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>7441</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>TJX COMPANIES INC</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>872540109</cusip>
        <value>1482184</value>
        <shrsOrPrnAmt>
            <sshPrnamt>12169</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>12169</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>ALPHA TEKNOVA INC</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>02080L102</cusip>
        <value>311400</value>
        <shrsOrPrnAmt>
            <sshPrnamt>60000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>60000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>T-MOBILE US INC</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>872590104</cusip>
        <value>1938982</value>
        <shrsOrPrnAmt>
            <sshPrnamt>7270</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>7270</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>TARGA RESOURCES CORP</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>87612G101</cusip>
        <value>1369812</value>
        <shrsOrPrnAmt>
            <sshPrnamt>6833</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>6833</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>TRAVELERS COS INC/THE</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>89417E109</cusip>
        <value>1032981</value>
        <shrsOrPrnAmt>
            <sshPrnamt>3906</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>3906</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>UNITED AIRLINES HOLDINGS INC</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>910047109</cusip>
        <value>1404339</value>
        <shrsOrPrnAmt>
            <sshPrnamt>20338</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>20338</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>UNIVERSAL HEALTH SERVICES-B</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>913903100</cusip>
        <value>1789935</value>
        <shrsOrPrnAmt>
            <sshPrnamt>9526</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>9526</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>UWM HOLDINGS CORP</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>91823B109</cusip>
        <value>1042860</value>
        <shrsOrPrnAmt>
            <sshPrnamt>191000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>191000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>VERSABANK</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>92512J106</cusip>
        <value>880600</value>
        <shrsOrPrnAmt>
            <sshPrnamt>85000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>85000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>VANGUARD REAL ESTATE ETF</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>922908553</cusip>
        <value>1326502</value>
        <shrsOrPrnAmt>
            <sshPrnamt>14651</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>14651</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>VANGUARD GLBL EX-US REAL EST</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>922042676</cusip>
        <value>586468</value>
        <shrsOrPrnAmt>
            <sshPrnamt>14495</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>14495</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>VANGUARD HIGH DVD YIELD ETF</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>921946406</cusip>
        <value>2514462</value>
        <shrsOrPrnAmt>
            <sshPrnamt>19498</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>19498</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>WABTEC CORP</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>929740108</cusip>
        <value>1517900</value>
        <shrsOrPrnAmt>
            <sshPrnamt>8370</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>8370</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>WELLTOWER INC</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>95040Q104</cusip>
        <value>1947759</value>
        <shrsOrPrnAmt>
            <sshPrnamt>12713</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>12713</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SPDR FTSE INTERNATIONAL GOVE</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>78464A490</cusip>
        <value>400999</value>
        <shrsOrPrnAmt>
            <sshPrnamt>10693</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>10693</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>WILLIAMS COS INC</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>969457100</cusip>
        <value>1692881</value>
        <shrsOrPrnAmt>
            <sshPrnamt>28328</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>28328</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>WALMART INC</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>931142103</cusip>
        <value>1543348</value>
        <shrsOrPrnAmt>
            <sshPrnamt>17580</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>17580</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>WR BERKLEY CORP</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>084423102</cusip>
        <value>2241327</value>
        <shrsOrPrnAmt>
            <sshPrnamt>31497</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>31497</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>WOODWARD INC</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>980745103</cusip>
        <value>223915</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1227</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>1227</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>UTILITIES SELECT SECTOR SPDR</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>81369Y886</cusip>
        <value>642391</value>
        <shrsOrPrnAmt>
            <sshPrnamt>8147</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>8147</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>XTRACKERS HARVEST CSI 300 CH</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>233051879</cusip>
        <value>18599000</value>
        <shrsOrPrnAmt>
            <sshPrnamt>700000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <putCall>Call</putCall>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>700000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES MSCI BRAZIL ETF</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>464286400</cusip>
        <value>10340000</value>
        <shrsOrPrnAmt>
            <sshPrnamt>400000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <putCall>Call</putCall>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>400000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>INTEL CORP</nameOfIssuer>
        <titleOfClass>Common Stock</titleOfClass>
        <cusip>458140100</cusip>
        <value>3406500</value>
        <shrsOrPrnAmt>
            <sshPrnamt>150000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <putCall>Call</putCall>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>150000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>JD.COM INC-ADR</nameOfIssuer>
        <titleOfClass>ADR</titleOfClass>
        <cusip>47215P106</cusip>
        <value>16448000</value>
        <shrsOrPrnAmt>
            <sshPrnamt>400000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <putCall>Call</putCall>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>400000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>KRANESHARES CSI CHINA INTERN</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>500767306</cusip>
        <value>30357736</value>
        <shrsOrPrnAmt>
            <sshPrnamt>869600</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <putCall>Call</putCall>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>869600</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>KRANESHARES CSI CHINA INTERN</nameOfIssuer>
        <titleOfClass>ETP</titleOfClass>
        <cusip>500767306</cusip>
        <value>19214464</value>
        <shrsOrPrnAmt>
            <sshPrnamt>550400</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <putCall>Call</putCall>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>550400</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
</informationTable>
