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    <nameOfIssuer>UNILEVER PLC-SPONSORED ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>904767704</cusip>
    <value> 22371</value>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SAP SE-SPONSORED ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>803054204</cusip>
    <value> 16217</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 185000</sshPrnamt>
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    <votingAuthority>
      <Sole> 185000</Sole>
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  <infoTable>
    <nameOfIssuer>NOVO-NORDISK A/S-SPONS ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>670100205</cusip>
    <value> 15352</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 375000</sshPrnamt>
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    <votingAuthority>
      <Sole> 375000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>NOVO-NORDISK A/S-SPONS ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>670100205</cusip>
    <value> 12704</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 310314</sshPrnamt>
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      <Sole> 310314</Sole>
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  <infoTable>
    <nameOfIssuer>BP PLC-SPONS ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>055622104</cusip>
    <value> 11662</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 323932</sshPrnamt>
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      <Sole> 323932</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>BANCO SANTANDER SA-SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>05964H105</cusip>
    <value> 10772</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 2198468</sshPrnamt>
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      <Sole> 2198468</Sole>
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  <infoTable>
    <nameOfIssuer>TELEFONICA SA-SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>879382208</cusip>
    <value> 10652</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 1074916</sshPrnamt>
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      <Sole> 1074916</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>TAIWAN SEMICONDUCTOR-SP ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>874039100</cusip>
    <value> 10179</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 330803</sshPrnamt>
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      <Sole> 330803</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>HONDA MOTOR CO LTD-SPONS ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>438128308</cusip>
    <value> 9946</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 332073</sshPrnamt>
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      <Sole> 332073</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SAP SE-SPONSORED ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>803054204</cusip>
    <value> 9383</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 107042</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <Sole> 107042</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BRITISH AMERICAN TOB-SP ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>110448107</cusip>
    <value> 7347</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 65552</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 65552</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BARCLAYS PLC-SPONS ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>06738E204</cusip>
    <value> 6902</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 744527</sshPrnamt>
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      <Sole> 744527</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CHINA LIFE INSURANCE CO-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>16939P106</cusip>
    <value> 6437</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 504882</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 504882</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ABB LTD-SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>000375204</cusip>
    <value> 6115</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 297869</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 297869</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HSBC HOLDINGS PLC-SPONS ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>404280406</cusip>
    <value> 6115</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 160795</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 160795</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SASOL LTD-SPONSORED ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>803866300</cusip>
    <value> 5474</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 198555</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 198555</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CRH PLC-SPONSORED ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>12626K203</cusip>
    <value> 5139</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 158378</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 158378</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHUNGHWA TELECOM LT-SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>17133Q502</cusip>
    <value> 4655</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 136107</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole> 136107</Sole>
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      <None>0</None>
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  </infoTable>
  <infoTable>
    <nameOfIssuer>NATIONAL GRID PLC-SP ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>636274300</cusip>
    <value> 4362</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 67257</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole> 67257</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>STATOIL ASA-SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>85771P102</cusip>
    <value> 4326</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 260593</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole> 260593</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>RANDGOLD RESOURCES LTD-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>752344309</cusip>
    <value> 4114</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 48198</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <Sole> 48198</Sole>
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      <None>0</None>
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  </infoTable>
  <infoTable>
    <nameOfIssuer>TENARIS SA-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>88031M109</cusip>
    <value> 3835</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 132944</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <Sole> 132944</Sole>
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      <None>0</None>
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  </infoTable>
  <infoTable>
    <nameOfIssuer>SIBANYE GOLD- SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>825724206</cusip>
    <value> 3382</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 301405</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 301405</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ORANGE-SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>684060106</cusip>
    <value> 3207</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 202323</sshPrnamt>
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      <Sole> 202323</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NIPPON TELEGRAPH &amp; TELE-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>654624105</cusip>
    <value> 3138</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 70013</sshPrnamt>
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    <votingAuthority>
      <Sole> 70013</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HONDA MOTOR CO LTD-SPONS ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>438128308</cusip>
    <value> 2995</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 100000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole> 100000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>ENI SPA-SPONSORED ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>26874R108</cusip>
    <value> 2978</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 99396</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 99396</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ADVANCED SEMICONDUCTOR E-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>00756M404</cusip>
    <value> 2904</value>
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      <sshPrnamt> 496415</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <Sole> 496415</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ALIBABA GROUP HOLDING-SP ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>01609W102</cusip>
    <value> 2660</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 25984</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 25984</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>KB FINANCIAL GROUP INC-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>48241A105</cusip>
    <value> 2579</value>
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      <sshPrnamt> 68966</sshPrnamt>
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      <Sole> 68966</Sole>
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      <None>0</None>
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    <nameOfIssuer>PETROCHINA CO LTD -ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>71646E100</cusip>
    <value> 2410</value>
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      <sshPrnamt> 34349</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole> 34349</Sole>
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    <nameOfIssuer>CHINA UNICOM HONG KONG-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>16945R104</cusip>
    <value> 2346</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 198780</sshPrnamt>
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      <Sole> 198780</Sole>
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    <nameOfIssuer>SHINHAN FINANCIAL GROUP-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>824596100</cusip>
    <value> 2322</value>
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      <sshPrnamt> 60838</sshPrnamt>
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      <Sole> 60838</Sole>
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      <None>0</None>
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  </infoTable>
  <infoTable>
    <nameOfIssuer>SK TELECOM CO LTD-SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>78440P108</cusip>
    <value> 2231</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 100409</sshPrnamt>
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      <Sole> 100409</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>ING GROEP N.V.-SPONSORED ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>456837103</cusip>
    <value> 2153</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 164257</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole> 164257</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>TELEFONICA SA-SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>879382208</cusip>
    <value> 1982</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 200000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <Sole> 200000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CNOOC LTD-SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>126132109</cusip>
    <value> 1863</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 14242</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 14242</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHINA MOBILE LTD-SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>16941M109</cusip>
    <value> 1728</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 30212</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 30212</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SILICONWARE PRECISION-SP ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>827084864</cusip>
    <value> 1714</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 232597</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 232597</Sole>
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    <cusip>752344309</cusip>
    <value> 1707</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 20000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 20000</Sole>
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      <None>0</None>
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    <nameOfIssuer>TAIWAN SEMICONDUCTOR-SP ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>874039100</cusip>
    <value> 1577</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 51240</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 51240</Sole>
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      <None>0</None>
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    <nameOfIssuer>RANDGOLD RESOURCES LTD-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>752344309</cusip>
    <value> 1435</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 16810</sshPrnamt>
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    <votingAuthority>
      <Sole> 16810</Sole>
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      <None>0</None>
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    <nameOfIssuer>AU OPTRONICS CORP-SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>002255107</cusip>
    <value> 1424</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 340661</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 340661</Sole>
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      <None>0</None>
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    <nameOfIssuer>CHINA TELECOM CORP LTD-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>169426103</cusip>
    <value> 1384</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 26483</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 26483</Sole>
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      <None>0</None>
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    <nameOfIssuer>DBV TECHNOLOGIES SA-SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>23306J101</cusip>
    <value> 1308</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 36363</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 36363</Sole>
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      <None>0</None>
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    <nameOfIssuer>GALAPAGOS NV-SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>36315X101</cusip>
    <value> 1258</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 20074</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 20074</Sole>
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      <None>0</None>
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    <nameOfIssuer>RELX NV - SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>75955B102</cusip>
    <value> 1223</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 73377</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 73377</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>AMEC FOSTER WHEELER-SPN ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>00167X205</cusip>
    <value> 1121</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 199140</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 199140</Sole>
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      <None>0</None>
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    <nameOfIssuer>GOLD FIELDS LTD-SPONS ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>38059T106</cusip>
    <value> 1060</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 263087</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 263087</Sole>
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      <None>0</None>
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    <nameOfIssuer>HUANENG POWER INTL-SPONS ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>443304100</cusip>
    <value> 1010</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 41309</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 41309</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>BHP BILLITON PLC-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>05545E209</cusip>
    <value> 900</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 29900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 29900</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>DBV TECHNOLOGIES SA-SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>23306J101</cusip>
    <value> 899</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 25000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 25000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>TURKCELL ILETISIM HIZMET-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>900111204</cusip>
    <value> 879</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 108653</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 108653</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>MARINE HARVEST ASA- SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>56824R205</cusip>
    <value> 834</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 46158</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 46158</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>LINE CORP-SPONSORED ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>53567X101</cusip>
    <value> 761</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 18198</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 18198</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>BT GROUP PLC-SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>05577E101</cusip>
    <value> 716</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 30806</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 30806</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ANGLOGOLD ASHANTI-SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>035128206</cusip>
    <value> 625</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 46789</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 46789</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>HARMONY GOLD MNG-SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>413216300</cusip>
    <value> 625</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 202884</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 202884</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CANON INC-SPONS ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>138006309</cusip>
    <value> 620</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 22022</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 22022</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SUMITOMO MITSUI-SPONS ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>86562M209</cusip>
    <value> 610</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 89943</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 89943</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CHINA UNICOM HONG KONG-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>16945R104</cusip>
    <value> 591</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 50120</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 50120</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>NTT DOCOMO INC-SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>62942M201</cusip>
    <value> 591</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 23890</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 23890</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>RELX NV - SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>75955B102</cusip>
    <value> 583</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 35000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 35000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>TELECOM ITALIA SPA-SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>87927Y102</cusip>
    <value> 582</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 68353</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 68353</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CHINA LIFE INSURANCE CO-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>16939P106</cusip>
    <value> 549</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 43053</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole> 43053</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>NOMURA HOLDINGS INC-SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>65535H208</cusip>
    <value> 537</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 109347</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole> 109347</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>NETEASE INC-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>64110W102</cusip>
    <value> 532</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 1993</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 1993</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>TOYOTA MOTOR CORP -SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>892331307</cusip>
    <value> 474</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 4124</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 4124</Sole>
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      <None>0</None>
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  </infoTable>
  <infoTable>
    <nameOfIssuer>ALIBABA GROUP HOLDING-SP ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>01609W102</cusip>
    <value> 419</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 4089</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 4089</Sole>
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      <None>0</None>
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  </infoTable>
  <infoTable>
    <nameOfIssuer>CIA DE MINAS BUENAVENTUR-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>204448104</cusip>
    <value> 405</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 30527</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 30527</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SIBANYE GOLD- SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>825724206</cusip>
    <value> 347</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 30947</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 30947</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>GOLD FIELDS LTD-SPONS ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>38059T106</cusip>
    <value> 339</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 84061</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole> 84061</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ROYAL DUTCH SHELL-SPON ADR-A</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>780259206</cusip>
    <value> 293</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 5801</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole> 5801</Sole>
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  <infoTable>
    <nameOfIssuer>BAIDU INC - SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>056752108</cusip>
    <value> 288</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 1642</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 1642</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>UNITED MICROELECTRON-SP ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>910873405</cusip>
    <value> 283</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 153883</sshPrnamt>
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      <Sole> 153883</Sole>
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      <None>0</None>
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  </infoTable>
  <infoTable>
    <nameOfIssuer>PEARSON PLC-SPONSORED ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>705015105</cusip>
    <value> 250</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 27694</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 27694</Sole>
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      <None>0</None>
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  </infoTable>
  <infoTable>
    <nameOfIssuer>CNOOC LTD-SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>126132109</cusip>
    <value> 244</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 1866</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 1866</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BAIDU INC - SPON ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>056752108</cusip>
    <value> 229</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 1306</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 1306</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
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  <infoTable>
    <nameOfIssuer>PRIMERO MINING CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>74164W106</cusip>
    <value> 157</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 110696</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 110696</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI EMERGING MARKET</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464287234</cusip>
    <value> 187852</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 5066115</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 5066115</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES CHINA LARGE-CAP ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464287184</cusip>
    <value> 54152</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 1453350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 1453350</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD TOTAL INTL STOCK</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>921909768</cusip>
    <value> 37523</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 810077</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 810077</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI SOUTH KOREA CAP</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464286772</cusip>
    <value> 23078</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 418007</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 418007</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR DJ GLOBAL REAL ESTATE E</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78463X749</cusip>
    <value> 16753</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 362852</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 362852</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI RUSSIA CAPPED E</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46434G798</cusip>
    <value> 14538</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 995746</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 995746</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI SOUTH AFRICA ET</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464286780</cusip>
    <value> 13646</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 253407</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 253407</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI THAILAND CAPPED</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464286624</cusip>
    <value> 13105</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 182240</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 182240</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DEUTSCHE X-TRACKERS MSCI EME</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>233051101</cusip>
    <value> 12156</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 608732</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 608732</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DEUTSCHE X-TRACKERS MSCI JAP</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>233051507</cusip>
    <value> 10286</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 300064</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 300064</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES CHINA LARGE-CAP ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464287184</cusip>
    <value> 10144</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 272246</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 272246</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WISDOMTREE EUROPE HEDGED EQU</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>97717X701</cusip>
    <value> 9986</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 182890</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 182890</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR DJ INTERNATIONAL REAL E</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78463X863</cusip>
    <value> 9001</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 231198</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 231198</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI PHILIPPINES ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46429B408</cusip>
    <value> 8905</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 250000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 250000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES CORE MSCI EMERGING</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46434G103</cusip>
    <value> 8657</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 192088</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 192088</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI BRAZIL CAPPED E</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464286400</cusip>
    <value> 8086</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 214083</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 214083</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GLOBAL X SILVER MINERS ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>37954Y848</cusip>
    <value> 7984</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 200297</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 200297</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KRANESHARES CSI CHINA INTERN</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>500767306</cusip>
    <value> 7843</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 192936</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 192936</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WISDOMTREE INDIA EARNINGS</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>97717W422</cusip>
    <value> 7667</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 356612</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 356612</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DEUTSCHE X-TRACKERS MSCI EAF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>233051200</cusip>
    <value> 6761</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 252952</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 252952</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST TRUST DEVELP MKT EX-US</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>33737J174</cusip>
    <value> 6704</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 140840</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 140840</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD TOT WORLD STK ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>922042742</cusip>
    <value> 6633</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 110992</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 110992</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES CURRENCY HEDGED MSCI</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46434V639</cusip>
    <value> 6258</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 247949</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 247949</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI MALAYSIA ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46434G814</cusip>
    <value> 6240</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 782985</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 782985</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POWERSHARES INDIA PORTFOLIO</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>73935L100</cusip>
    <value> 6142</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 299006</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 299006</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DEUTSCHE X-TRACKERS MSCI JAP</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>233051507</cusip>
    <value> 5546</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 161793</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 161793</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD FTSE EUROPE ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>922042874</cusip>
    <value> 5378</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 114174</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 114174</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI MEXICO CAPPED</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464286822</cusip>
    <value> 5164</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 101187</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 101187</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES GLOBAL INFRASTRUCTUR</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464288372</cusip>
    <value> 5036</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 125405</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 125405</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI GLOBAL SILVER M</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464286327</cusip>
    <value> 4980</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 390565</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 390565</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FLEXSHARES STOXX GLOBAL BROA</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>33939L795</cusip>
    <value> 4755</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 109396</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 109396</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FLEXSHARES-INT QUAL DVD INDE</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>33939L837</cusip>
    <value> 4691</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 209139</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 209139</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POWERSHARES GLBL GOLD PR-MTL</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>73936Q876</cusip>
    <value> 4648</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 229854</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 229854</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANECK VECTORS AGRIBUSINESS</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>92189F700</cusip>
    <value> 4542</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 92338</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 92338</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI EMERGING MARKET</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464286426</cusip>
    <value> 4538</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 80784</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 80784</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI GLOBAL GOLD MIN</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46434G855</cusip>
    <value> 4418</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 440526</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 440526</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES EDGE MSCI MIN VOL EA</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46429B689</cusip>
    <value> 4370</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 67949</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 67949</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI INDONESIA ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46429B309</cusip>
    <value> 4165</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 159153</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 159153</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GOLDMAN SACHS ACTIVEBETA INT</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>381430107</cusip>
    <value> 4078</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 166750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 166750</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROSHARES SHORT VIX ST FUTUR</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>74347W627</cusip>
    <value> 3838</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 50000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 50000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES GLOBAL ENERGY ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464287341</cusip>
    <value> 3801</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 115455</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 115455</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI ACWI EX US ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464288240</cusip>
    <value> 3746</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 91967</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 91967</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DRXN D CSI CH A-SHR BEAR 1X</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>25459Y116</cusip>
    <value> 3320</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 80446</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 80446</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WISDOMTREE DY CUR HDG INTL</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>97717X263</cusip>
    <value> 3268</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 125547</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 125547</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WISDOMTREE JAPAN HEDGED EQ</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>97717W851</cusip>
    <value> 3197</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 70959</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 70959</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES EUROPE DEVELOPED REA</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464288471</cusip>
    <value> 3154</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 95093</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 95093</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES CORE MSCI EAFE ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46432F842</cusip>
    <value> 2939</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 54570</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 54570</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI POLAND CAPPED E</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46429B606</cusip>
    <value> 2788</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 153550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 153550</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P INTL SMALL CAP</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78463X871</cusip>
    <value> 2781</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 91156</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 91156</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POWERSHARES FTSE RAFI DEV EX</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>73936T789</cusip>
    <value> 2777</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 75800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 75800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DEUTSCHE X-TRACKERS MSCI EUR</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>233051853</cusip>
    <value> 2761</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 106011</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 106011</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IPATH MSCI INDIA INDEX ETN</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>06739F291</cusip>
    <value> 2699</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 39636</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 39636</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DEUTSCHE X-TRACKERS MSCI ALL</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>233051820</cusip>
    <value> 2675</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 114694</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 114694</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P INTL UTILITIES SECT</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78463X632</cusip>
    <value> 2403</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 153930</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 153930</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES EDGE MSCI MIN VOL EM</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464286533</cusip>
    <value> 2398</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 45237</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 45237</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES CORE U.S. AGGREGATE</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464287226</cusip>
    <value> 2299</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 20686</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 20686</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>COLUMBIA EM QUALITY DIVIDEND</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>19762B301</cusip>
    <value> 2280</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 168492</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 168492</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI UNITED KINGDOM</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46429B416</cusip>
    <value> 2244</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 66994</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 66994</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI CHILE CAPPED ET</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464286640</cusip>
    <value> 2222</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 55681</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 55681</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WISDOMTREE INTERNATIONAL EQU</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>97717W703</cusip>
    <value> 2191</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 47340</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 47340</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI SPAIN CAPPED ET</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464286764</cusip>
    <value> 2155</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 78717</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 78717</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI FRONTIER 100</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464286145</cusip>
    <value> 2146</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 85453</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 85453</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DEUTSCHE X-TRACKERS MSCI GER</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>233051408</cusip>
    <value> 2134</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 90158</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 90158</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>COLUMBIA INDIA SMALL CAP ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>19762B889</cusip>
    <value> 2093</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 124595</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 124595</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POWERSHARES EM MKT SOVR DEBT</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>73936T573</cusip>
    <value> 2040</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 68580</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 68580</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WISDOMTREE INTERNATIONAL HIG</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>97717W802</cusip>
    <value> 2019</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 53877</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 53877</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI NEW ZEALAND CAP</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464289123</cusip>
    <value> 1974</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 46160</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 46160</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DEUTSCHE X-TRACKERS HARVEST</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>233051879</cusip>
    <value> 1950</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 79061</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 79061</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES GLOBAL CONSUMER DISC</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464288745</cusip>
    <value> 1948</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 22176</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 22176</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES CHINA LARGE-CAP ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464287184</cusip>
    <value> 1923</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 51617</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 51617</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI ACWI ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464288257</cusip>
    <value> 1842</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 31690</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 31690</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>COLUMBIA EMERGING MARKETS CO</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>19762B509</cusip>
    <value> 1797</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 73823</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 73823</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES INDIA 50 ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464289529</cusip>
    <value> 1738</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 58947</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 58947</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI KOKUSAI ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464288265</cusip>
    <value> 1738</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 32740</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 32740</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IPATH S&amp;P GSCI CRUDE OIL TR</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>06738C786</cusip>
    <value> 1732</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 287278</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 287278</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST TRUST DW FOCUS 5 INTL</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>33738R886</cusip>
    <value> 1719</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 95216</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 95216</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WISDOMTREE MIDDLE EAST DVD</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>97717X305</cusip>
    <value> 1713</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 102680</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 102680</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST TRUST EMERGING MARKETS</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>33737J182</cusip>
    <value> 1661</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 79268</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 79268</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SPDR S&amp;P 500 ETF TRUST</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78462F103</cusip>
    <value> 1657</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 7773</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 7773</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VANECK VECTORS BRAZIL SMALL-</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>92189F825</cusip>
    <value> 1648</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 88279</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 88279</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>GUGGENHEIM S&amp;P GLOBAL WATER</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>18383Q507</cusip>
    <value> 1645</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 56456</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 56456</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI ITALY CAPPED ET</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46434G830</cusip>
    <value> 1599</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 141033</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 141033</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHA CURR HEDGED MSCI JAPAN</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46434V886</cusip>
    <value> 1592</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 61699</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 61699</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FIRST TRUST GLOBAL TACTICAL</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>33739H101</cusip>
    <value> 1563</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 75623</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 75623</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES GLOBAL INDUSTRIALS E</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464288729</cusip>
    <value> 1484</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 20639</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 20639</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FIRST TRUST BICK INDEX FUND</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>33733H107</cusip>
    <value> 1471</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 62775</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 62775</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHA HEDGED MSCI GERMANY</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46434V704</cusip>
    <value> 1439</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 59322</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 59322</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR BBG BARC HIGH YIELD BND</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78464A417</cusip>
    <value> 1395</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 38191</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 38191</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FIRST TRUST EUROPE</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>33737J117</cusip>
    <value> 1385</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 48937</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 48937</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ISHARES GLOBAL FINANCIALS ET</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464287333</cusip>
    <value> 1362</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 25888</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 25888</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES GLOBAL 100 ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464287572</cusip>
    <value> 1322</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 17764</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 17764</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES GLOBAL HEALTHCARE ET</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464287325</cusip>
    <value> 1296</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 13491</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 13491</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES GLOBAL MATERIALS ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464288695</cusip>
    <value> 1283</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 24274</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 24274</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI NETHERLANDS ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464286814</cusip>
    <value> 1237</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 50757</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 50757</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GUGGENHEIM FRONTIER MARKETS</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>18383Q838</cusip>
    <value> 1196</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 102085</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 102085</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DIREXION DAILY INDIA BULL 3X</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>25490K331</cusip>
    <value> 1183</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 20805</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 20805</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WISDOMTREE JPN HDG REAL EST</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>97717W638</cusip>
    <value> 1133</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 45705</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 45705</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES IBOXX INVESTMENT GRA</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464287242</cusip>
    <value> 1108</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 9158</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 9158</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES CORE INTL STOCK ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46432F834</cusip>
    <value> 1107</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 21613</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 21613</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POWERSHARES DWA EMERGING MAR</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>73936Q207</cusip>
    <value> 1106</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 68702</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 68702</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHA CURR HEDGED MSCI EAFE</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46434V803</cusip>
    <value> 1101</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 43767</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 43767</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WISDOMTREE ASIA-PACIFIC EX-J</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>97717W828</cusip>
    <value> 1096</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 18409</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 18409</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST TRUST TAIWAN</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>33737J257</cusip>
    <value> 1091</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 34163</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 34163</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POWERSHARES ASIA EX-JAPAN</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>73936T854</cusip>
    <value> 1084</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 22757</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 22757</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WISDOMTREE UNITED KINGDOM</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>97717W349</cusip>
    <value> 1082</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 40974</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 40974</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI SWITZERLAND CAP</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464286749</cusip>
    <value> 1067</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 36687</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 36687</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR MSCI ACWI EX-US</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78463X848</cusip>
    <value> 1063</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 33202</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 33202</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI BRIC ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464286657</cusip>
    <value> 1054</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 30735</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 30735</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GUGGENHEIM INTERNATIONAL MUL</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>18383Q804</cusip>
    <value> 1051</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 70186</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 70186</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FLEXSHARES GLOBAL QUALITY RE</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>33939L787</cusip>
    <value> 1014</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 17927</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 17927</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANECK VECTORS CHINAAMC SME-</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>92189F627</cusip>
    <value> 1008</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 30982</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 30982</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI SINGAPORE ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46434G780</cusip>
    <value> 1000</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 96403</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 96403</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST TRUST BRAZIL</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>33737J133</cusip>
    <value> 995</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 64602</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 64602</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES CURR HEDG MSCI SPAIN</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46435G813</cusip>
    <value> 961</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 48268</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 48268</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FLEXSHARES MORNINGSTAR DEVEL</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>33939L803</cusip>
    <value> 946</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 17028</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 17028</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>COLUMBIA BEYOND BRICS ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>19762B103</cusip>
    <value> 920</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 57941</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 57941</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI WORLD ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464286392</cusip>
    <value> 916</value>
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      <sshPrnamt> 12843</sshPrnamt>
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      <None>0</None>
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    <titleOfClass>ETP</titleOfClass>
    <cusip>37950E408</cusip>
    <value> 888</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 73497</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>FLEXSHARES-INT QUAL DVD DEFE</nameOfIssuer>
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    <cusip>33939L811</cusip>
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      <None>0</None>
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    <nameOfIssuer>VANECK VECTORS VIETNAM ETF</nameOfIssuer>
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    <cusip>92189F817</cusip>
    <value> 874</value>
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      <sshPrnamt> 60172</sshPrnamt>
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      <Sole> 60172</Sole>
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      <None>0</None>
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    <nameOfIssuer>POWERSHARES S&amp;P EM-MK LOW VO</nameOfIssuer>
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    <cusip>73937B662</cusip>
    <value> 862</value>
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      <sshPrnamt> 38829</sshPrnamt>
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    <votingAuthority>
      <Sole> 38829</Sole>
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      <None>0</None>
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    <nameOfIssuer>ISHARES MSCI CANADA ETF</nameOfIssuer>
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    <cusip>464286509</cusip>
    <value> 856</value>
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      <sshPrnamt> 33561</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>SPDR S&amp;P WORLD EX-US ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78463X889</cusip>
    <value> 844</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 32624</sshPrnamt>
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      <Sole> 32624</Sole>
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      <None>0</None>
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    <nameOfIssuer>FIRST TRUST DJ GL SEL DVD</nameOfIssuer>
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    <cusip>33734X200</cusip>
    <value> 807</value>
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    <votingAuthority>
      <Sole> 35250</Sole>
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      <None>0</None>
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    <nameOfIssuer>IPATH BLOOMBERG COFFEE SUBIN</nameOfIssuer>
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    <cusip>06739H297</cusip>
    <value> 794</value>
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      <sshPrnamt> 32378</sshPrnamt>
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    <votingAuthority>
      <Sole> 32378</Sole>
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      <None>0</None>
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    <nameOfIssuer>POWERSHARES FTSE RAFI DV S-M</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>73936T771</cusip>
    <value> 793</value>
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      <sshPrnamt> 29041</sshPrnamt>
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    <votingAuthority>
      <Sole> 29041</Sole>
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      <None>0</None>
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    <nameOfIssuer>WISDOMTREE INTL S/C DVD FUND</nameOfIssuer>
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    <cusip>97717W760</cusip>
    <value> 791</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 13204</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 13204</Sole>
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      <None>0</None>
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    <nameOfIssuer>GLOBAL X MSCI GREECE ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>37950E366</cusip>
    <value> 772</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 105578</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 105578</Sole>
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      <None>0</None>
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    <nameOfIssuer>WISDOMTREE EUR S/C DIVIDEND</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>97717W869</cusip>
    <value> 753</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 14164</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 14164</Sole>
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      <None>0</None>
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    <nameOfIssuer>ISHARES EXPONENTIAL TECH ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46434V381</cusip>
    <value> 751</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 29575</sshPrnamt>
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    <votingAuthority>
      <Sole> 29575</Sole>
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      <None>0</None>
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    <nameOfIssuer>FT FTSE EPRA/NAREIT REAL EST</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>33736N101</cusip>
    <value> 743</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 17289</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 17289</Sole>
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      <None>0</None>
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    <nameOfIssuer>COLUMBIA INDIA CONSUMER ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>19762B707</cusip>
    <value> 732</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 20629</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole> 20629</Sole>
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      <None>0</None>
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    <nameOfIssuer>POWERSHARES DB AGRICULTURE F</nameOfIssuer>
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    <cusip>73936B408</cusip>
    <value> 731</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 35320</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole> 35320</Sole>
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      <None>0</None>
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    <nameOfIssuer>ISHARES S&amp;P GSCI COMMODITY I</nameOfIssuer>
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    <cusip>46428R107</cusip>
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      <sshPrnamt> 48159</sshPrnamt>
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      <Sole> 48159</Sole>
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      <None>0</None>
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    <nameOfIssuer>WISDOM TREE KOREA HEDGED EQU</nameOfIssuer>
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    <cusip>97717W372</cusip>
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    <shrsOrPrnAmt>
      <sshPrnamt> 34107</sshPrnamt>
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      <Sole> 34107</Sole>
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      <None>0</None>
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    <nameOfIssuer>ISHARES JP MORGAN USD EMERGI</nameOfIssuer>
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    <cusip>464288281</cusip>
    <value> 723</value>
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      <sshPrnamt> 6294</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 6294</Sole>
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      <None>0</None>
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    <nameOfIssuer>SPDR S&amp;P GL NAT RESOURCES</nameOfIssuer>
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    <cusip>78463X541</cusip>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>ISHARES MSCI GLOBAL METALS &amp;</nameOfIssuer>
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    <cusip>46434G848</cusip>
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    <nameOfIssuer>ISHARES MSCI IRELAND CAPPED</nameOfIssuer>
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    <cusip>46429B507</cusip>
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    <shrsOrPrnAmt>
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      <None>0</None>
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    <nameOfIssuer>GLOBAL X GOLD EXPLORERS ETF</nameOfIssuer>
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    <cusip>37954Y863</cusip>
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    <shrsOrPrnAmt>
      <sshPrnamt> 20153</sshPrnamt>
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    <nameOfIssuer>POWERSHARES INTERNATIONAL BU</nameOfIssuer>
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    <cusip>73937B621</cusip>
    <value> 690</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 24745</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 24745</Sole>
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      <None>0</None>
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    <nameOfIssuer>WISDOMTREE INTL DVD EX-FIN</nameOfIssuer>
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    <cusip>97717W786</cusip>
    <value> 672</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 17843</sshPrnamt>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>ISHARES MSCI ISRAEL CAPPED E</nameOfIssuer>
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    <cusip>464286632</cusip>
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      <Sole> 14313</Sole>
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    <nameOfIssuer>SPDR EURO STOXX 50 ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78463X202</cusip>
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      <sshPrnamt> 19834</sshPrnamt>
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      <Sole> 19834</Sole>
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    <nameOfIssuer>FT FTSE EPRA/NAREIT REAL EST</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>33736N101</cusip>
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      <sshPrnamt> 14923</sshPrnamt>
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      <Sole> 14923</Sole>
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      <None>0</None>
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    <cusip>00162Q718</cusip>
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      <sshPrnamt> 27306</sshPrnamt>
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      <Sole> 27306</Sole>
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    <nameOfIssuer>ISHARES MSCI PACIFIC EX JAPA</nameOfIssuer>
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    <cusip>464286665</cusip>
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    <shrsOrPrnAmt>
      <sshPrnamt> 15468</sshPrnamt>
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      <Sole> 15468</Sole>
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    <cusip>464287382</cusip>
    <value> 634</value>
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      <sshPrnamt> 11580</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>WISDOMTREE GLOBAL EX-US QUAL</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>97717W844</cusip>
    <value> 632</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 13202</sshPrnamt>
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      <Sole> 13202</Sole>
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    <nameOfIssuer>ISHARES MSCI HONG KONG ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464286871</cusip>
    <value> 625</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 28722</sshPrnamt>
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      <Sole> 28722</Sole>
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      <None>0</None>
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    <cusip>46434V647</cusip>
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      <sshPrnamt> 24713</sshPrnamt>
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      <Sole> 24713</Sole>
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    <nameOfIssuer>ISHARES MSCI TAIWAN ETF</nameOfIssuer>
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    <cusip>46434G772</cusip>
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    <shrsOrPrnAmt>
      <sshPrnamt> 39397</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 39397</Sole>
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      <None>0</None>
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    <nameOfIssuer>VIDENT INTERNATIONAL EQUITY</nameOfIssuer>
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    <cusip>26922A404</cusip>
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    <shrsOrPrnAmt>
      <sshPrnamt> 28233</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 28233</Sole>
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      <None>0</None>
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    <titleOfClass>ETP</titleOfClass>
    <cusip>97717W422</cusip>
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    <shrsOrPrnAmt>
      <sshPrnamt> 28441</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 28441</Sole>
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    <nameOfIssuer>WISDOMTREE GLOBAL HIGH DIVID</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>97717W877</cusip>
    <value> 603</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 14402</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 14402</Sole>
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      <None>0</None>
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    <nameOfIssuer>VANECK VECTORS CHINAAMC CSI</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>92189F759</cusip>
    <value> 599</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 15457</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 15457</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES EDGE MSCI MIN VOL EU</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46434V720</cusip>
    <value> 598</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 27469</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 27469</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GLOBAL X SOCIAL MEDIA INDEX</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>37950E416</cusip>
    <value> 597</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 25161</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 25161</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES ASIA/PACIFIC DIVIDEN</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464286293</cusip>
    <value> 596</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 13141</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 13141</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST TRUST ASIA PAC EX-JAPN</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>33737J109</cusip>
    <value> 578</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 20112</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 20112</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES EDGE MSCI MIN VOL JA</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46434V712</cusip>
    <value> 573</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 9444</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 9444</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI BRAZIL SMALL-CA</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464289131</cusip>
    <value> 570</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 44474</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 44474</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POWERSHARES DWA DEVELOPED MA</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>73936Q108</cusip>
    <value> 561</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 25345</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 25345</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES CURR HDG MSCI CANADA</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46435G706</cusip>
    <value> 557</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 23015</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 23015</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES EUROPE ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464287861</cusip>
    <value> 554</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 14501</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 14501</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES GLOBAL CONSUMER STAP</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464288737</cusip>
    <value> 549</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 5729</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 5729</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANECK VECTORS RUSSIA SMALL-</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>92189F734</cusip>
    <value> 548</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 16433</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 16433</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST TRUST INTL IPO ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>33734X853</cusip>
    <value> 536</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 19903</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 19903</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ELEMENTS ROGERS TOTAL RETURN</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>870297801</cusip>
    <value> 532</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 105233</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 105233</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR MSCI JAPAN STRATEGICFAC</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78463X368</cusip>
    <value> 526</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 7741</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 7741</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POWERSHARES SENIOR LOAN</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>73936Q769</cusip>
    <value> 495</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 21381</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 21381</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P GLOBAL DIVIDEND ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78463X459</cusip>
    <value> 489</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 7989</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 7989</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES CORE MSCI PACIFIC ET</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46434V696</cusip>
    <value> 488</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 9677</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 9677</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI EMERGING MARKET</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464286475</cusip>
    <value> 483</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 11125</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 11125</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI ALL PERU CAPPED</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464289842</cusip>
    <value> 481</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 14726</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 14726</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IQ GLOBAL RESOURCES ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>45409B883</cusip>
    <value> 465</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 18154</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 18154</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MATERIALS SELECT SECTOR SPDR</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>81369Y100</cusip>
    <value> 462</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 9918</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 9918</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GUGGENHEIM MSCI GLOBAL TIMBE</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>18383Q879</cusip>
    <value> 445</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 18373</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 18373</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES CURR HEDGED MSCI UK</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46435G862</cusip>
    <value> 439</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 17169</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 17169</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IPATH BLOOMBERG SUGAR SUBIND</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>06739H214</cusip>
    <value> 429</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 8494</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 8494</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GLOBAL X BRAZIL MID CAP ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>37950E788</cusip>
    <value> 426</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 43217</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 43217</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P INTER DVD ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78463X772</cusip>
    <value> 425</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 11680</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 11680</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POWERSHARES DB OPTIMUM YIELD</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>73937V106</cusip>
    <value> 420</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 23638</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 23638</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WISDOMTREE JAPAN HEDGED SMAL</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>97717W521</cusip>
    <value> 410</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 12453</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 12453</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P EMERGING LATIN AMER</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78463X707</cusip>
    <value> 407</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 8191</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 8191</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WISDOMTREE INTL M/C DVD FUND</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>97717W778</cusip>
    <value> 399</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 7270</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 7270</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI QATAR CP ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46434V779</cusip>
    <value> 399</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 20889</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 20889</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GOLDMAN ACTIVEBTA EUR EQ ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>381430305</cusip>
    <value> 395</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 15511</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 15511</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES CURR HEDG MSCI ITALY</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46435G821</cusip>
    <value> 394</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 21767</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 21767</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GUGGENHEIM CHINA SMALL CAP E</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>18383Q853</cusip>
    <value> 393</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 16011</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 16011</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR GLOBAL DOW ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78464A706</cusip>
    <value> 393</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 5809</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 5809</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IPATH GSCI TOTAL RETURN INDX</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>06738C794</cusip>
    <value> 392</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 27968</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 27968</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI GERMANY SMALL-C</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46429B465</cusip>
    <value> 388</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 9196</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 9196</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PUREFUNDS ISE CYBER SECURITY</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>26924G201</cusip>
    <value> 383</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 14617</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 14617</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES EDGE MSCI MIN VOL US</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46429B697</cusip>
    <value> 378</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 8631</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 8631</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GLOBAL X SOUTHEAST ASIA ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>37950E648</cusip>
    <value> 371</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 27316</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 27316</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST TRUST CHINA</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>33737J141</cusip>
    <value> 370</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 18423</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 18423</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P CHINA ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78463X400</cusip>
    <value> 368</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 4700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 4700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GUGGENHEIM CHINA ALL-CAP ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>18385P101</cusip>
    <value> 365</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 13733</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 13733</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INDUSTRIAL SELECT SECT SPDR</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>81369Y704</cusip>
    <value> 365</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 6432</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 6432</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST TRUST NASDAQ CYBERSECU</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>33734X846</cusip>
    <value> 361</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 18759</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 18759</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WISDOMTREE GERMANY HEDGED EQ</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>97717W448</cusip>
    <value> 355</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 13341</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 13341</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ELEMENTS ROGERS ENERGY TR</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>870297306</cusip>
    <value> 343</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 134920</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 134920</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VELOCITYSHARES 3X LG NAT GAS</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>22539T324</cusip>
    <value> 342</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 9898</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 9898</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES GLOBAL UTILITIES ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464288711</cusip>
    <value> 342</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 7405</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 7405</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI BELGIUM CAPPED</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464286301</cusip>
    <value> 342</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 18902</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 18902</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GLOBAL X FTSE PORTUGAL 20 ET</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>37950E192</cusip>
    <value> 334</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 33870</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 33870</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P INT INDUSTRIALS SEC</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78463X673</cusip>
    <value> 332</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 11160</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 11160</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FLEXSHARES CURRENCY HEDGED M</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>33939L712</cusip>
    <value> 329</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 12756</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 12756</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POWERSHARES DB PREC METALS F</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>73936B200</cusip>
    <value> 329</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 8493</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 8493</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POWERSHARES DB ENERGY FUND</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>73936B101</cusip>
    <value> 327</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 25621</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 25621</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DEUTSCHE X-TRACKERS JAPAN JP</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>233051663</cusip>
    <value> 323</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 13119</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 13119</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UNITED STATES COMMODITY INDE</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>911717106</cusip>
    <value> 316</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 7522</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 7522</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI SOUTH AFRICA ET</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464286780</cusip>
    <value> 314</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 5836</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 5836</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES EDGE MSCI MF EM MKT</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46434G889</cusip>
    <value> 313</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 8033</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 8033</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FIRST TRUST STOXX EUROPE</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>33735T109</cusip>
    <value> 312</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 27023</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 27023</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI EAFE VALUE ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464288877</cusip>
    <value> 308</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 6674</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 6674</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POWERSHARES FTSE RAFI EM MKT</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>73936T763</cusip>
    <value> 305</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 16206</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 16206</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WISDOMTREE INTL L/C DVD FUND</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>97717W794</cusip>
    <value> 288</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 6771</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 6771</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES GLOBAL TECH ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464287291</cusip>
    <value> 284</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 2588</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 2588</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANECK VECTORS INDIA SMALL-C</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>92189F767</cusip>
    <value> 284</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 5928</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 5928</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WISDOMTREE JPN HDG CAP GOODS</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>97717W356</cusip>
    <value> 284</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 12688</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 12688</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR BBG BARC INT CORP BOND</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78464A375</cusip>
    <value> 270</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 7790</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 7790</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DEUTSCHE X-TRACKERS JAPAN JP</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>233051663</cusip>
    <value> 262</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 10628</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 10628</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P EMG MARKETS ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78463X509</cusip>
    <value> 256</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 4233</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 4233</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI PHILIPPINES ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46429B408</cusip>
    <value> 249</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 6981</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 6981</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WISDOMTREE DY CUR HDG SCP EQ</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>97717X271</cusip>
    <value> 247</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 9500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 9500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FLEXSHARES INT QUAL DVD DYN</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>33939L829</cusip>
    <value> 247</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 10533</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 10533</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES EDGE MSCI MIN VOL AS</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46434V746</cusip>
    <value> 246</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 4985</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 4985</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POWERSHARES S&amp;P INTERNATIONA</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>73936T805</cusip>
    <value> 245</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 12456</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 12456</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WISDOMTREE AUSTRALIA DIVIDEN</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>97717W810</cusip>
    <value> 243</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 4768</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 4768</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POWERSHARES S&amp;P INTERNATIONA</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>73937B696</cusip>
    <value> 239</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 10291</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 10291</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POWERSHARES S&amp;P 500 LOW VOLA</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>73937B779</cusip>
    <value> 235</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 5868</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 5868</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GLOBAL X CHINA INDUSTRIALS</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>37950E705</cusip>
    <value> 233</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 18547</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 18547</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TEUCRIUM SOYBEAN FUND</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>88166A607</cusip>
    <value> 230</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 11742</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 11742</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR MSCI GERMANY STRATEGICF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78463X350</cusip>
    <value> 227</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 4449</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 4449</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DB AGRICULTURE DOUBLE LONG</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>25154H558</cusip>
    <value> 222</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 56869</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 56869</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WISDOMTREE JPN HDG TECH MEDI</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>97717W489</cusip>
    <value> 220</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 8776</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 8776</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DEUTSCHE X-TRACKERS MSCI UNI</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>233051861</cusip>
    <value> 215</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 8756</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 8756</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P EMERGING MIDDLE EAS</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78463X806</cusip>
    <value> 214</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 3696</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 3696</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DEUTSCHE X-TRACKERS HARVEST</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>233051754</cusip>
    <value> 213</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 6095</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 6095</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P INTL ENERGY SECTOR</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78463X715</cusip>
    <value> 208</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 11635</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 11635</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES GLOBAL CONSUMER DISC</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>464288745</cusip>
    <value> 205</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 2332</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 2332</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P INTL TELECOM SECTOR</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78463X640</cusip>
    <value> 204</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 8541</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 8541</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHWAB FUNDAMENTAL INTL S/C</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>808524748</cusip>
    <value> 201</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 6970</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 6970</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR BBG BARC ST CORPORATE</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>78464A474</cusip>
    <value> 201</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 6545</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 6545</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IQ AUSTRALIA SMALL CAP ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>45409B826</cusip>
    <value> 181</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 11086</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 11086</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CSOP FTSE CHINA A50 ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>12649L105</cusip>
    <value> 175</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 12930</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 12930</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GLOBAL X BRAZIL CONSUMER ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>37950E846</cusip>
    <value> 164</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 11277</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 11277</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ELEMENTS-MLCX GRAINS INDX TR</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>870297215</cusip>
    <value> 137</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 34805</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 34805</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GLOBAL X CHINA ENERGY ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>37950E507</cusip>
    <value> 136</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 12815</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 12815</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES MSCI MALAYSIA ETF</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>46434G814</cusip>
    <value> 127</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 15914</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 15914</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VELOCITYSHARES 3X INVERSE NA</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>22542D530</cusip>
    <value> 84</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 14321</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 14321</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ELEMENTS ROGERS AGRI TOT RET</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>870297603</cusip>
    <value> 72</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 11123</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 11123</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EMPIRE STATE REALTY OP LP-ES</nameOfIssuer>
    <titleOfClass>Ltd Part</titleOfClass>
    <cusip>292102100</cusip>
    <value> 1577</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 81643</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 81643</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EMPIRE STATE REALTY OP-S60</nameOfIssuer>
    <titleOfClass>Ltd Part</titleOfClass>
    <cusip>292102209</cusip>
    <value> 971</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 50501</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 50501</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EMPIRE STATE REALTY OP -S250</nameOfIssuer>
    <titleOfClass>Ltd Part</titleOfClass>
    <cusip>292102308</cusip>
    <value> 626</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 32486</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 32486</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KONINKLIJKE PHILIPS NVR- NY</nameOfIssuer>
    <titleOfClass>NY Reg Shrs</titleOfClass>
    <cusip>500472303</cusip>
    <value> 3536</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 118709</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 118709</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ARCELORMITTAL-NY REGISTERED</nameOfIssuer>
    <titleOfClass>NY Reg Shrs</titleOfClass>
    <cusip>03938L104</cusip>
    <value> 1101</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 165820</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 165820</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STMICROELECTRONICS NV-NY SHS</nameOfIssuer>
    <titleOfClass>NY Reg Shrs</titleOfClass>
    <cusip>861012102</cusip>
    <value> 293</value>
    <shrsOrPrnAmt>
      <sshPrnamt> 33790</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole> 33790</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
