The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ENERGY SELECT ETF SECTOR SPD COM 81369Y506 5,436 61,421 SH   DFND   0 61,421 0
FINANCIAL SELECTETF SECTOR SPD COM 81369Y605 75,710 3,463,407 SH   DFND   0 3,463,407 0
FIRST TRST HLTH CAREETF ALPHAD COM 33734X143 145,712 3,031,256 SH   DFND   0 3,031,256 0
FIRST TRUST CONSUMER ETF STAPL COM 33734X119 138,573 3,885,948 SH   DFND   0 3,885,948 0
FIRST TRUST CONSUMERETF DISCRE COM 33734X101 142,656 4,423,451 SH   DFND   0 4,423,451 0
FIRST TRUST ENERGY ETF ALPHA COM 33734X127 140,104 5,546,457 SH   DFND   0 5,546,457 0
FIRST TRUST ETF FINANCIAL ALPH COM 33734X135 142,256 6,543,536 SH   DFND   0 6,543,536 0
FIRST TRUST ETF INDUSTRIALS/PR COM 33734X150 146,830 5,171,881 SH   DFND   0 5,171,881 0
FIRST TRUST MATERIAL ETF ALPHA COM 33734X168 143,959 4,441,109 SH   DFND   0 4,441,109 0
FIRST TRUST TECHNLGY ETF ALPHA COM 33734X176 145,957 4,889,698 SH   DFND   0 4,889,698 0
INDUSTRIAL SELECT ETF SECTOR S COM 81369Y704 5,588 106,922 SH   DFND   0 106,922 0
ISHARES ETF U.S. ENERGY COM 464287796 69,302 1,372,586 SH   DFND   0 1,372,586 0
ISHARES ETF U.S. HEALTHCARE COM 464287762 69,969 600,643 SH   DFND   0 600,643 0
ISHARES ETF U.S. INDUSTRIALS COM 464287754 72,016 710,358 SH   DFND   0 710,358 0
ISHARES ETF U.S. TECHNOLOGY COM 464287721 72,489 819,638 SH   DFND   0 819,638 0
SECTOR SPDR TR ETF TECHNOLOGY COM 81369Y803 5,618 157,189 SH   DFND   0 157,189 0
SELECT SECTOR SPDR FD CONSUMER COM 81369Y407 77,148 1,154,399 SH   DFND   0 1,154,399 0
SELECT SECTOR SPDR FD HEALTH C COM 81369Y209 5,367 96,803 SH   DFND   0 96,803 0
SELECT SECTOR SPDR FD MATERIAL COM 81369Y100 76,072 1,645,874 SH   DFND   0 1,645,874 0
SELECT SECTOR SPDR TR CONSUMER COM 81369Y308 73,287 1,705,142 SH   DFND   0 1,705,142 0
FIRST TR ASIA ETF PACIFIC EX-J COM 33737J109 48,885 1,730,517 SH   DFND   0 1,730,517 0
FIRST TR CANADA ETF ALPHADEX F COM 33737J208 49,374 1,363,911 SH   DFND   0 1,363,911 0
FIRST TR EMERGING ETF MARKETS COM 33737J182 146,985 5,919,648 SH   DFND   0 5,919,648 0
FIRST TR EUROPE ETF ALPHADEX F COM 33737J117 183,854 5,498,036 SH   DFND   0 5,498,036 0
FIRST TR JAPAN ETF ALPHADEX F COM 33737J158 62,120 1,331,336 SH   DFND   0 1,331,336 0
ISHARES MSCI CANADA ETF INDEX COM 464286509 13,843 474,726 SH   DFND   0 474,726 0
ISHARES MSCI ETF EMERGING MARK COM 464287234 40,300 964,225 SH   DFND   0 964,225 0
ISHARES MSCI JAPAN ETF COM 464286848 15,931 1,312,357 SH   DFND   0 1,312,357 0
ISHARES MSCI PACIFIC ETF EX-JA COM 464286665 13,198 282,440 SH   DFND   0 282,440 0
VANGUARD FTSE ETF EUROPEAN COM 922042874 48,009 816,473 SH   DFND   0 816,473 0
ISHARES ETF FLOATING RATE BOND COM 46429B655 82,626 1,629,065 SH   DFND   0 1,629,065 0
ISHARES IBOXX $ ETF HIGH YIELD COM 464288513 35,169 378,650 SH   DFND   0 378,650 0
ISHARES IBOXX & ETF INVESTMENT COM 464287242 35,260 308,788 SH   DFND   0 308,788 0
PIMCO 0-5 YEAR HIGH ETF YIELD COM 72201R783 47,308 444,787 SH   DFND   0 444,787 0
PIMCO INVESTMENTETF GRADE CORP COM 72201R817 46,996 474,703 SH   DFND   0 474,703 0
ISHARES CORE S&P 500 ETF S&P 5 COM 464287200 91,321 491,901 SH   DFND   0 491,901 0
SPDR S&P 500 TRUST ETF COM 78462F103 81,408 440,780 SH   DFND   0 440,780 0
ISHARES CORE S&P MIDCAP ETF COM 464287507 745 5,568 SH   DFND   0 5,568 0
PROSHARES ULTRA ETF MIDCAP 400 COM 74347R404 433 3,414 SH   DFND   0 3,414 0
PROSHARES ULTRA S&P ETF 500 2 COM 74347R107 442 4,308 SH   DFND   0 4,308 0
ISHARES ETF SHORT TREASURY BON COM 464288679 70,130 636,096 SH   DFND   0 636,096 0
PIMCO ETF TRUST ETF ENHANCED S COM 72201R833 94,452 932,217 SH   DFND   0 932,217 0