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
DBX ETF TR ETF 233051200 9,316 679,272 SH   SOLE 1 0 0 0
ISHARES ETF 464286103 156 16,290 SH   SOLE 0 0 0 0
ISHARES TR ETF 464287184 5,913 331,866 SH   SOLE 1 0 0 0
ISHARES TR ETF 464287473 4,742 136,754 SH   SOLE 1 0 0 0
ISHARES TR ETF 464287556 8,062 47,176 SH   SOLE 1 0 0 0
ISHARES TR ETF 46429B655 24,970 980,296 SH   SOLE 1 0 0 0
PIMCO ETF TR ETF 72201R833 6,519 128,302 SH   SOLE 1 0 0 0
POWERSHARES QQQ TRUST ETF 73935A104 9,938 175,926 SH   SOLE 1 0 0 0
POWERSHS DB MULTI SECT COMM ETF 73936B408 109 10,510 SH   SOLE 0 0 0 0
POWERSHS DB US DOLLAR INDEX ETF 73936D107 8,401 648,574 SH   SOLE 1 0 0 0
POWERSHARES GLOBAL ETF TRUST ETF 73936T565 8,132 1,077,028 SH   SOLE 1 0 0 0
SPDR SERIES TRUST ETF 78464A359 6,002 274,618 SH   SOLE 1 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y209 9,665 265,716 SH   SOLE 1 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y308 8,567 336,000 SH   SOLE 1 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y407 4,821 61,667 SH   SOLE 1 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y605 4,786 397,652 SH   SOLE 1 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y803 6,725 310,982 SH   SOLE 1 0 0 0
VANGUARD INTL EQUITY INDEX F ETF 922042874 3,071 121,896 SH   SOLE 1 0 0 0
VANGUARD INDEX FDS ETF 922908553 9,969 247,588 SH   SOLE 1 0 0 0